Property and casualty insurance $2.5 million of share capital and $2.5 million of surplus (Chapter 822,054, Texas Insurance Code) Life and health insurance $700,000 of share capital and $700,000 of surplus (Chapter 841,054, Texas Insurance Code) Title $1,000,000 of share capital and $1,000,000 surplus (Chapter 2551,053, Texas Insurance Code) Other information Iowa requires that the audit report be dated no more than three years ago years from the date of filing of the application. If the applicant does not have an audit report that meets this standard, they can instead provide us with an excess parental guarantee. Contact the Iowa Division of Insurance for more information at www.iid.state.ia.us/uniform. For insurers: Article 7.010 of the Insurance Code of Puerto Rico Certified cheque, payable to the Minister of Finance of Puerto Rico, which covers: a) the filing of articles ($1.00 of every $1,000 of authorized principal, not less than $5,000) (b) Certificate of authorization. Department website: www.ct.gov/cid/cwp/view.asp?a=1261&Q=421768 Redomestication of a Foreign Insurer In addition to the requirements included in the redomestication of a foreign insurer, Missouri also requires the Certificate of Filing. W.S. 26-24-130 to W.S. 26-24-151: These regulations contain various payment requirements; Loan; participation policies; Dividends; the possible liability of mutuals; non-evaluable policies; capital amortization; directors` liability; pooling of equity insurers; the transformation of mutuals into participating insurers; Mergers; Acquisitions; group reinsurance; and the share of mutuals in assets at the time of liquidation. SGNC 58-7-75, SGNC 58-16-5(2) Life annuity and/or annuity: $600,000 principal $900,000 Surplus (For limited authority capital and surplus levels, see 215 ILCS 5/13) SGNC 58-15-65 A mutual insurance exchange must have a surplus of at least $2,000,000 to underwrite non-taxable policies. Requirements for National Insurance Companies in Wyoming For more information about licensing requirements that apply to national insurance companies in Wyoming, see Chapters 3 and 24 of the Wyoming Insurance Code, which are found in Title 26 of the Wyoming Regulations. In addition, consult the following chapters for the types of insurers listed below: The Commissioner of Insurance determined that the minimum capital and surplus required for a monoline non-life insurance company should be a principal of $400,000 and a surplus of $800,000.
Business Changes: The department must receive a cover letter, relevant documents and fees directly at 1351 West North St., Suite 101, Dover, DE 19904 or by email prior to commencing the review process. Name Change – Confirmation of file name change with the evaluation section sent to Delaware policyholders who will be notified of the name change. If you are a life/health insurance company, you must also submit a certification form for life, accident and health insurance. Redomestication – No other government-specific requirements. Add rows – No other state-specific requirements. Change of address – No other country-specific requirements. Primary and expansion applications: more than $5,000,000 or risk-based capital (Iowa code 508.5 and 515.8) State-specific requirements for business changes are available at csimt.gov/insurance/examinations/ As a prerequisite to purchasing workers` compensation insurance in Texas, you must maintain or provide accident prevention facilities appropriate to the nature of the operations. of your insured. These include investigations, recommendations, training programmes, consultations, analyses of the causes of accidents, occupational hygiene and occupational health services. You must file an initial DWC Form 109, Accident Prevention Services Annual Report, no later than the effective date of your first workers` compensation insurance with the Texas Department of Insurance, Division of Workers` Compensation (DWC).
Applicable laws and rules include Chapter 411 of the Texas Labor Code, Subchapter E, and Chapter 166 of the Administrative Code of Texas 28. For more information on accident prevention service requirements, contact DWC at 512-804-5020 or aps@tdi.texas.gov. D. statements of cash flows, which show all investments, purchases and disposals of investments and deposits with the Crown, and statements of expected revenues and expenses from commencement of operations until the Corporation has earned net income for at least one (1) year, and “capital base” means paid-up capital (if an equity insurer) or excess capital base (if it is a surplus of basic capital (if a mutual or Lloyds). General deposits or special contributions are included in and do not add to the share capital requirement and additional surplus. The general deposit amounts listed above do not apply to foreign insurers. Mutual Insurance, Life, Accident and Sickness Insurance Company: Must have a surplus of at least $500,000. power of attorney to appoint the Secretary of the Commission as legal representative; Two copies required ( 38.2-1216). A form will be provided to the applicant during the review process. 1.
be admitted at the same time to general accident insurance; 2. Residential hurricane perpetrators must meet the requirements described in Article 431:3-306.5; and 3. The information required in § 431:3-306.5 is part of the UCAA package. Failure to comply with § 431:3-306.5 will result in the denial of your approval as a hurricane recorder. Please note that section 59A-5-16 of the NMSA 1978 sets out Schedule I minimum capital, surplus and deposits. The excess required of any business applying to the Office of the Superintendent of Insurance (OSI) for a certificate of authorization is based on the corporation`s financial review, business plan and forecasts, as well as other documents included in its application. In general, the BSO would seek to determine the amount of capital available to comparable licensed insurance companies underwriting premium volume for the line of insurance proposed and proposed by the applicant company. The OSI is also looking for sustained projections to keep RBC above 300%, as this amount is considered an absolute minimum. The greatest of: • The legal minimum in §10-3-201, C.R.S.
• Three times more than the authorized level of control of red blood cell results. • 10 times the highest net individual risk insurance (for non-life insurance only). These articles of association contain the requirements for the founders of a national insurer and the company itself. Foreign insurers that extend into Hawaii must also deposit and hold assets equal to the required paid-up capital, which is not less than the principal specified in Schedule “A” of Section § 431:3-205 with a minimum amount of $500,000. The deposit required depends on the classes of insurance that the insurer is entitled to pay in his country of residence. A total of at least $2,500,000 is required to process all categories of insurance. All foreign shares must have a minimum share capital of $1,000,000 plus an initial free surplus of $2,000,000. See KRS 304.3-120. Starting at 1. As of April 2017, all applications for organizational expansion and change must be submitted through the NAIC/AAAC electronic application available on the NAIC website: www.naic.org/industry_ucaa.htm information on capital and surplus requirements can be found in the Department`s New Jersey Property Liability Capital and Surplus Requirements section.
For more information, see State-Specific Requirements. These statutes contain specific requirements for national mutual societies. Please note that a National Insurance Mutual Society must include the word “mutual” in its name in accordance with W.S. 26-24-103(c)(i). An insurer authorized to purchase fire and extended insurance in that state must become a member of the New York Property Insurance Underwriting Association (Section 54 of the N.Y. Ins. Law). All members of the New York Property Insurance Underwriting Association (NYPIUA) are subject to valuation by the Riot Reinsurance Revolving Fund, payable to the Superintendent (N.Y. Ins. Law Section 5410).
At present, however, the revolving reinsurance fund is inactive because NYPIUA does not meet the requirements of the Federal Housing and Urban Development Act. Provider-sponsored organizations must meet the requirements set forth in Section 19-7A of the Health General of the Annotated Code of Maryland, as well as the requirements that apply to a health maintenance organization, unless those requirements are excluded by federal law. Any deficit result must be accompanied by a justification. Mandatory and excess coverage forms are available under “OCI Forms” on the Wisconsin Insurance Commissioner`s website. [Ref: 611.19, 618.21 wis stats, ins 51.80 wis adm code] NOTE B: The capital requirement for two or more classes designated B (4, 5, 6, 7, 8, 9, 10, 12, 13) is equal to the highest requirement for the permitted classes plus half of the sum of the capital requirements for each other of these permitted classes. Country-specific information When preparing the Kansas Admission Package, please consider the following information or requirements that are “state specific” for Kansas. “No insurer incorporated under the laws of a state of the United States shall be entitled to take out insurance in Puerto Rico unless it deposits and holds assets equal to or greater than fifty percent (50%) of the paid-up capital in the case of a participating insurer, or a surplus in the case of a mutual insurer, a cooperative, a reciprocity or Lloyd`s plan. the nature or types of insurance to be offered to Puerto Rico shall be maintained notwithstanding the provisions of Article 304(2) of this Title.
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