No captive insurance company shall be issued a license unless it shall possess and thereafter maintain free surplus of: (1) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00);
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(2) in the case of a group captive insurance company incorporated as a mutual insurer, not less than One Hundred Fifty Thousand Dollars ($150,000.00); (3) in the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than Two Hundred Thousand Dollars ($200,000.00); (4) in the case of a group captive insurance incorporated as a mutual insurer, not less than Two Hundred Thousand Dollars ($200,000.00); (5) in the case of an industrial insured captive insurance company incorporated as a mutual insurer, not less than Two Hundred Thousand Dollars ($200,000.00); and (6) in the case of a rent-a-captive or a protected cell company, not less than Two Hundred Fifty Thousand Dollars ($250,000.00). Such surplus may be in the form of (i) cash or an irrevocable letter of credit issued by a member bank of the Federal Reserve System and approved by the Commissioner; or (ii) any other acceptable to the Commissioner. SOURCE: GC § 43705; added by P.L. 17-85:1. Amended by P.L. 24-104:4. Amended by P.L. 27-54:5.