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.
(Amended by Stats. 1989, Ch. 418, Sec. 3.)
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 class | Amount of capital | |
class transacted | to be added | |
6.Disability ........................ | 250,000 | |
8.Liability | ? _____ ? _____ ? ........................ ? _____ ? _____ | 300,000 |
(Amended by Stats. 1989, Ch. 418, Sec. 4.)
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.
(Amended by Stats. 1989, Ch. 418, Sec. 5.)