13. Minimum capital and surplus requirements. Every stock company authorized to do business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $300,000, and a surplus of not less than $300,000. Every domestic mutual company and every domestic reciprocal company shall have and shall at all times maintain a surplus of not less than $300,000 and every foreign or alien mutual company and every foreign or alien reciprocal company shall have and shall at all times maintain a surplus of not less than $400,000. (Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 13; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1(b); Aug. 14, 1973, 87 Stat. 304, Pub. L. 93-89, title IV, § 401.) Prior Codifications 1981 Ed., § 35-1516. 1973 Ed., § 35-1316. Section References This section is referenced in § 26-1301, § 31-308, and § 31-2502.02. Cross References Independent certified public accountant, report demonstrating minimum capital and surplus requirement, see § 31-308. Security, guarantee, indemnity, loan, and mortgage business, capital stock, see § 26-1301. Surplus required for operation under Lloyd’s plan, see § 31-2502.20a.
District of Columbia Legal Code