What certificate must an insurer receive before it can transact insurance in California?
ALABAMA Show Legal References Wolters Kluwer Financial Services Alabama Insurance Code State-Specific Information Name Approval Alabama
Secretary of State
ALASKA Legal References Title 3 of Alaska's Administrative Code (insurance) . Voluntary Surrender of Authority Third-Party Verifications should be completed and forwarded to the state at the time of the UCAA filing. Verifications received without a pending filing will be destroyed. The Applicant Company should coordinate the application submission with the state’s receipt of the verification report. The State of Alaska requires Annual Statements with original signatures or a copy of the signed jurat page with an original certification by the State of Domicile. This needs to be submitted in hardcopy with all applications. A quarterly statement will not suffice. The basic capital requirement is based on the par value of the company stock. The lines of authority used to make this determination are the lines the company is authorized to write in its state of domicile not the lines of business being applied for. Additional paid in capital will not meet this portion of the requirement though it can be used in determining the combined capital and surplus portion of the requirement. It is not necessary to obtain prior approval of names. Only the Division of Insurance can approve names of insurance carriers. This will be done automatically at the time the application is submitted. An approval by any other state agency is not valid. It is not necessary to submit documentation for Item 10 – Statutory Memberships. For all other information, please visit the Alaska Division of Insurance's Web site. ARIZONA Arizona Department of Insurance and Financial Institutions website ARKANSAS Legal References State Specific Information: Arkansas seasoning requirement Certificate of Authority-Capital & Surplus Requirements Financial Statement Filings Checklist and Other Required Filings for Insurance Companies Premium Taxes, Fees and Assessments Statutory Deposits Requirements and Forms Compliance Division: Agent License Division Health Maintenance Organizations: The UCAA Primary and Expansion Applications may be used for the licensing of Health Maintenance Organizations (HMO's). You may also choose to use the state specific HMO application, or If you use the UCAA applications, please include the following additional state specific information: 1. Statement that the advisory board is composed of at least one (1) physician, one (1) dentist, one (1) pharmacist, one (1) nurse, one (1) consumer, and one (1) enrollee. The advisory board shall establish a mechanism to afford the enrollees an opportunity to participate in matters of policy and operation through the establishment of advisory panels, by the use of advisory referenda on major policy decisions, or through the use of other mechanisms. 2. Provide Conflict of Interest statements for each Officer and Director of applicant per A.C.A. §23-66-206(5) 3. Copies of any contracts made or to be made between any providers and the applicant. 4. Copy of the coverage form to be issued to enrollees. 5. Copy of the group contact form to be issued to employers, unions, trustees, or other organizations, if applicable. 6. Description of the complaint procedures to be used. 7. Description of the procedures and programs to be implemented to meet the quality of health care requirements pursuant to Ark. Code Ann. Sec. 23-76-108 (a)(2). 8. Description of the enrollee participation plan. 9. Statement describing the Health Maintenance Organization, its health care plans, facilities, and personnel. 10. Statement as to the geographic areas to be served. Arkansas lists the approved counties on the issued Certificate of Authority. 11. Financial Feasibility plan that includes: A. Detailed enrollment projections B. The methodology for determining premium rates to be charged during the first twelve (12) months of operation certified by an actuary or other qualified person. C. A projection of balance sheets D. Cash Flow statements showing any capital expenditures, purchase and sale of investments and deposits with the state, and income and expense statements anticipated from the start of operations until the organization has had net income for at least one (1) year, and E. A statement as to the source of working capital as well as any sources of funds. 12. Network Adequacy Requirements for Health Plans (Rule 106) 13. Continuation of Benefits- Per A.C.A §23-76-118(c) submit a plan for handling insolvency which allows for continuation of benefits for the duration of the contract period for which premiums have been paid and continuation of benefits to members who are confined on the date of insolvency in an inpatient facility until their discharge or expiration of benefits. We would also point out that currently the UCAA state charts do not contain the HMO requirements for the required deposit, fee(s), and minimum capital & surplus. So, we will reference them below. If approved, company will be required to put a statutory deposit in place, prior to a certificate of authority being issued. See ACA 23-76-118(1)(A) - All HMO's authorized to transact business in this state shall deposit through the Commissioner securities eligible for deposit under § 23-63-903 that at all times shall have a par or market value of not less than ($300,000), with the exception of limited benefit HMO's whose security deposit shall not be less than ($100,000). All deposits made through the commissioner and held in this state shall be subject to the applicable provisions of §§ 23-63-903 — 23-63-907, 23-63-910, and 23-63-911, which refer to administration of deposits. The application filing fee is $1,500 per ACA 23-76-127 & Rule 57. If approved, AID will request a $350.00 fee for the issuance of the original certificate of authority. All checks should be made out to the Arkansas Insurance Department Trust Fund. Per ACA 23-76-108(b)(11), the applicant has paid-in capital in an amount not less than one hundred thousand dollars ($100,000) and additional working capital or surplus funds in an amount deemed by the commissioner to be adequate in relation to the proposed plan of operation. Kimberly Johnson, PIR, Insurance Examiner Website CALIFORNIA California Secretary of State
Recorded information is provided at (916)657-5448. Workers' Compensation Insurance Rating Bureau
County and Other Local Agencies State Specific Information California Retaliatory Fee - Bulletin 2014-6 California Retaliatory Fee - Tax Forms, Instructions and Information Corporate Amendments COLORADO State-Specific Requirements CONNECTICUT Legal References The Connecticut insurance statutes, insurer licensing regulations and financial-related bulletins may be accessed at the Connecticut Insurance Department web site. Office of the Secretary of State NILS Publishing Company State-Specific Items Effective April 1, 2017, all Expansion and Corporate Amendment Applications must be submitted using the NAIC/UCAA Electronic Application, which is available on the NAIC’s website: No fee should accompany the application. All applicants must meet the seasoning requirement of two (2) years of premium writings prior to submitting an application for admission. This requirement may be waived regarding survivor corporations in the case of mergers and consolidations of companies licensed in the state. Additional Connecticut specific requirements for applying for or amending an existing Certificate of Authority can be found on the Connecticut Insurance Department’s website. Corporate Amendments Do not submit original certificate of authority or an affidavit of lost certificate authority, retain for Company records. No fee should accompany the application. Minimum Capital and Surplus Requirements
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. DELAWARE Legal References State-Specific Information Corporate Amendments: DISTRICT OF COLUMBIA Legal References Other Information The annual license renewal fee is $200. The premium tax rate is 2%. 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. FLORIDA Legal References Florida Statutes State-Specific Requirements Florida state-specific requirements for the UCAA Primary Application are located on the Office of Insurance Regulation website. Florida state-specific requirements for the UCAA Expansion Application are located on the Office of Insurance Regulation website. Florida state-specific requirements for the UCAA Corporate Amendments Application Post Filing Requirements
Contact Telephone Numbers Agent and Agency Appointment Contact Information Anti-Fraud Contact Information Application
Coordination Contact Information Life & Health Financial Oversight Contact Information Life & Health Product Review Contact Information Property & Casualty Financial Oversight Contact Information Property & Casualty Product Review Contact Information Statutory Deposits Contact Information GEORGIA Legal References Lexis Law State-Specific
Items Form GID-3, Appointment of Attorney-in-Fact (must be Georgia resident); Form GID-4, Appointment of Commissioner as Attorney-in-Fact; Effective 01-01-2020 - GID-7 is no longer required if a copy of the domiciliary states retaliatory information (located on the UCAA website) is attached. 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. HAWAII Legal References State Specific Information Forming a new insurance company in Hawaii or redomesticating to Hawaii: a) compliance with Article 4, Chapter 431 of the Hawaii Revised Statute (“HRS”) prior to applying for a Certificate of Authority and b) 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), HRS. Refer to §431:3-203.5, HRS, for an exception to the seasoning requirement. https://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435H/HRS0431/HRS_0431-0002-0203.htm Foreign Insurers expanding to Hawaii must also deposit and maintain on deposit assets in amount equal to the required paid-up capital not less than what’s shown in Schedule “A” under Section §431:3-205, with minimum amount of $500,000. The deposit required is based upon the classes of insurance which the insurer is authorized to transact in its state of domicile. A total sum in the amount not less than $2,500,000 is required to transact all classes of insurance. https://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435H/HRS0431/HRS_0431-0001-0205.htm 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. The Hawaii Medical Malpractice Underwriting Plan (HMMUP), Chapter 435C of the HRS, 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. HMMUP has not been instituted. Companies applying or adding a line of business to transact vehicle insurance must comply with §431:10C-119 in providing a complete sales and claims service office(s) in the State. The Hawaii Joint Underwriting Plan (HJUP), Article 10C, Part IV of the HRS, 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, at a minimum membership fee of $1,000 per year as required under subchapter 16-23-68 of the Hawaii Administrative Rules (HAR), as a condition of its licensure to transact such insurance in this State. https://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435H/HRS0431/HRS_0431-0010C-0119.htm Companies applying 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 by phone at (808) 586-9161, or by email at . Companies applying to update group identification (including group code), as a result of Change of Control, must submit evidence of approval for acquisition from the domiciliary state. Uniform Certificate of Authority Applications: The UCAA is available at the NAIC’s website. Electronic application filings are required. Preliminary review starts upon receipt of the application package, including evidence of application fee paid through OPTins. Third-Party Verification Reports --- As supplement to Form 11 (NAIC Biographical Affidavit), these reports must be sent directly from a qualified independent agency. Vehicle Authority --- Insurers applying for the Vehicle line of business must
Uniform Consent to Service of Process --- Provide two (2) names and addresses, indicating:
Note: A resident agent can be designated in both situations. Corporate Amendments Applications: Licensed insurance companies requesting amendments to its Certificate of Authority must submit the corresponding UCAA Forms, which can be located at: https://www.naic.org/industry_ucaa.htm Corporate amendments include :
1. Concurrently be licensed in General Casualty Insurance;
Corporate amendment application would be reviewed and processed only upon receipt of the complete application package (which includes all required information and documents). IDAHO Legal References Idaho Statute Title 41, Insurance Code Expansion Application Include the following in addition to the UCAA:
Idaho Industrial Commission Please submit all Expansion Applications and Additions or Deletions to Lines of Business (Corporate Amendments II) to: Carol Anderson Corporate Amendment Application: Name Change and Redomestication: No Fee Idaho Original Certificate of Authority or Affidavit of Lost Certificate UCAA Form 15 Idaho State Specific Requirements are also available on our Web site under Corporate Amendments Application - Filing Requirements and Instructions . Fees: ILLINOIS Additional Fees and Taxes Filing Annual Statement - Domestic Companies $200 Renewal Certificate of Authority $400 The fee for filing Amended By-Laws is $50. Premium Taxes See 215 ILCS 5/409 Financial Regulation Fee For Domestic Companies – See 50 IL Adm. Code 2505.70 For Foreign Companies - See 50 IL Adm. Code 2505.80 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 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 Insurance Laws (215 ILCS et seq.) Copies of the Illinois Insurance Code may be acquired from Lexis Law Publishing Copies of the Code and Illinois Regulations may be acquired from: National Insurance Law Service Time Frame for Processing Applications Seasoning Requirements for an Expansion Application INDIANA Legal References Copies of Indiana statutes Copies of Indiana Administrative Codes State-Specific Items State-specific items IOWA Legal References Insurance laws and regulations Insurance bulletins Other Information KANSAS State-Specific Information Effective July 1, 2019, all Expansion and Corporate Amendment Applications must be submitted using the NAIC UCAA Electronic Application, which is available on the NAIC's website: https://www.naic.org/industry_ucaa.htm. Pursuant to K.S.A. 40-209 (a)(3), any applicant insurance company requesting expansion into Kansas may be authorized if it; “has submitted an examination report of its financial condition and affairs which has been conducted by the insurance department of the state of domicile within five years of the date of application unless the commissioner determines that an earlier report will satisfy the purpose of this provision.” 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. An audited financial statement is required; however, if an audited financial statement 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." With respect to property and/or casualty insurance companies, the minimum deposit requirements (for the protection of all policyholders or creditors, or both) are at fair (market) value, not par value. If the Certificate of Deposit issued by the home state does not reflect the fair (market) value of the securities on deposit then, in addition to submitting the certified Certificate of Deposit, the applicant insurance company should submit a letter or other documentation which reflects the fair (market) value of the securities on deposit (on or after the date of the Certificate of Deposit) and indicate how such value was determined (e.g., broker, investment manager, etc.). 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 insurance company will be contacted in this regard. Each applicant insurance company should provide the name of their assigned domestic state analyst along with their contact information (phone number and e-mail address). Although the instructions on the Uniform Consent to Service of Process ("Consent") (NAIC Form 12) state that one of the two officers (President and Secretary) must sign the document, K.S.A. 40-218 states "…..Such consent shall be executed by the president and secretary of the company and shall be accompanied by a duly certified copy of the order or resolution of the board of directors, trustees or managers authorizing the president and secretary to execute the same….." Therefore, we require that both the President and Secretary sign Page 1 of the Consent. Submit the Bylaws that have been certified by the Secretary of the applicant insurance company. Submit a copy of the Jurat Page from the most current Annual Statement of the applicant insurance company which reflects all required signatures and related notarization. Important: Any Statute or Regulation mentioned above should be thoroughly reviewed. Workers Compensation Division No-Fault Insurance and Financial Responsibility Issues Motor Carrier Liability Insurance Requirements Legal References Wolters Kluwer Financial Services, Inc. To obtain copies of Kansas Insurance Department bulletins, contact the Kansas Insurance Department, as indicated below: Kansas Insurance Department KENTUCKY Legal References State-Specific Items LOUISIANA State Specific and General Instructions Applicants are strongly encouraged to submit applications electronically using the NAIC UCAA electronic submission option. Legal References Minimum Capital and Surplus Requirements
*All applicants who apply for a certificate of authority that includes homeowners' insurance and fire and allied lines after September 1, 2022, shall have paid-in capital, a minimum surplus, and an operating surplus totaling at least $10 million dollars. MAINE State Specific Requirement for Expansion Applications:
PLEASE NOTE:
State Specific Information for Corporate Amendment Applications:
MARYLAND Legal References Select "Maryland Code Online" Select “Maryland Code” Choose "Insurance" from drop-down menu Other references: Minimum Capital and Surplus Requirements Minimum Capital Requirements 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 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 MASSACHUSETTS Legal References Minimum Capital and Surplus Requirements (Expansion Application)
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. Corporate Amendments Filing Fees Fees Charged for Various License Amendments in Massachusetts
At this time there is no filing fee for address changes. MICHIGAN Legal References Michigan Insurance Laws Michigan Regulations and Bulletins are available from NILS Publishing Company. Other References MINNESOTA Effective August 1, 2005, all Primary and Expansion Applications must include a $1,500 application fee, made payable to the Minnesota Department of Commerce. Legal References
Minnesota
State-Specific Requirements and Forms Corporate Amendments: 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. 2. On changes of domicile, an orginal Certificate of Deposit and Certificate of Compliance by the new state of domicile 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. MISSISSIPPI Legal References 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: Mississippi insurance regulations and bulletins may be obtained
from: Your local library may also have these resources available. Expansion Application Information MISSOURI Legal References Other Information Redomestication of
a Foreign Insurer State Specific Items MONTANA Legal References State Specific Information Montana state- specific requirements for the Primary Application Montana state- specific requirements for the Expansion Application Corporate Amendments Montana state-specific requirements for Corporate Amendments Contact Rates & Forms Bureau at (406) 444-2040. NEBRASKA Legal References Department Bulletins Other legal references 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. Effective Immediately: NEVADA Address Changes Nevada’s Website Company Admissions Information Company License Annual Renewals Company License Withdrawals Annual Statement Checklists Legal References Company Admissions, Invoicing and Financial Filing services Main Phone Numbers: NEW HAMPSHIRE Legal References NEW JERSEY Legal References Admissions, Expansions, and Corporate Amendments applications: Applicants must submit applications for expansions and/or corporate amendments online through the UCAA system. Please see the Department’s Property and Casualty Insurer – Frequently Asked Questions section for information concerning admissions, expansions, and corporate amendments applications. Refer to the Department’s New Jersey Property Liability Capital and Surplus Requirements section for information concerning capital and surplus requirements. To access State Specific and NAIC Forms for Life/Health, and Property and Casualty insurers see the Department’s Uniform Certificate of Authority Application (UCAA) Forms section. To access all insurance forms and applications see the Insurance Forms and Applications section. Insurance Division – Contact information Contact the Office of Solvency Regulation at 609-292-5350 for information concerning admission, expansions, and/or corporate amendments applications. Contact The Office of Property and Casualty at Phone: 609- 984-7310 ext. 50359 for information pertaining to rate/form filing for property and casualty insurance. Contact the Life and Health Bureaus at Phone: 609-292-5427 for information pertaining to forms and capital and surplus requirements specific to life and health insurance. Property and casualty insurers seeking SERFF information in New Jersey may contact or Licensing & Education Phone: 609-292-4337 NEW MEXICO All Expansion and Corporate Amendment applications must be submitted using the NAIC/UCAA Electronic Application. All applications should include the Company Contact Processing Form. Legal References Minimum Capital and Surplus Requirements - Effective July 1, 2017, requirements will change Please be advised that the link to NMSA 1978 Section 59A-5-16 Schedule I sets out minimum capital and surplus as well as deposits. The surplus required of any company applying for a Certificate of Authority before the Office of Superintendent of Insurance (OSI) is based upon the financial review, business plan and projections of the company as well as other documentation provided in their application. Generally, the OSI would look for the amount of capital that comparable licensed insurance companies have that write the premium volume for the line(s) of insurance being proposed and projected by the applying company. The OSI also looks for supported projections to keep RBC above 300% as this amount is considered the bare minimum. 59A-5-16. Capital funds, deposits, required for certificate of authority.
History: Laws 1984, ch. 127, § 83; 1987, ch. 259, § 4; 1987, ch. 262, § 1; repealed and reenacted by Laws 2007, ch. 282, § 1; 2016, ch. 89, § 1. NEW YORK LEGAL REFERENCES New York State Insurance Law is contained in Thomson Reuters Insurance Law Chapter 28 of the Consolidated Laws. The Insurance Law may be purchased by contacting the publisher at: Thomson Reuters The New York State Insurance Law is available online on the website of the New York State Legislature. After you click the following link, go to Laws and click on Laws of New York. Then scroll down to Insurance. New York State Laws (LBDC) New York State insurance regulations are contained in Title 11 of the New York Codes, Rules and Regulations (NYCRR). Thomson Reuters hosts an online version of the New York State Codes, Rules & Regulations . The information contained in the online version of the NYCRR is not the official version of the NYCRR. No representation is made as to its accuracy, nor may it be read into evidence in New York State courts. To ensure accuracy and for evidentiary purposes, reference should be made to the official NYCRR which is also available from Thomson Reuters . 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 (HMOs) or Article 43 non-profit corporations. Please contact: For Article 43 Non-Profit Corporations: For HMOs: MERGERS & ACQUISITIONS Mergers & acquisitions are required to be submitted electronically through the State of New York Department of Financial Services portal: https://myportal.dfs.ny.gov/web/guest-applications/acq-merger?null=/ 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). Foreign insurers must have their name approved prior to submitting an application. Letters requesting approval and reservation, which shall include the NAIC number if the company is a foreign insurer, should be submitted to the Office of General Counsel, State of New York Department of Financial Services, One Commerce Plaza, Albany, NY 12257 along with payment of the $25.00 fee, check made payable to the Superintendent of Financial Services. See Department of Financial Services - Insurance Regulation No. 104, 11 NYCRR 87. Capital and Surplus Requirements for property and casualty companies - See Article 41 of the N.Y. Ins. Law. Guidelines for the Preparation of Financial Projections ( life insurers only ). Capital and Surplus Requirements for life insurers - See Article 42 of the N.Y. Ins. Law. Regulation 60 Requirements ( life insurers only) Commitments to be submitted Company Licensing Untrustworthy and Change in Plan of Operations Commitments - Applicant Company Licensing Untrustworthy and Change in Plan of Operations Commitments - Parent Company Reinsurance Agreements - All reinsurance agreements must be submitted in full. If a reinsurance agreement of a domestic 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 provided an exclusionary clause with the following language is inserted in the applicable articles:
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:
Additional Property Bureau Reinsurance Agreement Requirements PRIMARY APPLICATION (DOMESTIC INSURER) REQUIREMENTS Incorporation of Domestics All domestic insurers must be incorporated through the State of New York Department of Financial Services 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 Department of Financial Services, 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). Permit to solicit stock subscriptions A request for a permit to solicit stock subscriptions or a request for a waiver of this requirement must be submitted to the Department. 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, it must apply for a license to sell securities. If not, it must request a waiver. See Section 1204 of the N.Y. Ins. Law and Department of Financial Services - Insurance Regulation No. 44, 11 NYCRR 7. Custodian Agreement for deposits with the Superintendent Commitments to be submitted 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 only) Examination and Report on Organization required by Section 1102(e) of the N.Y. Ins. Law will be completed by the Department. EXPANSION APPLICATION (FOREIGN INSURER) REQUIREMENTS Schedule S, Part 4 of the Insurer's Annual Statement prepared on a New York basis for the past 3 years (life and accident and health insurers only). Section 1106 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). Seasoning Requirement Pursuant to Section 4119 of the New York Insurance Law no foreign or alien insurance company shall be licensed 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: Security Funds Miscellaneous Assessments Pursuant to N.Y. Ins. Law: 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 N.Y. Financial Services Law: Section 206(f) - for examination expenses (domestic and foreign insurers) Section 206(a) - for operating expenses of the Department - Insurance (domestic insurers) 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 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 this time, the riot reinsurance revolving fund is inactive because NYPIUA does not meet the requirements of the Federal Housing and Urban Development Act. Taxes Franchise Tax and Estimated Tax (Article 33, New York State Tax Law) NY Department of Taxation and Finance Fire Insurance Premium Tax - (Sections 9104 and 9105 of the N.Y. Ins. Law) Reports are filed with the Superintendent of Financial Services. Foreign and alien stock and mutual insurance companies authorized to transact fire insurance business in New York State are required to pay an annual fire insurance premium tax of 2% on premiums written on property located in the State for any insurance against loss or damage by fire. A report must be submitted identifying tax/premiums written by fire district/department. Fire district/department street listings are also available on the Department of Financial Services website, Foreign and alien stock companies, under Section 9104, must file and make payments by March 1. Foreign mutual companies, under Section 9105, must file and make payments by February 15. A credit for this tax is allowed against the tax imposed under Art. 33 of the Tax Law (see above). 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 Financial Services 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. PROPERTY CORPORATE AMENDMENT APPLICATION REQUIREMENTS Property corporate amendments are required to be submitted electronically utilizing the UCAA Electronic Application. NORTH CAROLINA Legal References Insurance statutes are contained in Chapter 58 of the General Statutes of the North Carolina website. Insurance administrative rules are contained in Title 11 of the North
Carolina Administrative Code. Insurance Bulletins State-Specific Information License Applicants Domestic application instructions Foreign companies wishing to be licensed in North Carolina must file an application through the NAIC’s UCAA website. North Carolina accepts and encourages electronic filings. Other instructions and information for foreign insurers. A Certificate of Authority Application fee payable to the North Carolina Department of Insurance is due at time of application as follows:
Seasoning requirements for North Carolina foreign applicants were repealed in August of 2009. However, all applicants must meet all North Carolina regulations in order to become licensed in this State. All foreign companies are required to post a deposit in North Carolina for the benefit of North Carolina policyholders. A letter will be sent to the company after a license is granted detailing the specific instructions for the posting of this deposit. Each successful applicant company must pay an initial license fee of $2,500.00 after it is notified that the initial license has been approved. The license is perpetual. Licensees must also pay a yearly fee of $2,500.00, due on March 1 of each year. The contact person for Company Admissions is Scott Wicker. He can be reached by telephone (919-807-6142) or email (). Corporate Amendments Please 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 within the State, provide the geographic territory of operations within North Carolina for each of the requested additional lines of business. No filing fees are charged. The contact person for these types of company amendments is Joe Greene. He can be reached by telephone (919-807-6182) or email (). Other Corporate Amendments North Carolina accepts electronic (preferred) or hardcopy submissions. No fees are charged. The contact person is Tamla Dunson. She can be reached by telephone (919-807-6164) or email (). NORTH DAKOTA Legal References Statutes Administrative rules Individual volumes of statutes are also available from: Lexis Law Publishing Bulletins may be accessed electronically on the North Dakota Insurance Department's website. For questions please email or visit https://www.insurance.nd.gov/companies. OHIO State-Specific Instructions Application may be filed in electronic or hard copy. For Primary Applications send email to requesting instructions for submitting the electronic filing using the Ohio Department of Insurance’s large file transfer application. OKLAHOMA Oklahoma requires all expansion and corporate amendment applications to be filed electronically through the UCAA electronic application and filing fees should be mailed to the Oklahoma Insurance Department with a cover letter identifying the company name, NAIC CoCode, application tracking number, and a detailed explanation for any additional paperwork/check mailed to the Department. State Specific Information Legal References Contact OREGON Legal References State Specific Information Provide a brief description of the company’s reinsurance program that is currently in place. 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, 201_, 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, 201_. Fingerprint cards and third party background reports are not required. Please ensure the company is in compliance with ORS 733.580 that requires funds at least equal to a company’s required capitalization be invested (and kept invested) in amply secured obligations of the U.S., a state or an Oregon political subdivision. Generally, US Treasuries, GNMA, FNMA, FHLMC, cash (up to the FDIC limit) are acceptable. Schedule D Part 1, Columns 2 and 11 of the annual statement is used to confirm compliance. Corporate Amendments: PENNSYLVANIA Legal References Please check with the Pennsylvania Insurance Department for all other information. You can also contact the Department at: 1345 Strawberry Square State Specific Information Foreign Life Insurer (with both life & annuities and accident & health authority in its state of domicile) - The foreign insurer may not request the authority to write accident & health insurance unless it also requests the authority to write life & annuities. (See 40 P.S. §382(a)(2)). Foreign Life Insurer (with accident & health authority but not life & annuities authority in its state of domicile) – The foreign insurer may request the authority to write only accident & health insurance; however, the insurer is subject to the minimum capitalization as if it were requesting both accident & health and life & annuities. 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 Corporate Amendments: Uniform Consent to Service of Process PUERTO RICO State Specific Requirements § 3.090 of the Insurance Code of Puerto Rico-Funds required from insurers ‘’To qualify to receive the authority to transact any kind of insurance, an insurer must have and hold paid-in capital or surplus stock in an amount which shall not be less than what appears in the applicable portion of the following schedule: Stock, mutual, The Commissioner may increase the aforementioned requirements as may be determined by the economic condition of the country up to the amount he deems necessary for the adequate protection of the interests of the insured and the creditors of the insurer.’’ § 310- Additional kinds of insurance, funds required of insurers An insurer who is otherwise qualified therefore may be authorized to transact combinations of kinds of insurance other than the combinations stipulated in § 309 of this title, while possessing and maintaining additional paid-in capital, if a stock insurer, or additional surplus funds, if a mutual, cooperative, reciprocal or Lloyd's insurer, in an amount not less than that which is determined as follows: For any lawful combination, add two hundred thousand dollars ($200,000) for each additional kind included in the combination to: the amount required under § 309 of this title for that one kind in the combination for which the largest amount is required under § 309 of this title, except that: (1) Vehicle and disability insurance may be combined with casualty and in any combination including casualty, without need of funds in addition to those required for casualty alone. (2) With such paid-in capital or such surplus in the amount of not less than three million dollars ($3,000,000), an insurer, if otherwise qualified therefore, may be authorized to transact all kinds of insurance except life insurance. § 312. New insurer, additional surplus required (1) In addition to the minimum paid-in capital with regard to stock insurers, or minimum surplus with regard to mutual, cooperative, reciprocal and Lloyd's insurers, as required under §§ 309 and 310 of this title, every insurer shall hold at the time of the original authorization in Puerto Rico surplus funds in an amount not less than one-half of the amount of such minimum paid-in capital or minimum surplus, and each addition of a kind of insurance to said certificate of authority shall be deemed as if it were the original authorization. (2) This section shall not apply to insurers of mortgage loans. § 313- Deposit requirements--Insurers organized in the United States ‘’No insurer organized under the laws of a state of the United States may be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit assets worth not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer, or surplus if a mutual, cooperative, reciprocal or Lloyd's plan insurer, as required to be maintained for the kind or kinds of insurance to be offered in Puerto Rico notwithstanding the provision contained in § 304(2) of this title. Provided, That in no case shall said deposit be greater than one.’’ *This process is part of the second phase of the authorization process and for this requirement the P.R. Insurance Department will contact the Insurer. § 316. Required investment in Puerto Rican securities ‘’(1) An insurer shall not be authorized to transact insurance in Puerto Rico unless it has and maintains invested in the securities as designated in subsection (2) hereof an amount not less than one-half of the required capital, if a stock insurer, or surplus, if a mutual, reciprocal or Lloyd's plan insurer, shown in § 309 of this title for the kind or kinds of insurance to be transacted in Puerto Rico. Provided, that in the case of foreign insurers, this amount shall not be greater than one million dollars ($1,000,000).’’ *This process is part of the second phase of the authorization process and for this requirement the P.R. Insurance Department will contact the Insurer. First phase: $350 to evaluate the application. After this Office approves the first phase the Insurer/Reinsurer must comply with other requirements for the second phase including: For Insurers : For Reinsurers: Expansion Application Number of ratios outside the unusual range according to the NAIC Insurance Regulatory Information Systems (IRIS), as of December 31, 20__ A certification by applicant's president, duly notarized, stating if any of the companies mentioned in the organizational chart operates in Puerto Rico and the kind of business it transacts in Puerto Rico. If none of them operates in Puerto Rico, please, certify accordingly. All policies, rates and endorsements should be submitted via SERFF, please reference the SERFF filing number in the UCAA cover letter. Corporate Amendment Applications Name Change, Change of Address for Insurers and Reinsurers, Redomestication and Mergers – Provide two copies of endorsement (one English, one Spanish) to be sent to the insurer’s policyholders in Puerto Rico, indicating name change. All policies, rates and endorsements should be submitted via SERFF, please reference the SERFF filing number in the UCAA cover letter. A certification by applicant's president, duly notarized, stating if any of the companies mentioned in the organizational chart operates in Puerto Rico and the kind of business it transacts in Puerto Rico. If none of them operates in Puerto Rico, please, certify accordingly. Publish in two newspapers of general circulation in Puerto Rico (in English and Spanish) a notice indicating the effective date of the name change. Note : the text in both languages must be submitted for preapproval and evidence of publication is required. Variable
Products (Variable Life and Annuity) Submit two copies for preapproval. RHODE ISLAND Rhode Island's filing instructions for initial licensing or approval of all foreign company types, licensed foreign company corporate amendments and foreign company annual filing and renewal requirements LEGAL REFERENCES Public laws and General Laws Proposed and current insurance regulations EXPANSION APPLICATIONS Foreign company applications are accepted, reviewed, and processed pursuant to RI Insurance Regulation 30 and the NAIC's UCAA Expansion Application standards. FILING INSTRUCTIONS: Expansion Applications are reviewed in chronological order, based on their date of receipt. An application is considered "received" on the date that the Insurance Division receives an application filing fee check in the correct amount. Please submit the application along with all pertinent attachments and related documents electronically via the UCAA portal, or in .PDF format on CD or DVD mailed directly to the Insurance Division. If the application is submitted electronically, a cover letter with the filing fee check must be received by the Insurance Division before the application will be considered received and added to our pending applications list. Questions and completed applications should be directed to: Katherine Ortiz FEES: Please note that all Rhode Island fees are retaliatory RI General Law 27-2.1 mandates a non-refundable application fee of $1,200 for new foreign company applications. The check should be made payable to "General Treasurer – State of Rhode Island" and should be submitted with the application. Application filing fee checks sent in the wrong dollar amount will be returned and the application will not be considered "received" until the Insurance Division is in receipt of a check in the correct dollar amount. Upon the completion of the analysis, the applicant will be invoiced for the application review time in accordance with the expense calculation for examinations under RI General Law 27-13.1-7(a)(1) . This fee will be charged regardless of whether or not the application is approved. Companies who are offered admission will be responsible for an initial retaliatory licensing fee that will cover the issuance of the initial Rhode Island Certificate of Compliance, filing the annual statement, and filing the company's charter. A note regarding retaliatory fees
CORPORATE AMENDMENTS Specific filing instructions for corporate amendments, by change type, can be found online under the "Company Changes" bullet. Filings must be accompanied by the state specific licensed company information form , which should reflect all related changes to the company's contact information (if there were no changes to the information therein, this form is not required). Please note that all changes which affect the information contained in the company's Rhode Island certificate of compliance will require the return of the original certificate, or if it cannot be located, an affidavit of lost certificate. An amended certificate will be issued upon the completion of processing. Invoices for retaliatory filing fees will be sent at the completion of application processing. All corporate amendment applications and related questions should be directed to: Deb Almeida REGISTRATION OF OTHER COMPANY TYPES: Application forms and instructions for other company types Surplus Lines All related questions should be directed to: Department of Business Regulation - Insurance Division Companies looking for information or filing requirements for captives and reciprocal exchanges should contact:
SOUTH CAROLINA Legal References NILS Publications South Carolina Insurance Statutes South Carolina Regulations State Specific Information Corporate Amendments : SOUTH DAKOTA Pursuant to SDCL 58-6-12, if this company has transacted insurance in this state, in violation of South Dakota law, prior to your application of authority to transact insurance here, you must pay the applicable premium tax. We cannot grant you authority unless and until you file with the Director of Insurance a written statement, sworn to by two officers, of all premiums received by the company with respect to insurance on subjects resident, located or to be performed in this state. The tax on premiums written during this period is equal to the premium tax you would have paid had you been an authorized insurer during this three year period, plus interest at the rate of 12% per year. This tax is in addition to the admission fee. http://dlr.sd.gov/insurance/companies/company_licensing.aspx Legal References TENNESSEE Except for applicable fee(s), expansion and corporate amendment applications should be filed in their entirety in electronic format only (no hardcopy) using the NAIC/UCAA Electronic Application, which is available on the NAIC’s website. Legal References Additional Qualifications to File the Expansion Application Information Specific to Tennessee Domestic Companies Redomestications Requirements After Licensing All companies must have Rate Filing and Policy Filings submitted and approved, if applicable, before a company may commence writing in this state. Companies should contact the Rate and Policy Filings sections of this Division at 615-741-2825 for details on requirements. Corporate Amendments TEXAS Legal References Texas Insurance Code Filing Fees Filing Fee requirements Other State- Specific Information Fingerprints are required for the top executive officers, including CEO, President, Secretary, Treasurer, COO and CFO. General inquires may be sent to . Submit biographical information pursuant to UCAA instructions and requirements. Submit fingerprints for each biographical affidavit that is submitted with the application. Texas strongly recommends electronic fingerprints. 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 (800) 252-1387 or (512) 463-4865. Visit the web site at https://comptroller.texas.gov/taxes/insurance/ . The Certificate of Deposit and Certificate of Compliance is no longer required for the UCAA Expansion and Corporate Amendment application. 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. . Information regarding redomesticating to Texas. 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 products listed below, on or after June 1, 2007, in the Texas market will have 30 days to comply with the TexasSure Financial Responsibility Verification Program requirements, per 28 TAC §§5.601 – 5.611. You are advised to review the TexasSure Reporting Guide and User Manual. You can contact the TexasSure staff at (512) 676-6695 for additional information. Before you begin to issue policies for Texas, you are obligated to have a loss control program to provide loss control information and services to insureds. You can contact the Loss Control Division at (512) 676-6750 for further information on the prerequisite for writing these lines of insurance in Texas.
As a prerequisite for writing workers' compensation insurance in Texas, you must maintain or provide accident prevention facilities that are adequate for the nature of your policyholder operations. These include surveys, recommendations, training programs, consultations, analysis of accident causes, industrial hygiene, and industrial health services. You must file an initial DWC Form-109, Accident Prevention Services Annual Report, with the Texas Department of Insurance, Division of Workers’ Compensation (DWC) no later than the effective date of your first workers' compensation insurance policy. Applicable statute and rules include the Texas Labor Code Chapter 411, Subchapter E and 28 Texas Administrative Code Chapter 166. For more information about the accident prevention services requirements, contact DWC at 512-804-5020 or . 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. Life, Annuity and Credit/Accident & Health companies Instructions for filing Name Change Endorsements and Assumption Certificates- Life Group Division Approval Guidelines.
UTAH All Expansion and Corporate Amendment applications must be submitted using the Legal References Under Plan of Operation VERMONT Legal References Laws NILS Publishing Company World Wide Web Bulletin 43 Regulations Bulletins VIRGINIA Legal References Other Information Virginia requires all expansion and corporate amendment applications to be filed electronically via the NAIC/UCAA electronic portal. This requirement does NOT include the application fee, which must be physically mailed to the Bureau of Insurance – see Virginia’s chart under Filing Fees – Primary and Expansion Applications for payee and mailing information. The UCAA applicant should direct its third party vendor to secure-email the background investigation reports directly to Virginia’s designated Primary and Expansion Application contact – see Virginia’s chart under Addresses and Contacts for Submission of Application. All UCAA primary license applicants must include with their UCAA primary application’s proforma financial projections an actuarial certification regarding the methodology for determining premium rates. 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:
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: Henry Harris 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 https://www.scc.virginia.gov/pages/Foreign-Corporations . WASHINGTON Legal References All legal references for the state of Washington, including laws, regulations, and bulletins can be found on the Insurance Commissioner's Website. See RCW 48.14 for fees and tax schedules. Admission Fees Domestic Insurer Application/Admission Fee
$400.00 Capital and Surplus Requirements (See RCW 48.05.340)
**All fees are subject to retaliation. Insurers pay the higher of WA fees or the fees that its domicile state would charge a WA domestic insurer for the same service(s). Annual Fees Corporate Amendment Fees Submission of Amended Articles of Incorporation $ 10.00 Amended Bylaws $ 0.00 Service of Process Submissions $ 5.00 Other Filing Fees WEST VIRGINIA West Virginia Secretary of State Administrative Law Division Legal References LexisNexis State Specific Information Corporate Amendments: WISCONSIN Legal References Other State-Specific Information https://oci.wi.gov/Pages/Companies/AppPack21-001.aspx 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. WYOMING Legal References State Specific Instructions Report of Examination Seasoning Requirements Please see W.S. 26-3-105 (a) for Wyoming's seasoning requirements. (updated as of 3-9-18) Requirements for Wyoming Domestic Insurance Companies Chapter 23 - Title Insurance Companies Chapter 25 - Insider Trading in Domestic Insurer Securities ( domestic stock insurers only ) 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. What is a certificate of authority in life insurance?A Certificate of Authority (CA) is a license issued by the state to an insurance company that allows the company to conduct its business. Insurance companies acquire COAs by sending an application to the state along with all of the required documentation.
What is the purpose of a certificate of authority in insurance?Certificate of Authority: Definition
A Certificate of Authority shows that you are authorized to do business in a state other than your original formation state. A Certificate of Authority is a requirement in most states.
What certification must an insurer receive before it can transact insurance in Louisiana?A captive insurer shall not transact the business of insurance in this state unless the captive insurer first obtains a certificate of authority from the commissioner. Acts 2008, No. 403, §1, eff.
What is a certified insurer?An authorized insurer is an individual or company that meets a state insurance department's standard and is authorized by the responsible authority to do business in the given state, also known as an admitted insurer. The authorities oversee all features of an authorized or admitted insurer's companies' operations.
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