NY Ins L § 4103 (2021)
2021 New York Laws ISC - Insurance Article 41 - Property/casualty Insurance Companies 4103 - Stock Companies; Financial Requirements.

* §  4103.  Stock  companies;  financial requirements. (a) (1) A stock property/casualty insurance company organized in the  manner  prescribed in  subsection  (a)  of  section  one  thousand  two hundred one of this chapter may be licensed under subsection (e) of section one thousand one hundred two of this chapter to write one or more kinds of  insurance  as specified  in  TABLE ONE upon meeting the applicable paid-in capital and an additional amount of paid-in  surplus  for  each  kind  of  insurance licensed,  in the aggregate at least equal to the requirements specified in TABLE ONE and every such company shall thereafter maintain a  minimum capital  at  least  equal  to the amount specified in this section and a surplus to policyholders at least equal to the aggregate paid-in capital specified in TABLE ONE for the kind or kinds of insurance licensed.                                  TABLE ONE  Kind of insurance specified in the following numbered                      Paid-in        Paid-in paragraphs of subsection                       Capital        Surplus (a) of § 1113:                                   Group A:  7                                              $300,000       $150,000 8, 9, 10, 11, or 14 - for each such kind       $100,000       $ 50,000 13 or 15 - for each such kind                  $500,000       $250,000 16                                             $900,000       $450,000 17                                             $400,000       $200,000 Basic additional amount required  for  any  one or  more  of  the above kinds of insurance                             $100,000       $ 50,000 3(i), 3(ii), 6{1} or 12{2} - for each such kind                                      $100,000       $ 50,000 22                                             $2,000,000     $1,000,000 24                                             $400,000       $200,000 26(B)                                          $200,000       $100,000 26(A), 26(C) or 26(D) - for each such kind                             $600,000       $300,000 27                                             $300,000       $150,000 28                                             $2,000,000     $1,000,000 30                                             $400,000       $200,000 31                                             $100,000       $ 50,000 32                                             $100,000       $ 50,000 33                                             $100,000       $ 50,000                                  Group B:  4{3} or 20{4} - for each such kind             $500,000       $500,000    Notes to TABLE ONE   {1}  If licensed to write paragraph 4, no additional  paid-in  capital and surplus is required.   {2}  If  licensed  to  write  paragraph 4 or 20, no additional paid-in capital and surplus is required.   {3}  If licensed to write paragraph 4, no additional  paid-in  capital and  surplus  is required for a license to write paragraphs 5, 6, 12, 19 and 20 (inland marine only).    {4}  If licensed to write paragraph 20, no additional paid-in  capital and surplus is required for a license to write paragraphs 12, 19 and 21.  (2)  A stock property/casualty insurance company licensed to write one or more of the kinds of insurance as specified in TABLE  ONE,  Group  A, and  having a minimum capital of one million dollars, may be licensed to write any other kind of insurance specified in TABLE ONE, Group A,  upon at  least  having  an  initial  surplus  to  policyholders  equal to the aggregate of the paid-in capital and paid-in surplus specified in  TABLE ONE for the kinds of insurance for which it is to be licensed, and shall thereafter  maintain  a  surplus  to policyholders at least equal to the aggregate paid-in capital prescribed in  TABLE  ONE  for  the  kinds  of insurance licensed or one million dollars, whichever is greater.  (3)  A stock property/casualty insurance company licensed to write any kind of insurance specified in TABLE ONE, Group A, must have  a  minimum capital  of  one  million  dollars  and  a  surplus  to policyholders as specified in this paragraph before being licensed to write  either  kind of  insurance  specified  in  Group  B. If licensed to write the kind or kinds of insurance specified in TABLE ONE, Group B, it may, in  addition write  any  one or more kinds of insurance specified in TABLE ONE, Group A, provided it has a minimum  capital  of  one  million  dollars  and  a surplus  to  policyholders  as  specified in this paragraph before being licensed to write any other kind or  kinds  of  insurance  specified  in TABLE  ONE, Group A. Every such company shall have an initial surplus to policyholders at least equal to the aggregate of the paid-in capital and paid-in surplus specified in TABLE ONE for the kinds  of  insurance  for which  it  is  to be licensed and shall thereafter maintain a surplus to policyholders at least equal to the aggregate paid-in capital prescribed in TABLE ONE for the kinds of insurance licensed or one million  dollars whichever is greater.  (4)   A  stock  property/casualty  insurance  company  licensed  under subsection (c) of section four thousand one hundred two of this  article to reinsure risks or write insurance on risks outside the United States, its   territories   and   possessions,   must   maintain  a  surplus  to policyholders of at least thirty-five million dollars.  (5) The dollar amounts set forth in paragraphs one (except the  dollar amounts  set forth for paragraphs (22), (24) and (26)), two and three of this subsection shall be reduced by fifty percent for a  domestic  stock property/casualty insurance company initially licensed to do business in this state prior to July first, nineteen hundred eighty-two.  (b)  No  foreign  stock  property/casualty  insurance company shall be granted a license to do business in this state unless it has  a  paid-in capital  and  surplus  at  least  equal,  respectively,  to  the amounts required by subsection (a) hereof for the  organization  of  a  domestic company  to write the same kind or kinds of insurance which such foreign company is to be licensed to write in this state, and every such company shall  thereafter  maintain  a  minimum  capital  and   a   surplus   to policyholders  at  least  equal  to  the  amount  required of a domestic company licensed for the same kind or kinds of insurance.  (c) No  alien  stock  property/casualty  insurance  company  shall  be granted a license to write any kind of insurance specified in TABLE ONE, Group  A,  except as permitted by the provisions of notes {1} and {2} to TABLE ONE, unless it has a trusteed surplus, as defined in  section  one thousand  three hundred twelve of this chapter, at least equal in amount to one hundred fifty percent of the paid-in capital set forth  in  TABLE ONE  for  such  kind  or  kinds  of  insurance, nor to write any kind of insurance specified in TABLE ONE, Group B, unless it has such a trusteed surplus at least equal in amount to two hundred percent of  the  paid-in  capital  set  forth  in  TABLE  ONE for such kind or kinds of insurance. Every such insurer shall thereafter maintain a trusteed surplus at least equal to the paid-in capital set forth in TABLE ONE  for  such  kind  or kinds of insurance.  (d)  The  financial  requirements specified in subsections (b) and (c) hereof shall be reduced by fifty percent for a foreign  or  alien  stock property/casualty insurance company initially licensed to do business in this  state  prior  to July first, nineteen hundred eighty-two, but such reduction shall not apply to such a foreign or  alien  insurer  licensed under  subsection  (c)  of section four thousand one hundred two of this article to reinsure risks or write insurance on risks outside the United States, its territories and possessions. Such reduction shall  also  not apply  to the financial requirements specified in subsection (a) of this section  in  order  to  write  paragraph  twenty-two,   twenty-four   or twenty-six.  * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:   Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of the former Insurance Law that are not possible to juxtapose at this time due  to the highly technical nature of such changes and will need future corrective  legislation  to  implement  such  provisions  into  the  new Insurance Law as enacted by such Chapter 367 of the Laws of 1984.