§ 1320. Deposits by alien insurers; statutory deposits. (a) No alien
insurer authorized to do an insurance business in this state shall do
such business unless it shall have securities deposited (for the benefit
of all its policyholders, or all its policyholders and creditors, in the
United States) with the superintendent or with proper state officers of
other states, or held as trusteed assets, in an amount at least equal to
one hundred fifty per centum of the capital required to be maintained by
a domestic stock insurer licensed to do the same kinds of insurance. In
any event the deposit with the superintendent shall at least equal:

(1) if such insurer is licensed in this state to do only one kind of
insurance, five hundred thousand dollars;

(2) if such insurer is licensed in this state to do two or more kinds
of insurance, an amount equal to the lesser of the capital required to
be maintained by a domestic stock insurer licensed to do the same kinds
of insurance, or one million dollars.

(b) Notwithstanding the foregoing, any alien insurer initially
licensed to do an insurance business in this state prior to July first,
nineteen hundred eighty-two shall have securities deposited or held as
trusteed assets, as provided in subsection (a) hereof in an amount at
least equal to fifty percent of the deposit requirements applicable to
an alien insurer initially authorized to do an insurance business in
this state on or after July first, nineteen hundred eighty-two.

(c) Any licensed alien insurer may make additional deposits with the
superintendent in order to comply with this section or section one
thousand three hundred twelve of this article.

(d) In any financial statement of a United States branch of any such
alien insurer the item corresponding to capital stock of a domestic
stock corporation shall be termed its "statutory deposit" and shall be
in an amount equal to the deposit required to comply with the provisions
of subsection (a) or (b) hereof.