Section 58-6-23 - Paid-in capital and surplus requirements for certificate of authority. - South Dakota Statutes

58-6-23. Paid-in capital and surplus requirements for certificate of authority. To qualify for authority to transact any one kind of insurance or combination of kinds of insurance as shown below, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority in this state, or any insurer reapplying for a certificate of authority in this state after having withdrawn from this state for any cause, shall possess and thereafter maintain unimpaired basic paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual insurer or foreign reciprocal insurer, and shall possess when first so authorized additional funds in surplus as follows:

Kind or Kinds of
Insurance Basic Capital
or Basic Surplus Additional
Surplus Life Domestic stock insurers $200,000 $300,000 Foreign insurers 300,000 350,000 Health Domestic stock insurers 200,000 300,000 Foreign insurers 300,00 350,000 Life and Health Domestic stock insurers 400,000 400,000 Foreign insurers 400,000 525,000 Property 200,000 300,000 Casualty Without Workers' Compensation 200,000 300,000 With Workers' Compensation 300,000 350,000 Marine and Transportation 200,000 300,000 Surety 200,000 300,000 Title 200,000 300,000 Multiple lines 400,000 400,000 Source: SL 1966, ch 111, ch 3, § 10 (1); SL 1967, ch 129, § 1.