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Insurance Code | |
Special Purpose Financial Captive Insurance Company Act | |
Section 302 | Minimum capital and surplus. |
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31A-37a-302. Minimum capital and surplus. (1) The commissioner may not issue a special purpose financial captive insurance company a certificate of authority under this chapter unless it possesses unimpaired paid-in capital and surplus of not less than $250,000 on the day on which the certificate of authority is issued. (2) A special purpose financial captive insurance company shall maintain unimpaired paid-in capital and surplus of not less than $250,000 at all times when having a certificate of authority under this chapter.
Enacted by Chapter 302, 2008 General Session |
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