Missouri Laws 379.1306 – Capital and surplus requirements
1. No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of:
(1) In the case of a pure captive insurance company, not less than two hundred fifty thousand dollars;
Terms Used In Missouri Laws 379.1306
- Director: the director of the department of commerce and insurance. See Missouri Laws 379.005
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) In the case of an association captive insurance company, not less than five hundred thousand dollars;
(3) In the case of an industrial insured captive insurance company, not less than five hundred thousand dollars; and
(4) In the case of a sponsored captive insurance company, not less than five hundred thousand dollars.
2. The director may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business transacted.
3. Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the state of Missouri or a member bank of the Federal Reserve System, and approved by the director.