Requirement of surplus for new insurers

In addition to the minimum paid-in capital or minimum surplus of insurers required by this title, an insurer shall possess when first authorized in this state and thereafter maintain surplus or additional surplus equal to the larger of $1.5 million if a stock, mutual, or reciprocal insurer or 50 percent of its paid-in capital stock if a stock insurer or of its surplus if a mutual or reciprocal insurer otherwise required under Code Section 33-3-6 for the kinds of insurance to be transacted. History. — Code 1933, § 56-307, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1984, p. 1080, § 2; Ga. L. 1990, p. 1275, § 3; Ga. L. 1992, p. 1539, § 2; Ga. L. 1995, p. 637, § 2. Editor’s notes. — Ga. L. 1990, p. 1275, § 7, not codified by the General Assembly, provides that the 1990 amendment is ‘‘effective for purposes of application to new or newly admitted insurers on January 1, 1991, and effective for all purposes on July 1, 1992.’’