2023 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.