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 that does not seek to qualify upon the basis of applications and premiums collected as provided in §§ 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.
  Previous
Next  
 Part II Contents