N.Y. Insurance Law § 1320: Deposits by alien insurers; statutory deposits

§ 1320. Deposits by alien insurers; statutory deposits. (a) No alien

insurer authorized to do an insurance business in this state shall do

such business unless it shall have securities deposited (for the benefit

of all its policyholders, or all its policyholders and creditors, in the

United States) with the superintendent or with proper state officers of

other states, or held as trusteed assets, in an amount at least equal to

one hundred fifty per centum of the capital required to be maintained by

a domestic stock insurer licensed to do the same kinds of insurance. In

any event the deposit with the superintendent shall at least equal:

(1) if such insurer is licensed in this state to do only one kind of

insurance, five hundred thousand dollars;

(2) if such insurer is licensed in this state to do two or more kinds

of insurance, an amount equal to the lesser of the capital required to

be maintained by a domestic stock insurer licensed to do the same kinds

of insurance, or one million dollars.

(b) Notwithstanding the foregoing, any alien insurer initially

licensed to do an insurance business in this state prior to July first,

nineteen hundred eighty-two shall have securities deposited or held as

trusteed assets, as provided in subsection (a) hereof in an amount at

least equal to fifty percent of the deposit requirements applicable to

an alien insurer initially authorized to do an insurance business in

this state on or after July first, nineteen hundred eighty-two.

(c) Any licensed alien insurer may make additional deposits with the

superintendent in order to comply with this section or section one

thousand three hundred twelve of this article.

(d) In any financial statement of a United States branch of any such

alien insurer the item corresponding to capital stock of a domestic

stock corporation shall be termed its "statutory deposit" and shall be

in an amount equal to the deposit required to comply with the provisions

of subsection (a) or (b) hereof.