NY Ins L § 4202 (2021)
2021 New York Laws ISC - Insurance Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies 4202 - Capital and Surplus Requirements of Life Insurance Companies.

§  4202. Capital and surplus requirements of life insurance companies. (a) (1) A stock company may be organized as prescribed  in  section  one thousand  two hundred one and subsection (e) of section one thousand one hundred two of this chapter and licensed to  do  the  business  of  life insurance as specified in paragraph one of subsection (a) of section one thousand  one hundred thirteen of this chapter with a paid-in capital of at least two million dollars and a  paid-in  initial  surplus  at  least equal  to  the greater of four million dollars or two hundred percent of its capital, and it may in addition do any one or more of the  kinds  of insurance  business  specified in paragraphs two, three, twenty-nine and thirty-one of  subsection  (a)  of  section  one  thousand  one  hundred thirteen of this chapter, without having additional capital or surplus.  (2)  Every  such company shall at all times maintain a minimum capital of two million dollars, except that every such company  (A) if organized prior to April  fourth,  nineteen  hundred  sixty-two shall  at all times maintain a minimum capital of at least three hundred thousand dollars and a surplus at least equal to fifty percent  of  such capital; and  (B)  if organized on or after April fourth, nineteen hundred sixty-two and prior to September first, nineteen hundred sixty-six  shall  at  all times  maintain  a  minimum  capital  of  at least five hundred thousand dollars and a surplus at least equal to fifty percent of  such  capital; and  (C)  if  organized  on  or  after  September  first,  nineteen hundred sixty-six and prior to September first,  nineteen  hundred  seventy-nine shall  at  all  times maintain a minimum capital of at least one million dollars and a surplus at least equal to fifty percent of such capital.  (b) (1) The superintendent may permit the organization, in  conformity with  section one thousand two hundred one and subsection (e) of section one thousand one hundred two of this chapter, of a stock company  to  do on  a restricted plan any one or more of the kinds of insurance business specified in paragraphs one, two and three of subsection (a) of  section one  thousand  one  hundred  thirteen  of  this  chapter, with a minimum paid-in capital and a minimum paid-in surplus in an amount prescribed by him, but not less than a paid-in capital of two hundred thousand dollars and a paid-in surplus at least equal to  one  hundred  thousand  dollars provided   the  superintendent,  after  investigation,  finds  that  the restricted plan is sound, economical and practical and that there  is  a public demand for such insurance or annuity contracts.  (2)  Every  such  company  shall at all times maintain such prescribed minimum capital except that every such company organized prior to  April fourth, nineteen hundred sixty-two shall at all times maintain a minimum paid-in capital and a minimum paid-in surplus in an amount prescribed by the  superintendent,  but not less than a paid-in capital of one hundred thousand dollars and a paid-in surplus at least equal to fifty  thousand dollars.