§431:3-205  Funds required of new insurers.  Subject to section 431:3-203(a)(2), to qualify to transact any one class of insurance, an insurer, not existing and authorized in this State on July 1, 1988, shall:

     (1)  Deposit in a federally insured financial institution within the State, paid-up capital stock in the case of a stock insurer, or unimpaired surplus if (A) a reciprocal insurer, or (B) a mutual insurer which does not seek to qualify upon the basis of applications and premiums collected as provided in sections 431:4-303 to 431:4-307, in an amount not less than shown in the applicable Schedule "A";

     (2)  Maintain this deposit at all times while the insurer is licensed and transacting insurance in this State; and

     (3)  Secure the approval of the commissioner before making withdrawals from the depository.

 

Schedule "A"

               Class of Insurance      Amount Required

               Life        $  600,000

               Accident and Health or Sickness    450,000

               Property       750,000

               Marine and Transportation 1,000,000

               Vehicle      1,000,000

               General Casualty       1,500,000

               Surety       1,000,000

               Title          400,000

[L 1987, c 347, pt of §2 as superseded by c 348, §2; am L 1989, c 195, §13; am L 2003, c 212, §20]