Foreign Stock Life Companies
|
Paid-up capital
|
$800,000.00
|
|
Surplus if company has been in business five or more years
|
$800,000.00
|
|
Surplus if company has been in business less than five years
|
$1,200,000.00
|
|
Deposit in this state
|
NONE
|
Deposit in home state for protection of all policyholders
and creditors (Market Value)
|
$100,000.00
|
Foreign Mutual Life Insurance Companies
|
Unimpaired surplus if company has been in business five or more years
|
$800,000.00
|
|
Special surplus if company has been in business less than five years
|
$1,200,000.00
|
|
Special surplus if company has been in business five or more years
|
$800,000.00
|
Deposit requirements are same as for stock insurer.
Authority for Life includes authority to write Accident and Health insurance.
|
Foreign Property, Casualty & Surety Companies (Stock)
|
Lines of Insurance
|
Capital
|
Surplus (2)
|
Policyholders Surplus
|
|
Property
|
$300,000
|
$300,000
|
$600,000
|
|
Marine
|
$300,000
|
$300,000
|
$600,000
|
|
Casualty (1)
|
$400,000
|
$400,000
|
$800,000
|
|
Surety
|
$350,000
|
$350,000
|
$700,000
|
|
Multiple lines & two or more
|
$500,000
|
$500,000
|
$1,000,000
|
|
Deposit in home state for protection of all policyholders and creditors (Market
Value)
|
$100,000
|
|
Line
|
Capital
|
Surplus
|
Policyholders surplus
|
|
Title (3)
|
$200,000
|
$200,000
|
$400,000
|
- A casualty insurer may also transact disability insurance without additional capital
or surplus.
- Surplus – Column 2 reflects minimum surplus required of a stock insurer that has
actively transacted insurance as an authorized insurer in its state or country of
domicile for more than five years, or is a wholly owned subsidiary of a licensed
insurer, or is a continuing corporation resulting from a merger or consolidation
of insurers at least one of which has been licensed in its home state for at least
five years. If the company has been licensed less than five years, is not a wholly
owned subsidiary of a licensed insurer or is not a continuing corporation, as defined
above, increase surplus required above by 50%. (Example: Stock property insurer,
three years old – Capital $300,000; Surplus $450,000)
- Title companies must maintain a deposit in a bank or trust company in the State
of Alabama approved by the Commissioner of Insurance in the amount of $50,000. (Section
27-3-13, 1975 Code of Alabama)
MUTUAL INSURER OR RECIPROCAL
EXCHANGE: A mutual insurer or reciprocal must possess surplus equal to the
combined capital and surplus required of a stock insurer as set out above.
Deposit requirements are same as for stock insurer. Authority for Life includes
authority to write Accident and Health insurance.