22 GCA § 23105: Minimum Surplus; Letter of Credit.

No captive insurance company shall be issued a license unless it shall possess and thereafter maintain free surplus of:

(1) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00);

(2) in the case of a group captive insurance company incorporated as a mutual insurer, not less than One Hundred Fifty Thousand Dollars ($150,000.00);

(3) in the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than Two Hundred Thousand Dollars ($200,000.00);

(4) in the case of a group captive insurance incorporated as a mutual insurer, not less than Two Hundred Thousand Dollars ($200,000.00);

(5) in the case of an industrial insured captive insurance company incorporated as a mutual insurer, not less than Two Hundred Thousand Dollars ($200,000.00); and

(6) in the case of a rent-a-captive or a protected cell company, not less than Two Hundred Fifty Thousand Dollars ($250,000.00).

Such surplus may be in the form of (i) cash or an irrevocable letter of credit issued by a member bank of the Federal Reserve System and approved by the Commissioner; or (ii) any other acceptable to the Commissioner.