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.
D.C. Code § 31-2502.13
Minimum capital and surplus requirements
Known as the Fire and Casualty Act
The act spans §§ 31–31 (53 sections).
Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch
Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.