N.Y. Insurance Law § 4202: Capital and surplus requirements of life insurance companies

§ 4202. Capital and surplus requirements of life insurance companies.

(a) (1) A stock company may be organized as prescribed in section one

thousand two hundred one and subsection (e) of section one thousand one

hundred two of this chapter and licensed to do the business of life

insurance as specified in paragraph one of subsection (a) of section one

thousand one hundred thirteen of this chapter with a paid-in capital of

at least two million dollars and a paid-in initial surplus at least

equal to the greater of four million dollars or two hundred percent of

its capital, and it may in addition do any one or more of the kinds of

insurance business specified in paragraphs two, three, twenty-nine and

thirty-one of subsection (a) of section one thousand one hundred

thirteen of this chapter, without having additional capital or surplus.

(2) Every such company shall at all times maintain a minimum capital

of two million dollars, except that every such company

(A) if organized prior to April fourth, nineteen hundred sixty-two

shall at all times maintain a minimum capital of at least three hundred

thousand dollars and a surplus at least equal to fifty percent of such

capital; and

(B) if organized on or after April fourth, nineteen hundred sixty-two

and prior to September first, nineteen hundred sixty-six shall at all

times maintain a minimum capital of at least five hundred thousand

dollars and a surplus at least equal to fifty percent of such capital;

and

(C) if organized on or after September first, nineteen hundred

sixty-six and prior to September first, nineteen hundred seventy-nine

shall at all times maintain a minimum capital of at least one million

dollars and a surplus at least equal to fifty percent of such capital.

(b) (1) The superintendent may permit the organization, in conformity

with section one thousand two hundred one and subsection (e) of section

one thousand one hundred two of this chapter, of a stock company to do

on a restricted plan any one or more of the kinds of insurance business

specified in paragraphs one, two and three of subsection (a) of section

one thousand one hundred thirteen of this chapter, with a minimum

paid-in capital and a minimum paid-in surplus in an amount prescribed by

him, but not less than a paid-in capital of two hundred thousand dollars

and a paid-in surplus at least equal to one hundred thousand dollars

provided the superintendent, after investigation, finds that the

restricted plan is sound, economical and practical and that there is a

public demand for such insurance or annuity contracts.

(2) Every such company shall at all times maintain such prescribed

minimum capital except that every such company organized prior to April

fourth, nineteen hundred sixty-two shall at all times maintain a minimum

paid-in capital and a minimum paid-in surplus in an amount prescribed by

the superintendent, but not less than a paid-in capital of one hundred

thousand dollars and a paid-in surplus at least equal to fifty thousand

dollars.