1. (1) To maintain a certificate of authority to transact legal expense insurance, a legal expense insurance corporation must maintain a net worth of not less than the greater of:

   1. (a) Ten thousand dollars; or
   2. (b) Ten percent of the insurer's total liabilities.

2. (2) A legal expense insurance corporation holding a license issued before October 1, 1993, must increase its required net worth:

   1. (a) By January 1, 1994, to at least $5,000 or 5 percent of its total liabilities, whichever is greater.
   2. (b) By January 1, 1995, to at least $10,000 or 10 percent of its total liabilities, whichever is greater.

History.--ss. 4, 7, ch. 93-147.