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515.69 Foreign companies---capital required.

A stock insurance company organized under or by the laws of any other state or foreign government for the purpose specified in this chapter, shall not, directly or indirectly, take risks or transact business of insurance in this state unless the company has two and one-half million dollars of actual paid-up capital, and a surplus in cash or invested in securities authorized by law of not less than two and one- half million dollars, exclusive of assets deposited in a state, territory, district, or country for the special benefit or security of those insured in that state, territory, district, or country.

Section History: Early form

[C73, § 1144; C97, § 1721; SS15, § 1721; C24, 27, 31, 35, 39, § 8951; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.69]

Section History: Recent form

92 Acts, ch 1162, § 36

Internal References

Referred to in § 515.89

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