N.Y. Insurance Law Section 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 § 1102 (Insurer’s license required)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 § 1113 (Kinds of insurance authorized)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 § 1113 (Kinds of insurance authorized)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 § 1102 (Insurer’s license required)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 § 1113 (Kinds of insurance authorized)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.

Source: Section 4202 — Capital and surplus requirements of life insurance companies, https://www.­nysenate.­gov/legislation/laws/ISC/4202 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

4202
Capital and surplus requirements of life insurance companies
4203
Transfer of shares of domestic life insurance company
4204
Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies
4205
Life, accident and health, and legal services insurance companies
4206
Deposits by life, accident and health, and legal services insurance companies
4207
Dividends to shareholders of life, and accident and health insurance companies
4208
Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies
4209
Mutual life insurance companies, mutual accident and health insurance companies
4210
Election of directors of domestic mutual life insurance companies
4211
Election of directors of domestic stock life insurance companies
4212
Stock life insurance companies
4213
Industrial life insurance
4214
Industrial accident and industrial health insurance
4215
Contracts with industrial life insurance agents
4216
Group life insurance
4217
Valuation of insurance policies and contracts
4218
When actual premium is less than net premium
4219
Limitation on accumulation of surplus of life insurance companies
4220
Life insurance and annuities
4221
Standard nonforfeiture law
4222
Policy loans
4223
Standard nonforfeiture law for annuities
4224
Life, accident and health insurance
4225
Domestic life insurance companies
4226
Misrepresentations, misleading statements and incomplete comparisons by insurers
4228
Life insurance and annuity business
4230
Salaries and pensions to officers and employees
4231
Policyholder’s participation in surplus of life insurance companies
4232
Amounts credited on certain contracts or life insurance policies
4233
Annual statements of life insurance companies
4235
Group accident and health insurance
4236
Joint underwriting of group health insurance for persons aged sixty-five and over
4237
Blanket accident and health insurance
4237‑A
Stop-loss insurance
4238
Group annuity contracts
4239
Allocation and reporting of income and expenses of life insurers
4240
Separate accounts
4241
Penalty for violation of filing requirements

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 4202’s source at nysenate​.gov

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