N.Y. Insurance Law § 4204: Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies

§ 4204. Financial requirements for the organization of stock accident

and health insurance companies and stock legal services insurance

companies. (a) (1) A stock company may be organized in the manner

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

only the kind of insurance business specified in item (i) of paragraph

three of subsection (a) of section one thousand one hundred thirteen of

this chapter, with a paid-in capital of not less than one hundred

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

of its capital. Every such company shall at all times thereafter

maintain a minimum capital of one hundred thousand dollars.

(2) Notwithstanding the foregoing, any such stock company initially

licensed on or after July first, nineteen hundred eighty-two shall have

a paid-in capital of not less than two hundred thousand dollars and a

paid-in surplus at least equal to fifty percent of its capital and shall

at all times maintain a minimum capital of at least two hundred thousand

dollars.

(b) (1) Any company organized under the provisions of subsection (a)

of this section may be licensed to do the kind of insurance business

specified in item (ii) of paragraph three, paragraph twenty-nine and

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

hundred thirteen of this chapter, if it has a paid-in capital of not

less than one hundred fifty thousand dollars, and a paid-in initial

surplus at least equal to fifty percent of its capital. Every such

company shall at all times maintain a minimum capital of one hundred

fifty thousand dollars.

(2) Notwithstanding the foregoing provisions of this subsection, any

such company initially licensed on or after July first, nineteen hundred

eighty-two shall have a paid-in capital of not less than three hundred

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

of its capital and shall at all times maintain a minimum capital of at

least three hundred thousand dollars.

(c) A stock company may be organized to do only the kind of insurance

specified in paragraph twenty-nine of subsection (a) of section one

thousand one hundred thirteen of this chapter if it complies with the

financial requirements of paragraph one of subsection (a) of this

section.