Statutes, codes, and regulations
District of Columbia Official Code
Division V - LOCAL BUSINESS AFFAIRSTitle 31 - INSURANCE AND SECURITIESSubtitle III - FIRE, CASUALTY, MARINE, MOTOR VEHICLE AND RELATED INSURANCEChapter 25 - FIRE, CASUALTY, AND MARINE INSURANCE
Subchapter II - POWERS AND DUTIES OF THE COMMISSIONER
Section 31-2502.13 - Minimum capital and surplus requirements

D.C. Code § 31-2502.13

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Current through codified legislation effective April 20, 2024
Section 31-2502.13 - Minimum capital and surplus requirements

Every stock company authorized to do business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $300,000, and a surplus of not less than $300,000. Every domestic mutual company and every domestic reciprocal company shall have and shall at all times maintain a surplus of not less than $300,000 and every foreign or alien mutual company and every foreign or alien reciprocal company shall have and shall at all times maintain a surplus of not less than $400,000.

D.C. Code § 31-2502.13

Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, §13; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1 (b); Aug. 14, 1973, 87 Stat. 304, Pub. L. 93-89, title IV, § 401.

Independent certified public accountant, report demonstrating minimum capital and surplus requirement, see § 31-308 . Security, guarantee, indemnity, loan, and mortgage business, capital stock, see § 26-1301 . Surplus required for operation under Lloyd's plan, see § 31-2502.20 a. .