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

Source: Section 4204 — Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies, https://www.­nysenate.­gov/legislation/laws/ISC/4204 (updated Sep. 22, 2014; accessed Jul. 20, 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:
Jul. 20, 2024

Last modified:
Sep. 22, 2014

§ 4204’s source at nysenate​.gov

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