A domestic reciprocal insurer formed after June 30, 1966, may be authorized to transact insurance if it has otherwise complied with the applicable provisions of this title and has and thereafter maintains surplus funds as follows:

(1) To transact property insurance, surplus of not less than two hundred thousand dollars;

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(2) To transact casualty insurance, without workers’ compensation included, surplus of not less than two hundred thousand dollars; to transact casualty insurance, including workers’ compensation, surplus of not less than three hundred thousand dollars.

Source: SL 1966, ch 111, ch 19, § 8 (2).