TITLE 4: ECONOMIC RESOURCES
DIVISION 7: INSURANCE
§ 7905.
Minimum Surplus; Letter of Credit.
No captive insurance shall be issued a license unless it shall possess and thereafter maintain a free surplus of: (a) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00); (b) 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); (c) 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); (d) in the case of a group captive insurance incorporated as a mutual insurer, not less than Two Hundred Thousand Dollars ($200,000.00); (e) 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 (f) 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: PL 24-03, § 2 (June 12, 2025).