1. (A)

   1. (1) Before licensing a stock insurer, the director or his designee shall require the insurer to be possessed of capital which must be maintained at all times and surplus, twenty-five percent of which must be maintained at all times, in amounts not less than:

      1. (a) life: $ 600,000 $ 600,000
      2. (b) accident and health 600,000 600,000
      3. (c) life, accident, and health 1,200,000 1,200,000
      4. (d) property: 1,200,000 1,200,000
      5. (e) casualty: 1,200,000 1,200,000
      6. (f) surety: 1,200,000 1,200,000
      7. (g) marine: 1,200,000 1,200,000
      8. (h) title: 600,000 600,000
      9. (i) multiple lines: 1,500,000 1,500,000

      If licensed to write Capital Surplus

   2. (2) The director or his designee may require additional initial capital and surplus based on the type or nature of business transacted, and the initial capital and surplus of the insurer must consist of cash or marketable securities which are eligible investments under Section 38-11-40.
2. (B) If the surplus of a stock insurer is less than twenty-five percent of the surplus initially required, as set forth in subsection (A), the insurer is considered delinquent, and the director or his designee may begin delinquency proceedings as provided by Chapter 27 of this title.
3. (C) If the capital of a stock insurer is impaired, the insurer is delinquent, and the director or his designee shall begin delinquency proceedings.

HISTORY: Former 1976 Code Section 38-9-10 [1947 (45) 322; 1952 Code Section 37-142; 1962 Code Section 37-142] recodified as Section 38-55-10 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-610 [1947 (45) 322; 1952 Code Section 37-181; 1957 (50) 402; 1962 Code Section 37-182; 1963 (53) 564; 1971 (57) 311] recodified as Section 38-9-10 by 1987 Act No. 155, Section 1; 1988 Act No. 317, Section 1; 1991 Act No. 13, Section 6; 1993 Act No. 181, Section 535.