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.
Annotations
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 1973 Ed., § 35-1316. 1981 Ed., § 35-1516. This section is referenced in § 26-1301, § 31-308, and § 31-2502.02. Surplus required for operation under Lloyd’s plan, see § 31-2502.20a. Security, guarantee, indemnity, loan, and mortgage business, capital stock, see § 26-1301. Independent certified public accountant, report demonstrating minimum capital and surplus requirement, see § 31-308.
Sourced from the DC Council Open Law Library (public domain).
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