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Uniform Certificate of Authority Appliction (UCAA)
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| Line | Stock Capital |
Companies Surplus |
Total | Mutual Companies |
| Health | $500,000 | $500,000 | $1,000,000 | $1,000,000 |
| Life | 1,000,000 | 2,000,000 | 3,000,000 | 3,000,000 |
| Liability | 500,000 | 500,000 | 1,000,000 | 1,000,000 |
| Fidelity and Surety | 500,000 | 500,000 | 1,000,000 | 1,000,000 |
| Financial Guaranty | 15,000,000 | 60,000,000 | 75,000,000 | 75,000,000 |
| Marine | 500,000 | 250,000 | 750,000 | 750,000 |
| Mortgage Guaranty | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 |
| Property | 500,000 | 250,000 | 750,000 | 750,000 |
| Workers' Compensation | 500,000 | 500,000 | 1,000,000 | 1,000,000 |
| Title | 500,000 | 500,000 | 1,000,000 | 1,000,000 |
| Residual Value | 2,000,000 | 1,000,000 | 3,000,000 | 3,000,000 |
| Reinsurance (Property/Casualty) | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 |
| Reinsurance (Life) | 1,000,000 | 2,000,000 | 3,000,000 | 3,000,000 |
A property and casualty company transacting all lines permitted to be combined need have no more than $2 million capital and $2 million paid-in surplus in the aggregate. A life and health company transacting both life and health insurance need have no more than $1 million capital and $2 million paid-in surplus in the aggregate.
Legal References
Legal references may be found at
http://www.legis.state.de.us/Legislature.nsf/?opendatabase.
State-Specific Information
For state-specific information see the Delaware Department of Insurance website at
http://www.state.de.us/inscom/departments/berg/berg.shtml.
Corporate Amendments:
Name Change - File name change endorsement with Rating Section, which will be sent to Deleware policyholders advising of the name change. If Life/Health company, also required to file a Life, Accident and Health Insurance Filing Certification Form.
Redomestication - No other state specific requirements.
Adding Line(s) - No other state specific requirements.
Change of Address - No other state specific requirements.
Legal References
Legal references may be obtained through NILS and D.C. Code Title 35 for insurance laws; District of Columbia Municipal Regulations Title 26 (26 DCMR) for regulations; and the Office of Legal Affairs, Department of Insurance and Securities Regulation for bulletins.
Other Information
Licenses are issued throughout the year and expire on April 30.
The annual license renewal fee is $200.
The premium tax rate is 1.7%. Companies with a previous year's tax liability in excess of $1,000 are required to pay an amount equal to 50% of the previous year's tax liability. This installment is due by June 1st.
Each insurer doing business in the District is assessed an amount based on a percentage of its direct gross receipts for the preceding year, subject to a minimum annual assessment of $1,000. The annual assessment rate must not exceed 0.3% of direct gross receipts. In no event shall the amount exceed the amount budgeted to defray the expenses of the Department.
Legal References
Florida Statutes can be found at http://www.leg.state.fl.us/Statutes/.
State-Specific Requirements
Florida state-specific requirements for the UCAA Primary Application are located on the Office of Insurance Regulation website at: http://www.floir.com/ac/UCAA-Primary/primary_application.aspx
Florida state-specific requirements for the UCAA Expansion Application are located on the Office of Insurance Regulation website at: http://www.floir.com/ac/UCAA/expansion_application_FL_specific.aspx
Florida state-specific requirements for the UCAA Corporate Amendments Application are located on the Office of Insurance Regulation website at: http://www.floir.com/ac/UCAA-Corporate/Corporate_Amendments.aspx
Post Filing Requirements
Note: The links below will take you to the Office of Insurance Regulation website. If you wish to return to the UCAA website, use the Back button on your browser.
Rate and Form Filings
Insurer Required Filings Package
Contact Telephone Numbers
Application Coordination Contact Information
Contact the Office of Insurance Regulation, Company Admissions Section, 200 E. Gaines Street, Larson Building,Tallahassee,
Florida 32399-0326 or requests may be made by phone at 850/413-2572, email address appcoord@floir.com.
Property & Casualty Product Review Contact Information
Contact the Office of Insurance Regulation, Property & Casualty Product Review, 200 E. Gaines Street, Larson Building, Tallahassee, Florida 32399-0330 or requests may be made by phone at 850/413-3146.
Life & Health Product Review Contact Information
Contact the Office of Insurance Regulation, Life & Health Product Review, 200 E. Gaines Street, Larson Building, Tallahassee, Florida 32399-0328 or requests may be made by phone at 850/413-3152.
Statutory Deposits Contact Information
Contact Terry Wile of the Division of Treasury, Bureau of Collateral Management, The Capitol, P-3, Tallahassee, Florida 32399-0345 or requests may be made by phone at 850/413-3167, email address wilet@fldfs.com
Agent and Agency Appointment Contact Information
Contact the Division of Agent & Agency Services, Bureau of Agent & Agency Licensing, 200 E. Gaines Street, Larson Building, Tallahassee, Florida 32399-0318 or request may be made by phone at 850/413-3137 extension 1011.
Anti-Fraud Contact Information
Contact Denise Prather, Division of Insurance Fraud, 200 E. Gaines Street, Tallahassee, Florida 32399-0324 or request may be made by phone at 850/413-4036.
Legal References
Legal references are available at:
http://www.lexis-nexis.com/hottopics/gacode/default.asp
State-Specific Items
The following are required by the State of Georgia:
Form GID-3, Appointment of Attorney-in-Fact (must be Georgia resident);
Form GID-4, Appointment of Commissioner as Attorney-in-Fact ;
Form GID-7, Certification from State of Domicile;
To access these forms, click here. Select UCAA Filing Instructions and Forms from the drop down menu.
Statement from the insurer as required by §33-3-13 regarding the names and addresses of all general officers of the company with the number of shares of capital stock of the company held by or for each such general officer or by others for his or her benefit, and the percentage of the total capital stock of the company held by such general officer.
Legal References
Information about Hawaii laws, regulations and bulletins can be found at:
http://www.state.hi.us/dcca/ins/
http://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435E/HRS0431/
State Specific Information
Forming a new insurance company in Hawaii will require compliance with Article 4, Chapter 431 of the Hawaii Revised Statute prior to applying for a Certificate of Authority.
Redomesticating to Hawaii will require compliance with Article 4, Chapter 431 of the HRS, where applicable. Both situations will require compliance with the Business Registration Division’s statutes and/or regulations.
Foreign Insurers expanding to Hawaii must comply with Hawaii's seasoning requirement pursuant to §431:3-203(b)(2), HRS. See §431:3-203.5, HRS, for an exception to the seasoning requirement.
The Hawaii Medical Malpractice Underwriting Plan (HMMUP), Chapter 435C of the Hawaii Revised Statutes was created for the purpose of providing a contingency plan to be instituted by the Insurance Commissioner upon the unavailability of the medical malpractice insurance in this state. A joint underwriting plan is established, consisting of all insurers authorized to write and engaged in writing casualty insurance in this state on a direct basis. Each insurer shall be a member of the plan and shall maintain membership as a condition of its licensure to transact such insurance in this state. (Chapter 435C-3(a), HRS). HMMUP is a contingency plan that has not been instituted.
The Hawaii Joint Underwriting Plan (HJUP), Article 10C, Part IV of the Hawaii Revised Statutes was established consisting of all insurers authorized to write and engage in writing motor vehicle insurance in this State. Each insurer shall be a member of the plan and shall maintain membership as a condition of its licensure to transact such insurance in this state. (Chapter 431:10C, Part IV, HRS).
Companies applying for vehicle insurance authority must also comply with §431:10C-119, HRS, in regards to claim servicing. (See the Corporate Amendment Section below, for specific requirements.)
Companies that are planning to sell Workers Compensation insurance policies, in addition to our rate and form filing requirements, must also comply with §386-124.5, HRS, of the Workers Compensation statutes regarding claim servicing. Please contact the State of Hawaii Department of Labor & Industrial Relations, Disability Compensation Division for more information.
Uniform Consent to Service of Process
When completing this form, please provide (2) names and addresses as follows:
First, where the service of process can be forwarded
if the Commissioner is served
(i.e., applicant's home office, legal counsel, etc.)
Second, upon whom service of process may be served, in all cases, in the State of Hawaii (i.e., resident agent).
Note: You may indicate the resident agent in both situations.
Corporate Amendments Applications:
Licensed insurance companies requesting amendments to its Certificate of Authority must use the Uniform Corporate Amendment Application Forms.
The UCAA Corporate Amendment section is located at:
http://www.naic.org/industry_ucaa_corp_amend.htm
Corporate Amendment Sections:
1) Name changes
2) Adding and deleting a class of insurance***
3) Redomestications *
4) Mergers and Acquisitions **
5) Change of Address
6) Change of city within State of Domicile
* For redomestications please include an original Certificate of Deposit that complies with our statute.
( § 431:3-205 through § 431:3-209, HRS)
** Additional Requirement for Mergers and Acquisitions:
A) Effective date of the merger or acquisition.
B) Evidence that the merger or acquisition complies with Hawaii's Market Share and Competitive Standard laws pursuant to the Hawaii Revised Statutes, beginning with Chapter 431: 11-104.1
C) Submission of any endorsements that will be sent to the policyholders, with the applicable Certification of Readability.
D) Return of the Original Certificate of Authority or an Affidavit of Loss Certificate for each of the nonsurviving company/companies that are admitted in Hawaii.
E) Certified Approvals from the affected domiciliary states.
*** Adding the VEHICLE class of insurance:
A )Prior to licensing an insurer to transact the vehicle insurance business in this State, insurers must provide the name and address of the complete sales and claim service office in Hawaii pursuant to §431:10C-119, HRS.
B) Submit a check for $1,000.00 payable to “Department of Commerce and Consumer Affairs” for the annual Hawaii Joint Underwriting Plan membership fee.
Legal References
Idaho Statute Title 41, Insurance Code
Idaho Department of Insurance Rules
Expansion Application
Idaho's insurance laws specific to authorization of insurers and general requirements can be found at Idaho Code Title 41, Chapter 3.
Include the following in addition to the UCAA:
Don Robbins
Idaho Industrial Commission
700 Clearwater Lane
Boise, ID 83712
Phone Number: (208) 334-6000
Email: drobbins@iic.idaho.gov
Fees:
Admission Fees
Please submit all Expansion Applications and Additions or Deletions to Lines of Business (Corporate Amendments II) to:
Carol Anderson
Technical Records Specialist
Idaho Department of Insurance
700 W. State Street, 3rd Floor
Boise, ID 83720-0043
(208) 334-4309
Carol.Anderson@doi.idaho.gov
Corporate Amendments
Additional Requirements: Please refer to the Note below for the specific instructions.
Section |
Certificate of Compliance |
Certificate of Deposit |
Information Statement |
Other |
II Add/Delete Lines of Business |
|
|
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(4) |
III Name Change |
(1) |
|
(3) |
|
IV Redomestication |
(1) |
(2) |
(3) |
|
V Change of City |
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(3) |
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VI Address Change |
|
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(3) |
|
VII Merger |
|
|
(3) |
|
VIII Change of Control |
|
|
(3) |
|
IX Articles |
|
|
(3) |
(5) |
X Bylaws |
|
|
(3) |
(6) |
Idaho State Specific Requirements are also available on our Web site under Corporate Amendments Application -
Filing Requirements and Instructions.
Note:
(1) Certificate of Compliance must have an original certification from the state of domicile. Either UCAA form 6 or State form are accepted.
(2) Certificate of Deposit must have an original certification from the state of domicile. An insurer must have and maintain a deposit of $1,000,000 for the benefit of all policyholders or all policyholders and creditors in either Idaho or its state of domicile. (Idaho Code §41-316.) Either UCAA form 7 or State form are accepted.
(3) Please submit the Information Statement online.
(4) To Add: Submit the UCAA plus, if applicable, the additional requirements for Managed Care, Workers' Compensation, or Variable Products.
To Delete: Requirements to delete a line of business can be found on the UCAA State Chart Deleting Lines of Business
(5) Amendments of Articles must have an original certification from the state of domicile.
(6) Amendments of Bylaws must have an original certification signed by the corporate secretary.
Fees:
There is no fee for any Corporate Amendments Application.
Please submit all Corporate Amendments Applications except changes in lines of business (Section II) to:
Naoko Weigelt
Technical Records Specialist
Idaho Department of Insurance
700 W. State Street, 3rd Floor
Boise, ID 83720-0043
(208) 334-4311
Naoko.Weigelt@doi.idaho.gov
Additional Fees and Taxes
Annual Renewal Fees
Filing Annual Statement $100
Renewal Certificate of Authority $100
The fee for filing Amended By-Laws is $25.
The fee for filing Amended Articles of Incorporation is $100.
The fee for filing Amended Certificate of Authority is $25.
Premium Taxes
As set forth by newly reenacted Section 409 of the Illinois Insurance Code (215 ILCS 5/409, effective May 29, 1998), as of July 1, 1998, there is a premium tax of 0.4% on the net taxable premium for all accident and health written, and retroactively, as of January 1, 1998, there is a premium tax of 0.5% on the net taxable premiums written for all other types of insurance premiums written. The premium tax payment due from a company may be reduced by the excess amount, if any, by which the aggregate income taxes paid by the company, on a cash basis, for the preceding calendar year under subsections (a) through (d) of Section 201 of the Illinois Income Tax Act (35 ILCS 5/201 (a)-(d) exceed 1.5% of the company's net taxable premium written for that prior calendar year; and the amount of any fire department taxes paid by the company during the preceding calendar year under Section 11-10-1 of the Illinois Municipal Code (65 ILCS 5/11-10-10).
Financial Regulation Fee
The fee shall be a fixed amount based upon Illinois direct premium income and nationwide reinsurance assumed premium income in accordance with the following schedule:
$100 if the premium is less than $500,000 and there is no reinsurance assumed premium;
$500 if the premium is $500,000 or more, but less than $5,000,000 and there is no reinsurance assumed premium; or if the premium is less than $5,000,000 and the reinsurance assumed premium is less than $10,000,000;
$2,500 if the premium is less than $5,000,000 and the reinsurance assumed premium is $10,000,000 or more
$5,000 if the premium is $5,000,000 or more, but less than $10,000,000;
$12,000 if the premiums is $10,000,000 or more, but less than $25,000,000;
$15,000 if the premium is $25,000,000 or more, but less than $50,000,000;
$20,000 if the premium is $50,000,000 or more, but less than $100,000,000;
$25,000 if the premium is $100,000,000 or more.
The sum of financial regulation fees under this subsection (7) of Section 408 of the Illinois Insurance Code (215 ILCS 5/408) charged to the foreign or alien companies within the same affiliated group shall not exceed $100,000 in the aggregate in any single year and shall be billed by the Director to the member company designated by the group.
Fire Marshal's Tax
One percent of the gross fire, sprinkler, leakage, riot and civil commotion, explosion and motor vehicle fire risk premium receipts.
Expansion Forms Not Required
The following forms are not required for the UCAA Expansion Application in the State of Illinois:
Authorization for Disclosure of Financial Records (Form E-3)
Non-Proportional Reinsurance Checklist (Form E-8)
Proportional Reinsurance Checklist (Form E-7)
Insurance Laws and Regulations
Copies of the Illinois Insurance Code may be acquired from
Lexis Law Publishing
P.O. Box 7587
Charlottesville, VA 22906-7587
Copies of the Code and Illinois Regulations may be acquired from:
National Insurance Law Service
NILS Publishing Company
20675 Bahama Street
P.O. Box 25072
Chatsworth, CA 91311
Time Frame for Processing Applications
Illinois will strive to meet the time frame guidelines for applications. However those received after September 30 and before March 1 will not be processed until the current annual statement for the calendar ending between October 1 and March 1 is available.
Legal References
Copies of Indiana statutes can be obtained at
http://www.IN.gov/legislative/ic/code/.
Copies of Indiana Administrator Codes can be obtained at http://www.in.gov/legislative/iac/title760.html.
State-Specific Items
The following state-specific forms are available on the Indiana Department of Insurance website at
http://www.in.gov/idoi/companyinfo/forms/index.html.
Legal References
Insurance laws and regulations can be found at:
http://www.legis.state.ia.us/IOWALAW.html.
Insurance bulletins can be found at the Iowa Division of Insurance Web site at http://www.iid.state.ia.us/.
Other Information
Iowa has a requirement that the examination report have an as of date not more than three years prior to the date of application. If the applicant does not possess an examination report that meets this standard, it may submit for our consideration in lieu thereof, a parental surplus guarantee. Contact the Iowa Insurance Division for further details at
http://www.iid.state.ia.us/about_us/FinancialReg/ucaa/default.asp?linksback=finreg .
State-Specific Information
When preparing the admissions package for Kansas, please be aware of the following information or requirements that are "State Specific" to Kansas.
Pursuant to K.S.A. 40-209(a)(4), provide financial data that; "demonstrates that any majority ownership interests are in sound financial condition". This would be necessary of the applicant's "immediate" and "ultimate" owner only if that owner is not an insurance company that files financial statements with the NAIC. Provide the most recent available financial statement information, balance sheet and income statement, for each entity. A audited financial report is required; however, if an audited report is unavailable then a financial statement certified as complete and accurate by a legal representative of each owner would be considered upon special request.
Pursuant to K.S.A. 40-209(a)(6), any applicant insurance company requesting expansion into Kansas may be authorized if it; "has been in operation at least three years and has been the subject of an examination of its affairs and financial condition other than its organizational examination. This requirement does not apply to subsidiary or affiliate companies with substantially the same management of an admitted company, a continuing corporation resulting from merger or consolidation or a company whose admission is determined by the commissioner to be in the best public interest."
For Property and Casualty applicants, there are several Kansas specific forms that will be required depending upon the lines of business written. These forms are not required at the time of application. If/when the Certificate of Authority is issued, the applicant company will be contacted in this regard.
Important: Any Statute or Regulation mentioned above should be reviewed for the full details found therein.
Workers' Compensation Director
For workers' compensation issues, please contact the Workers' Compensation Director by calling (785)296-3441, or writing to:
Workers' Compensation Director
800 SW Jackson, Suite 600
Topeka, KS 66612-1227.
No-Fault Insurance and Financial Responsibility Issues
For mandatory no-fault insurance and financial responsibility issues, please contact the Division of Vehicles by calling (785)296-3601, or writing to:
Division of Vehicles
Docking State Office Building, 1st Floor
Topeka, KS 66612.
Motor Carrier Liability Insurance Requirements
For motor carrier liability insurance requirements, please contact the Corporation Commissioner by calling (785)271-3145, or writing to:
Corporation Commission
Transportation Division
1500 SW Arrowhead
Topeka, KS 66604-4027.
Legal References
To obtain copies of Kansas statutes or regulations, please contact either the Kansas Secretary of State or NILS Publishing, as indicated below:
| Office of the Secretary of State State Capitol, Room 234-N Topeka, KS 66612-1594 (785)296-4557 http://www.kssos.org |
NILS Publishing Company 21625 Prairie Street Chatsworth, CA 91311-5835 (800)423-5910 http://www.nils.com |
Kansas Insurance Department
420 SW 9th
Topeka, KS 66612
(785)296-7803.
Legal References
For information about Kentucky insurance laws, regulations and bulletins, visit the website at:
http://www.doi.ppr.ky.gov/kentucky/laws.asp
State-Specific Items
State specific information is available on the Kentucky Department of Insurance website at
http://www.doi.ppr.ky.gov/kentucky/divs.asp?Divid=6.
Legal References
The Department does not provide copies of insurance laws. Such information must be obtained from other sources, such as Westlaw, Redbook or other such sources.
Most other helpful hints and information can be found in the state-specific forms section of the Department's website located at http://www.ldi.state.la.us/Licensing/Company/alertpage.htm .
Minimum Capital and Surplus Requirements(Expansion Application)
Stock Companies
| Insurance Type | Paid-In Capital | Minimum Surplus | Operating Surplus |
| Life | $100,000 | $1,900,000 | $1,000,000 |
| Health and accident | $100,000 | $1,900,000 | $1,000,000 |
| Life, health and accident | $100,000 | $1,900,000 | $1,000,000 |
| Vehicle physical damage | $100,000 | $1,900,000 | $1,000,000 |
| Title | $100,000 | $400,000 | $500,000 |
| Industrial Fire | $200,000 | $800,000 | $1,000,000 |
| Vehicle | $650,000 | $1,350,000 | $1,000,000 |
| Liability | $650,000 | $1,350,000 | $1,000,000 |
| Worker's Compensation | $650,000 | $1,350,000 | $1,000,000 |
| Burglary and forgery | $650,000 | $1,350,000 | $1,000,000 |
| Glass | $650,000 | $1,350,000 | $1,000,000 |
| Fidelity and surety | $650,000 | $1,350,000 | $1,000,000 |
| Fire and extended coverage | $650,000 | $1,350,000 | $1,000,000 |
| Steam boiler and sprinkler leakage | $650,000 | $1,350,000 | $1,000,000 |
| Crop and livestock | $650,000 | $1,350,000 | $1,000,000 |
| Marine and transportation | $650,000 | $1,350,000 | $1,000,000 |
| Miscellaneous | $650,000 | $1,350,000 | $1,000,000 |
| All insurance, except title and life | $650,000 | $1,350,000 | $1,000,000 |
Mutual Companies
| Insurance Type | Minimum Surplus | Operating Surplus |
| Life | $2,000,000 | $1,000,000 |
| Health and accident | $2,000,000 | $1,000,000 |
| Life, health and accident | $2,000,000 | $1,000,000 |
| Vehicle physical damage | $1,250,000 | $1,000,000 |
| Title | $500,000 | $500,000 |
| Industrial Fire | $800,000 | $1,000,000 |
| Vehicle | $1,350,000 | $1,000,000 |
| Liability | $1,350,000 | $1,000,000 |
| Worker's Compensation | $1,350,000 | $1,000,000 |
| Burglary and forgery | $1,350,000 | $1,000,000 |
| Glass | $1,350,000 | $1,000,000 |
| Fidelity and surety | $1,350,000 | $1,000,000 |
| Fire and extended coverage | $1,350,000 | $1,000,000 |
| Steam boiler and sprinkler leakage | $1,350,000 | $1,000,000 |
| Crop and livestock | $1,350,000 | $1,000,000 |
| Marine and transportation | $1,350,000 | $1,000,000 |
| Miscellaneous | $1,350,000 | $1,000,000 |
| All insurance, except title and life | $1,350,000 | $1,000,000 |
State Specific Information for Primary and Expansion Applications
Provide the name of the domestic state analyst along with his/her contact information (phone and email please).
Special Power of Attorney to Appoint and Certify Agents is not required to be filed in Maine.
Contact info: Secretary of State
Bureau of Corporations, Elections and Commissions
101 State House Station
Augusta, Maine 04333
Tel: 207-624-7752
Fax: 207-287-5874
State Specific Information for Corporate Amendments:
Legal References
Legal references for Maryland with respect to Insurance Statutes may be found at:
http://mlis.state.md.us/
Select "Maryland Code Online"
Select “Maryland Code”
Choose "Insurance" from drop-down menu
Other references:
Legal references for Maryland Regulations may be found at: http://www.dsd.state.md.us
Minimum Capital and Surplus Requirements
Minimum Capital Requirements
To engage in one kind of business, an insurer must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule, as set forth in Section 4-104 of the Insurance Article of the Annotated Code of Maryland:
Life insurance, including annuities - $1,500,000
Health insurance - $750,000
Property and marine other than wet marine and transportation insurance - $750,000
Title insurance - $750,000
Wet marine and transportation - $750,000
Casualty, not including vehicle liability or workers’ compensation - $750,000
Vehicle liability - $750,000
Workers’ compensation - $750,000
Surety - $750,000
To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer must have paid-in capital stock with a fixed nominal or par value in an amount not less than $1,500,000.
Minimum Surplus Requirements
In addition to the minimum capital stock requirements, to qualify for an initial certificate of authority to engage in one kind or a combination of kinds of insurance business, an insurer must have surplus assets or funds in an amount not less than 150% of the minimum capital stock required as set forth in Section 4-105 of the Insurance Article of the Annotated Code of Maryland.
Health Maintenance Organizations must have an initial surplus that exceeds liabilities by at least $1,500,000 as set forth in Section 19-710 of Article health-General of the Annotated Code of Maryland.
Provider Sponsored Organizations must meet the requirements as set forth in Health-General of the Annotated Code of Maryland, Section 19-7A, as well as, the requirements applicable to a Health Maintenance Organization to the extent those requirements are not preempted by federal law.
Other Information
Insurer must obtain from the Maryland Insurance Administration and complete the Certificate of Compliance relating to Workers’ Compensation Insurance as set forth in Section 9-402 of the Labor and Employment Article of the Annotated Code of Maryland. Form can be obtained at: www.mdinsurance.state.md.us
Legal References
All the information needed to obtain legal references for Massachusetts, especially with respect to insurance laws, regulations and bulletins can be accessed through the division's webiste via links at
http://www.state.ma.us/doi/. The Division of Insurance website also has links that will provide access to other references or information that would be useful for applicants submitting UCAA’s.
Minimum Capital and Surplus Requirements
(Expansion Application)
| Clause of Section 47 |
Description | Capital | Surplus | Total |
| 1 | Fire | $200,000 | $ 800,000 | $ 1,000,000 |
| 2 | Ocean Marine, Motor Vehicle, Aircraft, Inland Navigation and Transportation (includes property damage) | $300,000 | $ 1,200,000 | $ 1,500,000 |
| When combined with 1: | ||||
| Including Ocean Marine | $400,000 | $ 1,600,000 | $ 2,000,000 | |
| Excluding Ocean Marine | $300,000 | $ 1,200,000 | $ 1,500,000 | |
| 4 (B) | Fidelity and Surety | $200,000 | $ 400,000 | $ 600,000 |
| 5 (B) | Boiler, Fly Wheel Machinery, Explosion | $200,000 | $ 400,000 | $ 600,000 |
| 6 (B) | Accident and Health, Liability and Property Damage, Including Automobile, Workers' Compensation | $400,000 | $ 2,400,000 | $ 2,800,000 |
| Accident and Health Only | $100,000 | $ 600,000 | $ 700,000 | |
| 7 (B) | Glass | $100,000 | $ 200,000 | $ 300,000 |
| 8 (B) | Water Damage, Sprinkler Leakage (when combined with 1) | $200,000 | $ 800,000 | $ 1,000,000 |
| 9 (B) | Elevator and Aircraft Property Damage | $200,000 | $ 400,000 | $ 600,000 |
| 10 (B) | Credit | $200,000 | $ 400,000 | $ 600,000 |
| 11 | Title (Title Companies only) | $100,000 | $ 200,000 | $ 300,000 |
| 12 (B) | Burglary, Robbery, Theft, Forgery, Larceny | $200,000 | $ 800,000 | $ 1,000,000 |
| 13 (B) | Livestock | $100,000 | $ 200,000 | $ 300,000 |
| 15 | Reinsurance (Reinsurance Companies only) | $500,000 | $ 3,000,000 | $ 3,500,000 |
| 16 | Life Insurance | $400,000 | $ 1,600,000 | $ 2,000,000 |
| 17 | Repair-Replacement (when combined with one or more of classes 1, 2 and 8) | $400,000 | $ 1,600,000 | $ 2,000,000 |
| 19 | Legal Service | $100,000 | $ 200,000 | $ 300,000 |
| 20 | Credit Involuntary Unemployment | |||
| 51 | Stock Companies (Ext. of Coverage not specified in MGL 175 § 47) | TBD | ||
| 54 | Mutual Companies (Ext. of Coverage not specified in MGL 175 § 47) | TBD | ||
| 54BX | Reinsurance except Life | Minimum of $ 1,200,000 | ||
| 54BY | Nuclear Energy | Minimum of $ 1,200,000 | ||
| 54BZ | Special Hazards - Radioactive Contamination | Minimum of $ 1,200,000 | ||
| 54C | Comprehensive Motor Vehicle and Aircraft | Minimum of $600,000 | ||
| 54D | Personal Property Floater | |||
| 54E | Dwellings | Minimum of $ 475,000 | ||
| 54F | Commercial Property (Multiple Peril) | Minimum of $ 525,000 | ||
| 54G | Reinsurance - Life Companies Only | Minimum of $ 1,000,000 | ||
NOTE A: The capital and surplus requirements of a company is the sum of the requirements for the lines, for which it is licensed or seeks to be licensed, except as noted above or in NOTE B.
NOTE B: The capital requirement for two or more classes noted as B (4, 5, 6, 7, 8, 9, 10, 12, 13) is equal to the largest requirement of classes licensed plus one-half of the sum of the capital requirements for each additional such licensed classes.
NOTE C: The policyholders surplus requirement for mutual insurance companies shall be the same as the total capital and surplus noted above.
The Commissioner of Insurance has determined that the minimum required capital and surplus for a mono-line non-life insurance company is to be capital of $400,000 and surplus of 800,000.
Uniform Consent to Service of Process (Form 12)
Massachusetts requires a Consent to Service of Process only when the state has completed the initial approval process. The state will provide a copy of the appropriate form to the applicant once the application has reached this stage of approval.
Legal References
Michigan Insurance Laws can be found at: http://www.michiganlegislature.org
Michigan Regulations and Bulletins are available from NILS Insurance Services.
Other References
A State-Specific UCAA Filings Checklist can be found at
http://www.michigan.gov/cis/0,1607,7-154-10555_13044_13199-31217--,00.html.
Effective August 1, 2005, all Primary and Expansion Applications must include a $1,500 application fee, made payable to the Minnesota Department of Commerce.
Information regarding bulletins may be obtained at:
Minnesota State-Specific Requirements and Forms
Minnesota state-specific requirements and forms are available at:
http://www.state.mn.us/cgi-bin/portal/mn/jsp/content.do?subchannel=-536881380&programid=536896713&sc3=null&sc2=null&id=-536881352&agency=Commerce.
Corporate Amendments:
No fees for corporate amendments themselves.
1. Appointment of Attorney for service of process (Minnesota form) per MN Stat §60A.19, subd. 3, is required whenever an insurer changes its name or state of domicile. Minnesota form available at:
2. On changes of domicle, an orginal Certificate of Deposit and Certificate of Compliance by the new state of domicle is required.
3. On adding lines of coverage, Minnesota projections are required for the new lines of coverage being requested as well as for all lines the company plans to write in Minnesota.
4. Article amendments must have an original certification from the state of domicile, include the $100 filing fee and be filed within 60 days of approval by the state of domicile. Bylaw amendment must have an original certification from a principal officer and include the $75 filing fee.
5. On merger of foreign companies, all UCAA corporate amendment items are not necessary. Companies must file copies of the approved Merger Agreement and approvals by all states of domicile involved. Copies must contain an original certification by the states of domicile. If the merger survivor changes its name, a full UCAA Corporate Amendment for a Name Change filing must be made.
See UCAA Charts for additional requirements.
Legal References
Mississippi Insurance Department's regulations and bulletins are available at the Department's website at
http://www.mid.state.ms.us by clicking on the Industry menu and respective links.
A link also is available on the Industry menu to a Lexis-Nexis Mississippi Code look-up via the Mississippi Secretary of State's webpage.
Mississippi insurance laws may be obtained from:
Lexis Law Publishing
P.O. Box 7587
Charlottesville, VA 22906-7587
http://www.lexislawpublishing.com
800-562-1197
Mississippi insurance regulations and bulletins may be obtained from:
NILS Publishing Company
P.O. Box 2507
Chatsworth, CA 91311
Your local library may also have these resources available.
Expansion Application Information
MCA 83-1-27 gives authority to the Commissioner of Insurance to visit and examine any foreign insurance company applying for admission, at the expense of the company.
Corporate Amendments
Redomestication of Foreign Company - If by merger, an expansion application is needed. If by statute: Financial certified by new state; company license application; legal process forms; endorsement to exisiting MS policyholders.
Name Change of Foreign Company - Company license application; legal process forms; endorsement to existing MS policyholders; policy forms refiled; agents reappointed
Legal References
For information about legal references with respect to insurance laws, regulations and bulletins, contact Cynthia Monroe at (573)751-4362.
Other Information
All policy forms for lines of business for which a company is seeking approval should be submitted with the application. The application will be returned if the policy forms are not included.
State Specific Items
You may access Missouri State-Specific items at http://www.insurance.mo.gov/industry/forms/index.htm
Legal References
State Specific Information
Montana state- specific requirements for the Primary Application can be found at http://sao.mt.gov/forms/Exams/app/UCAAPrimaryStateSpecific.PDF
Montana state-specific requirements for the Expansion Application can be found at
http://sao.mt.gov/forms/Exams/app/UCAAExpansionStateSpecific.PDF
Corporate Amendments
Montana state-specific requirements for Corporate Amendments can be found at http://www.sao.state.mt.us/forms/index.asp
Contact Pam Forsman (Life/Health) or Chuck Holland (Property/Casualty) in the Rates & Forms Bureau at 406-444-2040.
Legal References
Department Bulletins can be found at http://www.doi.ne.gov/bulletin/cbulletn.htm.
Other legal references can be found at http://www.doi.ne.gov/legal/legindex.htm.
Primary Application Requirements:
Submit one hardcopy version of Primary Application, electronic filings not accepted;
Three originals of proposed Amended and Restated Articles of Incorporation in compliance with Neb. Rev. Stat. § 44-231, and the Business Corporation Act, Neb. Rev. Stat. § 21-2001 et seq (specifically Neb. Rev. Stat. §§ 21-2018, and 21-20,103 to 21-20,108). The Articles will be “tentatively” approved by the Department and returned to the company to then be filed with the Secretary of State. Once the Secretary of State’s stamp is affixed, the remaining two copies must be returned to the Department for final approval. One copy will be maintained by the Department, and the other copy will be returned to the company for its files;
One copy of proposed Bylaws;
Additional Redomestication Only Requirements:
Most recent Market Conduct Examination Report if not included in Item 19;
Name, address, and phone number of a contact person within the current state of domicile’s insurance department that can be contacted regarding the redomestication;
Certified copy of the Board of Director’s Resolution including date resolution was adopted, accepting and agreeing to be bound by the laws of Nebraska, and approving the redomestication to Nebraska. If the insurer has a sole shareholder, a certified copy of the sole shareholder approval should be submitted with the filing. If the insurer has to await a shareholder vote, a certified copy of the results of the shareholder vote must be submitted after the meeting reporting the votes in favor and votes opposed;
New policy forms or endorsements related to the redomestication must be filed and approved on or before the transfer date. For life and health insurers, contact the Life & Health Division for more information. For property and casualty insurers, contact the Property & Casualty Division for more information. Filing via SERFF is encouraged. Include a brief description of the new policy forms and endorsements, and the date submitted to the Department, in the Plan of Operation (Item 6);
Expansion Application Requirements:
Electronic filing or hardcopy submission accepted.
Corporate Amendments Application:
Electronic filing or hardcopy submission accepted.
Legal References
Legal references for Nevada with respect to insurance laws and regulations can be found on the
Nevada State Legislature's Web site.
Nevada bulletins can be found on the Nevada Division of Insurance Web site.
Expansion Application Requirements
Nevada wishes to receive only one copy of the current year statement rather than three copies.
Nevada does not wish to receive statements for the two preceding years. They will specifically request these copies if needed.
Do not send SEC filings with the application, unless requested
Do not send Risk Based Capital information with the application, unless requested.
Do not send written agreements, unless requested.
Instructions regarding filing and processing of the application:
Rates and forms must be submitted and approved before application will be approved for Certificate of Authority.
Property/Casualty, contact Vera@(775)687-4270, extension 259
Life and Health, contact Nancy @(775) 687-4270, extension 253
The Nevada Insurance Department DOES NOT notify the company that the application has been accepted.
The Nevada Insurance Department is unable to do stage processing or set timing goals.
Send only one copy of the application.
Corporate Amendments Application
For Change of Address Form, click on Insurance Department logo above, select Corporate & Financial under Division Sections and then select Corporate & Financial Forms.
Other Information
Applications must be submitted in a three-ring binder.
Legal References
Links to insurance laws, regulations and bulletins are available at the New Hampshire Insurance Department website at http://www.nh.gov/insurance
Other Information
New Hampshire regulation INS 700 REQUIREMENTS FOR FOREIGN INSURANCE COMPANIES APPLYING FOR A LICENSE TO DO BUSINESS IN THE STATE OF NEW HAMPSHIRE is currently being revised .
Legal References
Statutes may be accessed on line by going to the state website at
http://www.state.nj.us/dobi/index.html, clicking on legislature, scrolling down to "Laws & Constitution" then clicking on Statutes.Note that New Jersey Insurance Law is generally Title 17 for non-life and Title 17B for life and health. If you search for a specific cite it must be in quotes in order for the search to work i.e. "17:20-1". Regulations are not available on line from the State of New Jersey.
Other State-Specific Information
State specific forms and other information is available on the New Jersey Department of Banking and Insurance web site at:
http://www.state.nj.us/dobi/ucaaforms.htm.
Corporate Amendments:
Non-Life/Health: No other state-specific requirements.Life/Health: Please see
http://www.state.nj.us/dobi/ucaaforms.htm
Legal References
Legal references for the State of New Mexico can be found at
http://www.nmprc.state.nm.us/idstatutes.htm
Minimum Capital and Surplus Requirements
Legal References
The New York State Insurance Law is contained in McKinney’s Consolidated Laws of
New York Annotated, Book 27. The Code may be purchased by contacting the Publisher at:
The West Group
610 Opperman Dr.
Eagan, MN 55123-1396
The New York Insurance Department regulations are contained in Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York. The binder volume set may be purchased from the publisher at:
Lenz & Riecker Inc.
One Columbia Pl.
Albany, N.Y. 12207
The State of New York Insurance Department web site www.ins.state.ny.us contains an electronic version of the Insurance Law that may meet your needs. An electronic copy of the Regulations is not currently available on the web site.
Licensing of HMOs and Article 43 Non-Profit Corporations
IMPORTANT NOTE: The Primary and Expansion Applications may not be used for the licensing of Health Maintenance Organizations (HMO’s) or Article 43 non-profit
corporations. Licensing packages for these companies may be obtained by calling or
e-mailing:
For Article 43:
David P. Doran, Principal Insurance Examiner
(212) 480-5046
ddoran@ins.state.ny.us
For HMO’s :
Michael Scharff, Supervising Insurance Examiner
(212) 480-5060
mscharff@ins.state.ny.us
Primary and Expansion Application Requirements
Name Approval Process – Name must be approved and reserved by the Office of General Counsel, pursuant to Section 1102(g) of the N.Y. Ins. Law (prior to the submission of incorporation papers for domestic insurer). It is strongly recommended that foreign insurers have their name approved prior to submitting an application. Letters requesting approval and reservation should be submitted to the Office of General Counsel, State of New York Insurance Department, One Commerce Plaza, Albany, NY 12257 along with payment of the $25.00 fee, check made payable to the Superintendent of Insurance. See Insurance Department Regulation No. 104, 11 NYCRR 87.
Capital and Surplus Requirements for property and casualty companies – See Article 41 of the N.Y. Ins. Law
Note: Property & Casualty Companies seeking to reinsure lines in addition to those lines they can write directly; or to write or reinsure risks outside the United States, its territories and possessions are required to have Surplus to Policyholders of $35,000,000.
N.Y. Ins. Law SECTION 1113(a) |
KIND OF INSURANCE | PAID-IN CAPITAL |
PAID-IN SURPLUS |
INITIAL SURPLUS TO POLICYHOLDERS |
| Group A – Basic: | ||||
7 |
Burglary | $ 300,000 |
$ 150,000 |
$ 450,000 |
8 |
Glass | 100,000 |
50,000 |
150,000 |
9 |
Boiler | 100,000 |
50,000 |
150,000 |
10 |
Elevator | 100,000 |
50,000 |
150,000 |
11 |
Animal | 100,000 |
50,000 |
150,000 |
13 |
Liability – Personal Injury | 500,000 |
250,000 |
750,000 |
14 |
Liability – Physical Damage | 100,000 |
50,000 |
150,000 |
15 |
Workers’ Compensation | 500,000 |
250,000 |
750,000 |
16 |
Fidelity & Surety | 900,000 |
450,000 |
1,350,000 |
17 |
Credit | 400,000 |
200,000 |
600,000 |
| Additional amount required if licensed for any one or more of the above kinds of insurance | 100,000 |
50,000 |
150,000 |
|
| Group A – Non Basic | ||||
3(I) |
*Accident & Health | 100,000 |
50,000 |
150,000 |
3(ii) |
*Non-cancelable disability | 100,000 |
50,000 |
150,000 |
22 |
*Residual Value | 2,000,000 |
1,000,000 |
3,000,000 |
24 |
*Credit Unemployment | 400,000 |
200,000 |
600,000 |
26 |
*Gap | 2,000,000 |
1,000,000 |
3,000,000 |
27 |
*Prize Indemnification | 300,000 |
150,000 |
450,000 |
28 |
*Service Contract Reimbursement | 2,000,000 |
1,000,000 |
3,000,000 |
29 |
*Legal Services Insurance | -0- |
-0- |
-0- |
30 |
*Involuntary Unemployment | 200,000 |
200,000 |
400,000 |
| TOTAL GROUP A (Basic & Non Basic) | $10,300,000 |
$5,250,000 |
$15,550,000 |
|
Group B |
||||
4,5,6,12,19,20 |
Fire & Allied (inland only) | $ 500,000 |
$ 500,000 |
$1,000,000 |
| 20, 21 | Marine | 500,000 |
500,000 |
1,000,000 |
| TOTAL GROUP B | $1,000,000 |
$1,000,000 |
$2,000,000 |
|
| Total GROUP A & B | $11,300,000 |
$6,250,000 |
$17,550,000 |
|
*Cannot be licensed for these kinds of insurance unless company is licensed to write at least one line in Group A-Basic
** It should be noted that these are minimum requirements. A higher amount of surplus may be required based upon a review of the Company’s Plan of Operations and Financial Projections.
3. Capital and Surplus Requirements for Monoline Companies:
TITLE INSURANCE CORPORATIONS--Article 64 N.Y. Ins. Law
Paid-in capital $500,000 Paid-in initial surplus $250,000 Initial surplus to policyholders $750,000 Surplus to policyholders to be maintained $500,000 Minimum capital investments $500,000
MORTGAGE GUARANTY INSURANCE CORPORATIONS --Article 65 N.Y. Ins. Law
Paid-in capital $1,000,000 Paid-in initial surplus $1,000,000 Initial surplus to policyholders $2,000,000 Paid-in capital $1,000,000 Paid-in surplus $ 500,000 Surplus to policyholders to be maintained $1,500,000 Minimum capital investments $1,500,000
FINANCIAL GUARANTY INSURANCE CORPORATIONS —Article 69 N.Y. Ins. Law
Paid-in capital $2,500,000 Paid-in surplus $72,500,000 Initial surplus to policyholders $75,000,000 Paid-in capital $2,500,000 Paid-in surplus $62,500,000 Surplus to policyholders to be maintained $65,000,000 Minimum capital investments $65,000,000
Guidelines for the Preparation of Financial Projections (life insurers only)
[ Word |
PDF ].
The following Commitments must be executed and submitted together with certified copies of the Board Resolutions adopting such commitments:
Untrustworthy (Removal of officers and directors found upon investigation to
be untrustworthy)
Reinsurance Agreements - All reinsurance agreements must be submitted in full. If a reinsurance agreement contains an Extra Contractual Obligation Clause which provides for reimbursement for "fraud or bad faith", such language is to be deleted. However, the company can retain this language provided an exclusionary clause with the following language is inserted in the applicable articles:
"in no event shall coverage be provided to the extent that such coverage is not permitted under New York law."
If a reinsurance agreement of a foreign insurer contains an Extra Contractual Obligation Clause which provides for reimbursement for fraud or bad faith, such language is to be deleted. However, the company can retain this language in its reinsurance agreements, provided an exclusionary clause with the following language is inserted in the applicable articles:
"If any provision of this contract shall be rendered illegal or unenforceable by the laws, regulations or public policy of any state, such provision shall be void in such state, but this shall not affect the validity or enforceability of such provision in any other jurisdiction."
Primary Application (Domestic Insurer) Requirements
All domestic insurers must be incorporated through the State of New York Insurance Department prior to the submission of a Primary Application. The procedure for incorporation can be found in Section 1201 of the N.Y. Ins. Law. The incorporation process is handled by the Office of General Counsel, State of New York Insurance Department, One Commerce Plaza, Albany, NY 12257. Copies of draft Notice of Intention, Charter and By-Laws, together with the name and address of a newspaper of general circulation in which it is proposed to publish the Notice of Intention, should be submitted to the Office of General Counsel and to the appropriate bureau (Property, Life or Health).
Request for a permit to solicit stock subscriptions or a request for a waiver. In order to receive this permit, a proposed insurer must first submit to the Department, for approval, an estimated amount to be expended for organizational expenses. See Section 1201(a)(8)(B) of the N.Y. Ins. Law.
License to sell securities - If the insurer anticipates a public offering of its stock. A waiver must be requested if there will be no public offering. See Section 1204 of the N.Y. Ins. Law and Insurance Department Regulation No. 44, 11 NYCRR 7.
Commitments
The following Commitments must be executed and submitted together with certified copies of the Board Resolutions adopting such commitments:
Shareholder Dividends (No payment of dividends to shareholders for first two years of operations – property and casualty and accident and health insurers only)
Limitation on Writing (4:1 net premium to surplus-limitation on writings – accident and health insurers writing indemnity business only)
Examination and Report on Organization required by Section 1102(e) of the N.Y. Ins. Law will be completed by this Department.
Expansion Application (Foreign Insurer) Requirements
Schedule S, Part 4 of the insurers Annual Statement prepared on a New York
basis for the past 3 years (life and accident and health insurers only).
Board Resolution required by Section 1106 of the N.Y. Ins. Law (insurer will not
engage in any insurance business in contravention of the provisions of Section 1106 or not authorized by its charter).
Pursuant to Section 4119 of the New York Insurance Law no foreign or alien property/casualty insurance company shall be lice.nsed to do business in this state unless it shall have continuously transacted an insurance business in the state or country of its incorporation for at least three years immediately prior to the issuance of such license. The superintendent may waive or reduce the three-year requirement, with respect to a license applicant, upon determination that the three year period is not necessary to safeguard the interests of the public or policyholders.
Upon Licensure by New York
Upon Licensure by New York, companies must comply with the following:
1. Security Funds
Workers' Compensation Security Fund (Article 6A, Workers' Compensation Law)
Payable quarterly on May 15, August 15, November 15 and February 15 at the rate of 1% on direct written premiums less return premiums (mutual companies may also deduct dividends) for policies issued to insure payment of compensation pursuant to the Workers' Compensation Law of New York State. Payments are suspended in the case of stock companies when the amount of assets including any appropriation to such fund from the general fund equal or exceeds eighty four million dollars. Payments are refunded in the case of mutual companies when the balance in the funds equals to 5% of the New York Workers' Compensation loss reserves of all the carriers contributing to the fund. Director of Taxes and Accounts will advise authorized insurers of any assessments due.
Public Motor Vehicle Liability Security Fund (Section 7604(b) N.Y. Ins. Law) -
Payable quarterly on May 15, August 15, November 15 and February 15 at the rate of 3% on direct premiums written less dividends per Section 370 of the New York State Vehicle and Traffic Law (Indemnity Bonds or Insurance Policies on Vehicles Transporting Passengers for Hire). Payments are suspended when the balance in the funds becomes equal to 15% of New York outstanding claim reserves of all contributing insurers.
Property and Liability Insurance Security Fund (Section 7603(b) and 7604(b) N.Y. Ins. Law) - Covers all kinds of insurance other than Public Motor Vehicle, Workers' Compensation, Life, Accident and Health, Title and Mortgage Guarantee insurance. The Fund dropped below the statutory minimum requirement as of December 31, 1987 and contribution were resumed. The fund will remain in a contributory status until the end of the fund year in which it is determined it has reached its statutory minimum.
2. Miscellaneous Assessments
Pursuant to N.Y. Ins. Law:
Section 313 - for examination expenses (domestic and foreign insurers)
Section 332 - for administrative expenses of the Department of Insurance (domestic insurers)
Section 5207 - Contribution to the Motor Vehicle Accident Indemnification Corporation for domestic and foreign insurers issuing motor vehicle liability policies.
Section 5410 - Contribution to the Riot Reinsurance Revolving Fund (all members of the New York Property Insurance Underwriting Association)
Section 5507 - Contribution to the Medical Malpractice Insurance Association (all members of the Medical Malpractice Insurance Association)
Section 9108 - Fire Insurance Fee
Pursuant to New York State Workers' Compensation Law:
Section 151 For administration expenses - Workers' Compensation Board
Section 228 For Administration expenses - Disability Benefit Law
Pursuant to New York State Vehicle and Traffic Law:
Section 94ii For administration expenses - Safety Responsibility Law
3. Required Memberships
An insurer authorized to write motor vehicle liability insurance must be a member of the Motor Vehicle Accident Indemnification Corporation (Section 5203 of the N.Y. Ins. Law) and must subscribe to the New York Automobile Assigned Risk Plan (Section 5301 of the N.Y. Ins. Law).
An insurer authorized to write fire and extended coverage insurance in this State must become a member of the New York Property Insurance Underwriting Association (Article 54 of the N.Y. Ins. Law). All members of the New York Property Insurance Underwriting Association (NYPIUA) are subject to assessment by the riot reinsurance revolving fund payable to the superintendent (Section 5410 of the N.Y. Ins. Law). However, at the present time, the riot reinsurance revolving fund is inactive because NYPIUA does not meet the requirements of the Federal Housing and Urban Development Act.
4. Taxes
FRANCHISE TAX (Article 33, New York State Tax Law)
Payable to the State Tax Commission on or before March 15:
Every domestic insurance corporation, except a co-operative insurance corporation, and every foreign or alien insurance corporation, for the privilege of exercising its corporate franchise, or of doing business, or of employing capital, or of owning or leasing property in this State in a corporate or organized capacity, or of maintaining an office in this State for all or any part of its taxable year, is required to pay a franchise tax computed in accordance with the provisions of Article 33 of the New York State Tax Law as follows:
Insurance Taxation under Article 33
Tax Law
Article or
SectionRate Base
1978 Art. 33
Franchise,
InsuranceLargest of the following: Entire net income
9.0% Officers compensation alternative
9.0% Per $1 of business and investment capital
1.6 mills Minimum
$250 Plus: Per $1 of subsidiary capital
0.8 mill Plus: Premiums on risks located or resident in State
Life insurance
0.8% Accident and Health Insurance
1.0% Property and Casualty Insurance
1.2% Premiums on risks located outside U.S.
1.2%
A tax credit of 90% of the retaliatory taxes paid other states by domestic insurers is allowed, but this credit may not exceed the amount of the tax under Article 33. An additional credit for taxes paid under Sections 9104 and 9105 of the N.Y. Ins. Law (see below) is also allowed. For tax years beginning on or after January 1, 1977, the amount of tax computed without regard to any allowable credits may not exceed 2.60% of taxable premiums.
ESTIMATED TAX - (Article 33, New York State Tax Law)
Payable to the State Tax Commission:
A declaration of estimated tax for the current year is required on or before July 15. Payments of the estimated tax are due on March 15, July 15, October 15 and January 15. The March 15 payment must equal 25% of the prior year tax and the payments for July 15, October 15 and January 15 must each be equal to 1/3 of the estimated tax less the March 15 payment. Any difference between the estimated tax and the actual tax is adjusted at the time of filing the actual tax report. A copy of the tax report must also be filed with the Superintendent of Insurance.
FIRE DEPARTMENT TAX - (Sections 9104 and 9105 of the N.Y. Ins. Law)
Reports are filed with the Superintendent of Insurance and are due on or before February 15. Tax is payable by foreign or alien stock insurers to local fire departments (other than New York City and Buffalo) through the Insurance Services office of New York, acting as the taxpayers' agent, or through the Insurance Department at the taxpayers' option. Tax is payable by foreign and alienmutual insurers to all local fire departments, including New York City and Buffalo, through the Insurance Department only. Stock insurers must pay tax directly to New York City and Buffalo, in accordance with these cities' Administrative Codes. Tax is computed at the rate of 2% on direct premiums received for insurance against loss or injury by fire upon property situated in this State. Return premiums and dividends are deductible under Section 9105 (mutual companies). Allied lines are included for purposes of §9105 (mutual companies). Factory mutuals are taxed on gross premiums, less dividends and returns to policyholders, upon policies on risks located in this State in force on the 31st day of December, next preceding. A schedule is required for all insurers showing the amount of premiums received from each organized area in the State. A fire department code manual is available from the Insurance Department for use in connection with this schedule. A credit for this tax is allowed against the tax imposed under Art. 33 of the tax law (see above).
5. Reciprocal (retaliatory) provisions as to taxes, license fees, deposits and other requirements.
Under Section 1112 of the N.Y. Ins. Law, insurers entered through states wherein New York Insurers are charged in the aggregate taxes and fees greater or allowed credits less than the above, are required to pay to the Superintendent of Insurance a charge equal to that imposed on New York insurers by the laws of such other state. In assessing taxes under this section credit is allowed for any taxes paid to the State Tax Commission.
Legal References
Insurance statutes are contained in Chapter 58 of the General Statutes of North Carolina at http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_58.html.
Insurance administrative rules are contained in Title 11 of the North Carolina Administrative Code. A copy of Title 11 may be obtained from West Group, P. O. Box 64526, Eagan, MN 55164-0526, 1-800-762-5272. Individual administrative rules may be referenced at www.oah.state.nc.us, then click on Rules Division, click on NC Administrative Rules, click on Administrative Rules Online, click on Title 11.
Insurance Bulletins are available at http://www.ncdoi.com/pc/pc_bulletins.asp.
State-Specific Information
State-specific information can be found at:
http://www.ncdoi.com/FED/CA/fed_ca_domestic.asp.
Please see the document, "NAIC UCAA Application Information," at the state-specific website for general information, admission requirements and state specific forms regarding North Carolina applications for admission.
The following state-specific forms are required to be included in a UCAA application package, if applicable:
NCDOI Admissions accepts instead the NAIC UCAA version.
NCDOI Admissions accepts instead the NAIC UCAA version.
Power of Attorney to Sell Securities on Deposit (11 NCAC 14.0417)
Unconditional Guaranty (11 NCAC 14.0421)
Corporate Resolution of Guarantor (11 NCAC 14.0422)
Update Fee: Effective January 1, 2006, the "$1,000 and $1,100" licensing fees will each increase to instead $1,500
Each successful applicant company must pay an initial license fee after it is notified that the initial license has been approved. The amount of this fee is $1,000 for a life, fire or casualty insurance company and $1,100 for a multiple line fire and casualty insurance company (NCGS 58-6-7). The annual license period runs from July 1 through June 30 of the following year. The initial license fee is not prorated. The amount of the initial license fee will be included in the notification letter to each successful applicant company. The initial license fee should not be paid until the company is notified of the license being issued.
Corporate Amendments:
Provide company-wide financial forecasts for the three (3) year period subsequent to receiving the requested lines of business. Forecasts should support all aspects of the plan of operation, including reinsurance arrangements and any delegated function agreements. Assumptions on which the forecasts are based should be fully explained. The forecasts should be in the format of the appropriate Annual Statement Blank, and should include a Balance Sheet, Statement of Income, and Cash Flow Statement. For the lines of business being requested, provide three (3) year premium and loss forecasts by line for North Carolina and for all states and territories in which the company is requesting these additional lines of business. Report what percentage of the company’s total business the additional lines of business is expected to represent. To the extent the requested lines of business will only be sold in certain regions with the State, provide the geographic territory of operations within North Carolina for each of the requested additional lines of business.
Legal References
Copies of North Dakota statutes and administrative rules may be obtained from the National Insurance Law Service (NILS) Publishing Company by calling (800)423-5910 or writing to:
NILS Publishing Company
21625 Prairie Street
Chatsworth, CA 91311-5835
Individual volumes of statutes are also available from:
Michie Butterworth
P.O. Box 7587
Charlottesville, VA 22906-7587
(800)446-3410
The North Dakota Statutes may also be accessed electronically at http://www.legis.nd.gov/information/statutes/cent-code.html
The North Dakota Regulations are not currently available at this website.
Copies of Department Bulletins may be obtained at a charge of $0.20 per page from the Department. Please send your request to:
Nancy Brady
Legal Division
North Dakota Insurance Department
600 E. Boulevard Avenue
Bismarck, ND 58505
nbrady@state.nd.us
State-Specific Forms
North Dakota's UCAA guidance is available at:
http://www.state.nd.us/ndins/company/details.asp?ID=176.
Other Information
North Dakota does not require the submission of two copies of the application.
State-Specific Instructions [PDF]
The State of Ohio accepts the UCAA Form 6 but only in hard copy.
Legal References
To obtain legal references for the State of Oklahoma with respect to insurance laws, regulations and bulletins access our web page at; http://www.oid.state.ok.us/
Legal References
To obtain statutes and rules for the Oregon Insurance Division see the Division's web site at
http://www.cbs.state.or.us/ins.
State Specific Information
For UCAA Expansion
Ensure the audited financial statement or annual report for the ultimate controlling party is included with the Holding Company Form “B” Registration Statement.
Provide explanation of unusual IRIS ratio results as of December 31, 200_, and the steps to be implemented by management to prevent future unusual results.
Provide management’s response to each recommendation contained in the financial report of examination as of December 31, 200_.
Fingerprint cards and third party background reports are not required.
Corporate Amendments:
It is the policy of the Oregon Insurance Division to require a company to have a minimum of two years experience in the line(s) of business they are requesting. Please provide proof of such experience and a plan of operation with three year projections for the State of Oregon. If the applicant does not have this experience, consideration may be given to the experience of an affiliate provided the applicant and affiliate share common officers/directors. Return original Oregon Certificate of Authority for cancellation.
Legal References
Click here for Pennsylvania legal information
http://www.ins.state.pa.us/ins/cwp/view.asp?a=1282&q=525003
Please check with the Pennsylvania Insurance Department for all other information. You can also contact the Department at:
1345 Strawberry Square
Harrisburg, PA 17120
(717)787-2735
ra-in-company@state.pa.us
State Specific Information
Pennsylvania has no other state-specific requirements for the Uniform Certificate of Authority Expansion Application.
Please check with the Pennsylvania Insurance Department for all other information. You can also contact the Department at:
1345 Strawberry Square
Harrisburg, PA 17120
(717)787-2735
ra-in-company@state.pa.us
Corporate Amendments:
Requirements for Certificate of Authority Amendments:
http://www.ins.state.pa.us/ins/cwp/view.asp?a=1280&q=527236
Uniform Consent to Service of Process
Pennsylvania does not accept Service of Process and does not require Form 12.
Legal References
A link to the Public laws and General Laws can be found at:
http://www.rilin.state.ri.us/Statutes/Statutes.html.
A link to proposed and current insurance regulations can be found at:
http://www.dbr.ri.gov/rules/index.php#insurance.
Other Information
Domestic company applications are accepted, reviewed, and processed pursuant to R.I. Insurance Division Rule 8. Foreign company applications are accepted, reviewed, and processed pursuant to R.I. Insurance Regulation 30 and the UCAA Expansion Application.
R.I. has adopted the Uniform Certificate of Authority Application (UCAA) for Life and Health (L&H), Property and Casualty (P&C) and Title insurance companies. Other types of companies (HMOs, Fraternal Societies, Captives, RRGs, Surplus Line companies, Reciprocal Exchanges, and Authorized or Accredited Reinsurers) should contact the Chief Insurance Examiner, Jack Broccoli, for specific instructions when applying.
Expansion Applications are reviewed in chronological order, based on their date of receipt. In addition to the non-refundable $1,200 fee due at time of application, we will request payment of a non-refundable $1,800 review fee when we are ready to begin the review of the applicant company.
Beginning on June 1, 2008, we will no longer accept applications in hard copy, please submit the application along with all pertinent attachments and related documents in .PDF format arranged and separated in accordance with the application table of contents: 1 thru 14 on CD or DVD. Please note that as items 1, 6, 11 and 12 require multiple filings, those items must be broken out and labeled separately, not submitted as one whole file. The only hard copy items should be the company’s required cover letter and check for the $1,200 New Application Fee. Filings not properly arranged, will be returned to the company for correction and must be resubmitted after correction as a new application. This will be required for both electronic and non-electronic UCAA Expansion Filings.
Regarding UCAA Expansion Application Form No. 1E, Question 1: If the proposed lines of business for a life company include variable life and/or variable annuity authority, the applicant company must also submit a written opinion as to whether the applicant company’s state of domicile regulation provides a degree of protection to policyholders and the public which is substantially equal to that provided by R.I. Gen. Laws Chapter 27-32.
Regarding UCAA Expansion Application Form No. 1E, Question 7: Pursuant to R.I. Gen. Laws §27—35-3(a), if the applicant company’s state of domicile insurance holding company disclosure requirements and standards are substantially similar to the requirements of R.I.G.L. §27—35, submit only an affidavit attesting to that "substantial similarity"; do not submit a full Form B filing. If such an affidavit cannot be provided, the Form B filing should be submitted with a cover letter explaining the absence of "substantial similarity".
A Retaliatory Statement, completed by the company’s domestic Insurance Department/Division, will only be required when the domiciliary state does not have the proper information available to us through the UCAA Retaliatory Information page. A company may obtain a blank R.I. Retaliatory Statement from the R.I. Insurance Division’s web site at:
http://www.dbr.ri.gov/documents/divisions/insurance/foreign/RetaliatoryStatement.PDF
All Corporate Amendment applications should include a completed Informational Questionnaire, which is located at the following link: http://www.dbr.ri.gov/documents/divisions/insurance/foreign/RIQuestionnaire.PDF
Name change filings should also include a certified statement from a proper company official, which states that the name change has not been denied in any other States or Jurisdictions due to similarity of names or any other reasons.
Forms may also be requested by contacting:
Matt DiMaio, Principal Licensing Insurance Examiner
RI Insurance Division
1511 Pontiac Avenue
Cranston, RI 02920
Tel. # (401) 462-9612
Fax. # (401) 462-9559
E-mail: mdimaio@dbr.state.ri.us
Legal References
Title 38, Code of Laws of South Carolina, 1976, as amended, and Sount Carolina Department of Insurance Regulations can be obtained from:
NILS Publications
21625 Prairie Street
Chatsworth, CA 91311
South Carolina Insurance Statutes are available at:
http://www.scstatehouse.net/
South Carolina Regulations are available at:
http://www.scstatehouse.net/coderegs/c069.htm
State Specific Information
UCAA Primary and Expansion Applications: Go to
http://doi.sc.gov/company/companylicensing/insurancecompany.htm
Corporate Amendments:
Please review the “Property and Casualty Supplement” shown under “Filing Guides” at the following website:
http://doi.sc.gov/NR/rdonlyres/CDCB85AF-73F3-4605-8F39-35A9BF52DDD0/0/PCChecklist.pdf , and contact Lessia Lynch of this Department’s Property and Casualty Division at (803) 737-6220 or llynch@doi.sc.gov with further questions.
Legal References
NILS Publishing Company
P.O. Box 2507
Chatsworth, CA 91313-2507
Outside U.S. (818) 998-8830
http://www.nils.com/
Thomson West
1-800-733-2889
west.editor@thomson.com
Legal References
Title 56 of the Tennessee Code Annotated, Chapter 2 pertains to licensing.
All state specific forms and bulletins can be obtained at http://www.state.tn/us/consumer/law.html
Additional Qualifications to File the Expansion Application
All companies must comply with TCA 56-2-113 (a). "No foreign insurance company transacting any of the kinds of insurance as defined in 56-2-201 shall be admitted until it can satisfy the commissioner that it has been organized and actively engaged in the insurance business in the state of its incorporation for a period of three (3) years prior to the date of its application to be admitted and authorized to do business in the State of Tennessee."
All applicants are required to execute the Tennessee Power of Attorney form.
All applicants are required to submit a retaliatory form completed by the State of Domicile.
All applicants are required to file biographical affidavits with original notarized signatures with the company's application. The affidavits are to be completed for all officers and directors of the company as listed on the jurat page of the filed statement. The State of Tennessee will accept the NAIC biographical affidavit.
If the applicant does not meet the standard examination requirements and has an examination report no more than 5 years prior to the application date, this department will accept a special deposit of $200,000. In addition, if needed, the company must, on or before March 1 of each preceding year deposit an amount together with the initial deposit that equals fifty percent (50%) of the Company’s writings in the State of Tennessee. The company must sign an agreement to this effect.
All Property and Casualty applicants must complete the Tennessee Rate Regulatory Form pursuant to TCA 56-5.
All state specific forms and bulletins can be obtained at http://www.state.tn.us/commerce/insurance/insadmpk.html
Information Specific to Tennessee Domestic Companies
The plan of operation and proposed charter must be filed and approved prior to submitting any other information.
Redomestications
A company wishing to redomesticate to Tennessee must file in accordance with TCA 56-2-113(D).
For state-specific forms:
http://www.state.tn.us/commerce/insurance/insadmpk.html
Requirements After Licensing
All insurers writing Workers' Compensation must implement an antifraud plan no later than their approval by the department.
All companies must have Rate Filing and Policy Filings submitted and approved, if applicable, before a company may commence writing in this state. Property Companies should contact Coit Holbrook @ 615-741-2218 and Life Companies should contact Howard Magill @ 615-741-2825 for details on requirements.
Corporate Amendments
For Redomestications: The State of Tennessee requires a Certificate of Deposit from the new domiciliary state bearing original certification, to accompany the application.
Legal References
Texas Insurance Code
http://tlo2.tlc.state.tx.us/statutes/statutes.html
Texas Administrative Code
http://info.sos.state.tx.us:80/pub/plsql/readtac$ext.ViewTAC?tac_view=3&ti=28&pt=1
Filing Fees
The following fees are filed with the Company Licensing and Registration Division.
| Non profit legal service corporation application including issuance of certificate of authority | 4.07 |
Per application |
$1,500 |
| Non profit legal service corporation additional certificate of authority | 4.07 |
Per certificate |
$50 |
| Non profit legal service corporation amendment of a certificate of authority | 4.07 |
Per amendment |
$50 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing an amendment to a certificate of authority if the charter is not amended* | 4.07 |
Per amendment |
$50 |
| Life, Health & Accident Insurance Co. / P&C Co. Affixing the official seal and certifying the seal | 4.07 |
Per seal |
$11 |
| Life, Health & Accident Insurance Co. / P&C Co. Reservation of name* | 4.07 |
One-time |
$100 |
| Life, Health & Accident Insurance Co. / P&C Co. Renewal of reservation of name* | 4.07 |
As necessary |
$25 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing an application for admission of a foreign or alien company, including issuance of a certificate of authority* | 4.07 |
Per application |
$2,000 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing an original charter of a company including issuance of a certificate of authority* | 4.07 |
Per filing |
$1,500 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing an amendment to a charter if a hearing is held* | 4.07 |
Per amendment |
$250 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing an amendment to a charter if a hearing is not held* | 4.07 |
Per amendment |
$125 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing a designation or amendment to a designation of an attorney for service of process* | 4.07 |
Per designation |
$25 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing a total reinsurance agreement* | 4.07 |
Per filing |
$750 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing a partial reinsurance agreement* | 4.07 |
Per filing |
$150 |
| Life, Health & Accident Domestic Insurance Co. / P&C Co. - Accepting a security deposit excluding those made pursuant to Sec. 3.16* | 4.07 |
Per acceptance |
$100 |
| Life, Health & Accident Domestic Insurance Co. / P&C Co. - Substitution or amendment of a security deposit excluding those made pursuant to Sec. 3.16* | 4.07 |
Per substitution |
$50 |
| Life, Health & Accident Insurance Co. / P&C Co. Certification of statutory deposits* | 4.07 |
Per certification |
$10 |
| Life, Health & Accident Insurance Co. / P&C Co. Filing of restated articles of incorporation for domestic, foreign or alien companies* | 4.07 |
Per filing |
$250 |
| Filing a notice of intent to relocate books and records outside of Texas pursuant to Sec. 1.28* | 4.07 |
Per filing |
$150 |
| Filing of a direct reinsurance agreement* | 4.07 |
Per filing |
$150 |
| Filing for approval of merger of stock insurers, pursuant to 21.25* | 4.07 |
Per filing |
$750 |
| Filing for approval of agreement for purchase of stock for total assumption reinsurance, pursuant to 21.26* | 4.07 |
Per filing |
$750 |
| Filing a joint control agreement* | 4.07 |
Per filing |
$50 |
| Filing a substitution or amendment to a joint control agreement* | 4.07 |
Per filing |
$20 |
| Filing a change of attorney in fact* | 4.07 |
Per filing |
$500 |
*Companies that produce less than $450,000 in gross written premium may reduce the fee by ½.
Other State- Specific Information
Fingerprint cards are required for the top executive officers, including CEO, President, Secretary,Treasurer, COO and CFO. Please call 512-322-3503 at the Texas Department of Insurance to receive a fingerprint card.
Submit biographical information pursuant to UCAA instructions and requirements. Submit fingerprint card information for each biographical affidavit that is submitted with the application. For fingerprint card information, please see http://www.tdi.state.tx.us/bulletins/2006/cc26.html
Texas strongly recommends submitting digital fingerprint cards, as the cards are accurate and processing time is much faster. Ink print cards require longer processing times and are very susceptible to inaccuracies that may require multiple submissions.
Texas does not require seasoning, but is a retaliatory state.
For information regarding premium taxes, call the Comptroller of Public Accounts at (512) 463-4600 or visit the web site at http://www.cpa.state.tx.us.
Primary Applications for Redomestication to Texas
For insurers planning to redomesticate to Texas, it is recommended that the Report of Examination as of date be no more than three years from the date of the application.
Adding a Line
If the applicant is amending its Certificate of Authority to include auto liability or liability other than auto, and will write any one of the following products, the applicant will have to submit a loss control plan subsequent to licensing approval, but prior to writing. Please contact the Loss Control Division at 512-322-3435.
Commercial automobile liability insurance
Professional liability insurance for hospitals
Professional liability insurance for insureds other than hospitals
General liability insurance
Medical liabilty insurance for insureds other than hospitals
If applicant is planning to write worker’s compensation insurance, contact the Texas Workers' Compensation Commission at 1-800-372-7213 or visit the web site at http://www.twcc.state.tx.us. Subsequent to licensing approval but prior to writing worker’s compensation insurance, the applicant must file an Accident Prevention Plan to be reviewed by TWCC.
In conjunction with the above state specific requirements for adding a line, please also include the following when adding a variable annuity or life annuity product:
Under UCAA form 8C, Section I, Number 19 and Number 20, also include the following:
SEC approval – a file will not be accepted without it. If non-applicable, please document thoroughly.
An affidavit, signed by two officers and notarized, which affirms that all persons with access to cash, securities or other assets allocated to or held by the separate account shall be under bond in the amount of not less than $100,000.
If wanting to add variable annuity the following item must also be filed:
Disclose whether each investment advisor i) is registered under the Investment Advisers Act of 1940, or ii) is an investment manager under the Employee Retirement Income Security Act of 1974, or iii) whether the insurer will annually file required information and statements concerning each investment advisor as required by its domiciliary state. ) Statement specifying the standards of conduct with respect to the purchase or sale of investments of separate accounts (i.e. Board resolution)
Corporate Amendments:
Name Approval Requirements Texas requires a name reservation process prior to name approval. The name must not be similar to other licensed companies as to avoid customer confusion. A $100 fee is required. Name Application:
http://www.tdi.state.tx.us/forms/fincolicense/fin300nameapp.doc
Life, Annuity and Credit/Accident & Health companies Instructions for filing Name Change Endorsement - Life Group Division Approval Guidelines: http://www.tdi.state.tx.us/forms/fincolicense/fin344nmchgend.doc
Life Group Division Approval Guidelines for Assumption Certificates: http://www.tdi.state.tx.us/forms/fincolicense/fin348assmpcert.doc
Legal References
Legal references for the regulation of insurance are found at http://www.insurance.state.ut.us/RuleIndex.html and http://www.insurance.state.ut.us/companies_law.html. A compilation of state and federal statutes, department regulations and bulletins applicable to regulation of insurance is available for purchase on the website.
Under Plan of Operation
Utah uses the UCAA Pro Forma which requires a three year projection, including RBC.
Legal References
Laws
Butterworth Legal Publishers
Orford, New Hampshire 03777-9797
NILS Publishing Company
21625 Prairie Street
Chatsworth, CA 91311
World Wide Web
http://www.leg.state.vt.us/statutes/statutes2.htm
Regulations
NILS Publishing Company
21625 Prairie Street
Chatsworth, CA 91311
Bulletins
NILS Publishing Company
21625 Prairie Street
Chatsworth, CA 91311
Legal References
Virginia insurance laws, regulations, and administrative letters are available at the Virginia Bureau of Insurance website:
http://www.scc.virginia.gov/division/boi.
Other Information
Seasoning Requirement
Expansion applicants are subject to a performance standard, defined generally as profitable operations as a direct writer for each of the three immediately preceding three years. For applicants that do not strictly comply with this standard, the Bureau of Insurance, at its discretion, may give due consideration to such mitigating factors as the severity, cause(s), and timing of statutory losses, surplus strength of the applicant, financial strength of a parent insurer licensed in Virginia, other affiliates licensed in Virginia and under common control with the applicant, etc.
Tentative Approval
If after completing a review of an application the Bureau determines that an applicant meets Virginia's admission requirements, the Bureau will issue a letter of tentative approval, detailing remaining requirements to be fulfilled. These requirements typically consist of the submission of documents to:
1. The Office of the Clerk of the Virginia State Corporation Commission (“Clerk’s Office”) to obtain a certificate of authority to transact business in Virginia under Title 13.1 of the Code of Virginia. This is only a registration by a non-Virginia corporation to conduct business in Virginia generally. The certificate of authority is not the insurance license, which is issued by the Bureau . The application for a certificate of authority can be downloaded from the Commission’s Web site by clicking here or obtained by contacting the Clerk’s Office at P.O. Box 1197, Richmond, VA 23218, (804) 371-9733, or toll-free in Virginia at 1-866-722-2551. Note: An applicant is free to make this filing with the Clerk’s Office at any time. However, an applicant may want to consider delaying the filing until after the Bureau has issued the letter of tentative approval;
2. The financial institution designated by the Treasurer of Virginia as custodian for deposits required by Title 38.2 of the Code of Virginia (except for fraternal benefit societies licensed under Chapter 41 of Title 38.2 of the Code of Virginia); and
3. The Company Licensing Section of the Bureau. This filing may include the filing of an Estimated Premium License Tax Report, along with the payment of the appropriate tax, pursuant to § 58.1-2505 of the Code of Virginia. The company will be provided the Report form with the tentative approval letter.
Once an applicant has completed
the tentative approval phase and the Bureau remains satisfied that the
applicant meets all admission requirements, the Bureau will issue the
applicant a license to transact the business of insurance in Virginia.
Uniform Consent to Service of Process
Virginia is one of several states that does not accept the Uniform Consent to Service of Process form (UCAA Form 12). A non-Virginia corporation establishes a registered agent in Virginia for acceptance of service of process when it obtains a certificate of authority from the Clerk’s Office. See item 1, above. The registered agent’s sole duty is to forward to the corporation at its last known address any process, notice or demand that is served on the agent. Virginia law also provides that whenever a corporation fails to maintain a registered agent in Virginia, the Clerk of the Commission shall be an agent of the corporation upon whom service may be made in accordance with § 12.1-19.1 of the Code of Virginia.
Additional information is required of the following types of companies:
Reinsurance Companies
License applications from companies only interested in transacting reinsurance in Virginia are not accepted. However, any such company desiring accreditation in Virginia as a reinsurer pursuant to §§ 38.2-1316.1 through 38.2-1316.8 should contact:
Gregory Yeatts
Bureau of Insurance
(804) 371-9391
Title Insurance Companies
Section 38.2-4610.1 of the Code of Virginia requires a foreign or alien title insurance company licensed to transact title insurance business in this Commonwealth to maintain at least the same reserves on title insurance policies issued on properties located in this Commonwealth as are required of domestic title insurance companies, unless the laws of the jurisdiction of domicile of the foreign or alien title insurance company require a higher amount.
Alien Companies
Certification showing a trusteed surplus of not less than $4,000,000 for the security of all its policyholders and creditors within the United States (§ 38.2-1031).
Fraternal Benefit Societies
(a) Constitution and By-Laws certified by the society's secretary (§ 38.2-4129).
(b) Certification from the proper official of the company's home state that the company is legally established and licensed to do business there (§ 38.2-4129).
Reciprocal Insurance Companies
Power of Attorney appointing the Clerk of the Commission as statutory agent ; two copies required (§ 38.2-1216). A form will be provided to the applicant during the review process.
Corporate Amendments , Mergers, etc.
Whenever a non-Virginia corporation, after it has obtained a certificate of authority from the Clerk’s Office, files an instrument of amendment, merger, domestication or conversion in its home jurisdiction, it must file an authenticated copy of the instrument with the Clerk’s Office within 30 days of the effective date of the instrument. In addition, if the instrument changes the name of the corporation or jurisdiction under whose law it is incorporated, the authenticated copy of the instrument must be accompanied by form SCC760/922. To obtain additional information or instructions, contact the Clerk’s Office at P.O. Box 1197, Richmond, VA 23218, (804) 371-9733, or toll-free in Virginia at 1-866-722-2551, or visit the Clerk’s Office Web site at http://www.scc.virginia.gov/division/clk/index.htm.Legal References
All legal references for the state of Washington, including laws, regulations and bulletins can be found on the
Insurance Commissioner's Web site.
Fee Schedule
Fees for Insurance Company Admission and Renewal
| Admission of Company | |
| Filing Annual Statement | $20.00 |
| Issue Certificate of Authority | $25.00 |
Filing Original Charter Documents,Bylaws, Record of Organization |
$250.00 |
| Filing Certificate of Valuation | $5.00 |
| Other Miscellaneous Documents | $5.00 |
| Annual Renewal | |
| Filing Annual Statement | $20.00 |
| Renewing Certificate of Authority | $25.00 |
| Filing Certificate of Valuation | $5.00 |
| Other Miscellaneous Documents | $5.00 |
Fee and tax schedules can be found in RCW 48.14.
RCW 48.05.340: Capital and surplus requirements.
(1) Subject to RCW 48.05.350 to qualify for authority to transact anyone kind of insurance as defined in chapter 48.11 RCW or combination of kinds of insurance as set forth in this subsection, a foreign or alien insurer, whether stock or mutual, or a domestic insurer must possess unimpaired paid-in capital stock, if a stock insurer, or unimpaired surplus if a mutual insurer, and additional funds in surplus, as follows, and must thereafter maintain unimpaired a combined total of:
(a) The paid-in capital stock if a stock insurer or surplus if a mutual insurer, plus (b) additional funds in surplus equal to the total of the following initial requirements:
Paid-in capital
| Kind or kinds of insurance | Stock or basic surplus | Additional surplus |
| Life | $2,000,000 | $2,000,000 |
| Disability | 2,000,000 | 2,000,000 |
| Life and disability | 2,400,000 | 2,400,000 |
| Property | 2,000,000 | 2,000,000 |
| Marine and transportation | 2,000,000 | 2,000,000 |
| General Casualty | 2,400,000 | 2,400,000 |
| Vehicle | 2,000,000 | 2,000,000 |
| Surety | 2,000,000 | 2,000,000 |
| Ocean marine and foreign trade | 2,000,000 | 2,000,000 |
Any two of the following kinds of insurance: Property, marine & transportation, general casualty, vehicle, surety, ocean marine and foreign trade, disability |
3,000,000 | 3,000,000 |
Multiple lines (all insurances except life and title insurance) |
3,000,000 | 3,000,000 |
| Title | 2,000,000 | 2,000,000 |
(2) Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer wherever it operates or proposes to operate, whether or not only a portion of the kinds are to be transacted in this state.
(3)Until December 31, 1996, a foreign or alien insurer holding a certificate of authority to transact insurance in this state immediately prior to June 9, 1994, may continue to be authorized to transact the same kinds of insurance as long as it is otherwise qualified for that authority. A domestic insurer, except a title insurer, holding a certificate of authority to transact insurance in this state immediately prior to June 9, 1994, may continue to be authorized to transact the same kinds of insurance as long as it is otherwise qualified for such an authority and thereafter maintains unimpaired the amount of paid-in capital stock, if a stock insurer, or basic surplus, if a mutual or reciprocal insurer, and special or additional surplus as required of it under laws in force immediately prior to June 9, 1994. A domestic insurer that is acquired or merged must, immediately after completion of an acquisition or merger, meet the capital and surplus requirements of subsection (1) of this section. A domestic insurer, upon attaining the capital and surplus requirements of subsection (1) of this section, may not return to the capital and surplus requirements existing before June 9, 1994.
[2007c127§1;2005 c223§2;1995 c83§14;1994 c171§1;1993 c462§50; 1991 sp.s.c 5§1;1982 c181§3;1980 c135§1;1967c 150 §5; 1963c195§ 7.]
http://apps.leg.wa.gov/RCW/default.aspx?cite=48.05.340West Virginia Secretary of State
Office of the West Virginia Secretary of State
Administrative Law Division
Building 1, Suite 157K
1900 Kanawha Blvd., East
Charleston, WV 25305-0770
(304) 558-6000
wvsos@secretary.state.wv.us
Lexus Law Publishers
Michie Law
Lexus Law Publishers
P.O. Box 7587
Charlottesville, VA 22906
(800) 542-0957
Legal References
NILS Publishing Company
21625 Prairie Street
Chatsworth, CA 91311
(800) 423-5910
State Specific Information
Corporate Amendments:
Name Change – Certificate of Deposit reflecting new name. Explanation of how policyholders will be notified of name change. Redomestication – Certificate of Deposit from new state of domicile. The Rates and Forms Division will not accept any filings required due to a corporate amendment prior to approval of the corporate amendment by the Financial Conditions Division. Example would be a name change endorsement. Rates and Forms Division would not accept a filing until the company received approval of the name change from the Financial Conditions Division.
Legal References
Information regarding insurance laws, rules and bulletins may be obtained at: http://oci.wi.gov/wisrules.htm
Other State-Specific Information
http://oci.wi.gov/app_pack/21-001.htm
Insurers are required to file with their application the applicable Compulsory and Security Surplus Calculation form as of the most recently completed quarter-end, as applicable.
OCI 22-008 Property & Casualty
OCI 22-009 Life Companies
OCI 22-031 Fraternal
OCI 22-091 Mortgage Guaranty Insurers
Any deficit result should be accompanied by justification. The compulsory and security surplus forms are available under "OCI Forms" at the Wisconsin Commissioner of Insurance website. [Ref: 611.19, 618.21 Wis Stats, Ins 51.80 Wis Adm Code]
Insurers are required to file with their application a copy of the currently used custodial agreement(s) with a bank or trust company to hold company investments, and indicate what investments (if any) are either not held under the custodial agreement or held by states as a deposit.
Applicants are required to complete a form OCI 12-014 Designation of Agent for Service of Process (Ref: 601.715 Wis Stats.)
Applicants are also required to file hard copies of the most recent annual and quarterly statements available.
Legal References
For information regarding Wyoming State Laws and Regulations, go to the Links to Other Related Sites section of the Wyoming Insurance Department's Web page at: http://insurance.state.wy.us
State Specific Instructions
Wyoming requires the signature of the president, or vice-president or other chief officer and the scretary of the insurer on UCAA Form 2P for Primary Applicaitons and Form 2E for Expansion Applications. If a reciprocal insurer, the attorney-in-fact must sign UCAA Form 2P for Primary Applications and Form 2E for Expansion Applications.
Report of Examination
Per W.S. 26-3-112(a)(vi), a company's most recent report of examination must be as of a date within not more than 36 months preceding the application date.
Seasoning Requirements
Please see W.S. 26-3-105 (a) for Wyoming's seasoning requirements.
Requirements for Wyoming Domestic Insurance Companies
For licensing requirements that apply to Wyoming domestic insurance companies, please refer to Chapter 3 and Chapter 24 of the Wyoming Insurance Code, which is located in Title 26 of the Wyoming Statutes. In addition, please see the following chapters for the types of insurers specified below:
Chapter 23 - Title Insurance Companies
Chapter 25 - Insider Trading in Domestic Insurer Securities (domestic stock insurers only)
Chapter 26 - Farm Mutual Property Insurers
Chapter 27 - Reciprocal Insurers
Chapter 29 - Fraternal Benefit Societies
Chapter 34 - Health Maintenance Organizations
Below is a brief summary of some of the state-specific requirements for Wyoming domestic insurance companies.
W.S. 26-3-104(c):
Before granting a certificate of authority to a new domestic insurer, the commissioner shall secure a credit and investigation report as to the insurer’s management personnel and directors from a recognized and established independent investigation and reporting agency.
W.S. 26-24-102(a):
The applicable provisions of the Wyoming Business Corporation Act (§ 17-16-101 et seq.) apply to domestic stock insurers and domestic mutual insurers, except as in conflict with the express provisions of this code (Title 26) and the reasonable implications thereof. Per W.S. 26-24-102(b), domestic stock and domestic mutual insurers are exempt from the provisions of W.S. 17-16-1630 and 17-16-1720(e) and (f).
W.S. 26-24-103 through 26-24-108:
These statutes contain the requirements for a domestic insurers’ incorporators and the corporation itself.
W.S. 26-24-109 through 26-24-119:
These statutes contain specific requirements for domestic mutual insurance companies. Please note that a domestic mutual insurance company shall include the word “mutual” in its name per W.S. 26-24-103(c)(i).
W.S. 26-24-120:
This statute contains specific requirements for domestic stock insurance companies.
W.S. 26-24-121 through 26-24-128:
These statutes contain specific requirements relating to the officers and board of directors of domestic insurance companies. Per W.S. 26-24-121(d), an insurer operating as an authorized insurer only in the State of Wyoming shall have a majority of its board of directors residing in Wyoming. These members shall also be citizens of Wyoming. Per W.S. 26-24-121(e), any executive committee of a board of directors shall consist of not less than three directors, a majority of whom shall reside in Wyoming.
W.S. 26-24-129:
This statute requires that a domestic insurance company shall have and maintain its principal place of business and home office in Wyoming. In addition, the domestic insurer shall keep in its principal place of business accurate and complete accounts and records of its assets, transactions and affairs in accordance with the usual and accepted principles and practices of insurance accounting and record keeping as applicable to the kinds of insurance the insurer transacts. The insurer shall also have and maintain its assets in Wyoming.
W.S. 26-24-130 through W.S. 26-24-151:
These statutes contain various requirements regarding disbursements; borrowing; participating policies; dividends; contingent liability of mutual members; nonassessable policies; impairment of capital; directors’ liability; mutualization of stock insurers; conversion of mutual insurers to stock insurers; mergers; acquisitions; bulk reinsurance; and mutual members’ share of assets upon liquidation.