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New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 47B-3

Current as of January 01, 2024 | Updated by Findlaw Staff

a. A captive insurance company shall not be issued a license unless it maintains unimpaired paid-in capital and surplus of:

(1) in the case of a pure captive insurance company, not less than $250,000;

(2) in the case of an association captive insurance company, not less than $750,000;

(3) in the case of an industrial insured captive insurance company, not less than $500,000; and

(4) in the case of a sponsored captive insurance company, not less than $500,000.

b. The commissioner may prescribe additional capital and surplus requirements based upon the type, volume and nature of insurance business transacted.

c. Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of New Jersey or a member bank of the Federal Reserve System located in this State and approved by the commissioner.

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Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 47B-3 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-47b-3/

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