Section 431:3-205 - Funds required of new insurersSubject 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 sections 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. |
Amended by L 2018, c 18,§ 24, eff. 6/4/2018.L 1987, c 347, pt of §2 as superseded by c 348, §2; am L 1989, c 195, §13; am L 2003, c 212, §20 .