379.1306. Capital and surplus requirements. - Missouri Statutes

Capital and surplus requirements.

379.1306. 1. No captive insurance company shall be issued a licenseunless it shall possess and thereafter maintain unimpaired paid-in capitaland surplus of:

(1) In the case of a pure captive insurance company, not less thantwo hundred fifty thousand dollars;

(2) In the case of an association captive insurance company, not lessthan seven hundred fifty thousand dollars; and

(3) In the case of an industrial insured captive insurance company,not less than five hundred thousand dollars.

2. The director may prescribe additional capital and surplus basedupon the type, volume, and nature of insurance business transacted.

3. Capital and surplus may be in the form of cash or an irrevocableletter of credit issued by a bank chartered by the state of Missouri or amember bank of the Federal Reserve System, and approved by the director.

(L. 2007 S.B. 215)