312

(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be deemed as if it were the original authorization.(2) This section shall not apply to insurers of mortgage loans.(3) [Repealed. Act July 20, 1979, No. 154, p. 395, § 4, eff. July 20, 1979.] History —Ins. Code § 3.120; June 26, 1959, No. 84, p. 220, § 2; June 25, 1965, No. 86, p. 200, § 14; June 5, 1973, No. 98, p. 419, § 5; July 20, 1979, No. 154, p. 395, § 4.