10510-10512
INSURANCE CODE
SECTION 10510-10512
10510. An incorporated life insurer issuing policies on the reserve
basis shall not transact life insurance in this state unless it has
a paid-in capital of at least two million two hundred fifty thousand
dollars ($2,250,000) plus the surplus required by Section 700.02 and
Section 700.05.
10511. If authorized by its charter, such an incorporated life
insurer may, except as provided in Section 700.03, transact, in
addition to life insurance, any of the following classes of insurance
if its total paid-in capital is at least two million two hundred
fifty thousand dollars ($2,250,000) in excess of the sum of the
amounts set forth opposite the classes of insurance transacted:
Number and name of Amount of
capital
class transacted to be added
6. Disability ..................... $250,000
8. Liability )
9. Workers' )
compensation ) .... 300,000
10. Common carrier ) for all or any
liability ) of them
10512. An insurer holding a certificate of authority for life
insurance and any other proper class on December 31, 1989, shall be
governed by the provisions of Section 700.05, 10510, and 10511 in
effect on December 31, 1989, until December 31, 1999. After December
31, 1999, any insurer holding a certificate of authority for life
insurance and any other proper class shall meet the capital
requirement of Sections 10510 and 10511 as become effective January
1, 1990.