Minimum capital and surplus requirements

1. Law
2. District of Columbia Code
3. Insurance and Securities
4. Fire, Casualty, and Marine Insurance
5. Powers and Duties of the Commissioner
6. Minimum capital and surplus requirements

Every stock company authorized to do business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $300,000, and a surplus of not less than $300,000. Every domestic mutual company and every domestic reciprocal company shall have and shall at all times maintain a surplus of not less than $300,000 and every foreign or alien mutual company and every foreign or alien reciprocal company shall have and shall at all times maintain a surplus of not less than $400,000.

(Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 13; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1(b); Aug. 14, 1973, 87 Stat. 304, Pub. L. 93-89, title IV, § 401.)

Prior Codifications

1981 Ed., § 35-1516.

1973 Ed., § 35-1316.

Section References

This section is referenced in § 26-1301, § 31-308, and § 31-2502.02.

Cross References

Independent certified public accountant, report demonstrating minimum capital and surplus requirement, see § 31-308.

Security, guarantee, indemnity, loan, and mortgage business, capital stock, see § 26-1301.

Surplus required for operation under Lloyd’s plan, see § 31-2502.20a.

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