The chart below indicates state-specific requirements and identifies those states that require proof of a Statutory Deposit.
Last Updated: 07/22/2024
Updates to the information will be noted with a “ * ” next to the state name and edits will be italicized and bolded.
State | Statutory Deposit Requirement/Code Citation | Cert. of Deposit Required? Yes or No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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AL |
§27-3-11 Code of Alabama 1975, as amended: $100,000 for all lines. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AK | $300,000. | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AZ |
Required for all lines, maximum $500,000. (A.R.S. §§ 20-213 and 20-581 et seq). |
No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AR |
Required for all lines Ark. Code Ann. 23-63-206. |
No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CA | Required for workers’ compensation (section 11691) title (section 12350) and for retaliatory purposes (section 685). | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CO |
Life: $1,500,000 |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CT | None | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DE |
General Deposit Requirement: Special Deposit Requirements: $100,000 (market value) Special Deposit required for Delaware policyholders only for insurers authorized to write Worker’s Compensation & Employers’ Liability. [18 Del. C. Section 513(c)]. $10,000 (market value) Special Deposit required for Delaware policyholders only for insurers authorized to write Surety. A waiver of the special deposit is permitted if the company has paid-in capital and surplus of $10,000,000 or more and continuously maintains on deposit in this State or another state cash or securities eligible for deposit of a fair market value of not less than $400,000 for the protection of all of its policyholders wherever located or all of its policyholders and creditors. [18 Del. C. Section 513(b)]. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DC |
Required for Life and Health companies in the amount of $100,000 (DC Code 31-4315). |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*FL | A deposit is required pursuant to Section 624.411, Florida Statutes. | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GA | For Primary applications, statutory deposit laws are set forth in: O.C.G.A §33-3-8; O.C.G.A §33-3-9; O.C.G.A §34-9-129. | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HI | Contact state for requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ID |
§ 41-316A a sum in the amount of one million dollars ($1,000,000), in trust for the protection of all its policyholders or all its policyholders and creditors. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IL | Domestic Stock Insurance Companies are subject to 215 ILCS 5/26 regarding maintaining their minimum statutory deposit of $1,500,000 fair market value of appropriate securities in Illinois; Domestic Mutual Insurance Companies are subject to 215 ILCS 5/53 regarding maintaining their minumum statutory deposit of $1,500,000 fair market value of appropriate securities in Illinois. | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IN |
https://www.in.gov/idoi/files/2023.07.25-Schedule-of-Company-Fees.pdf |
Must maintain deposit with state. Required documents: |
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*IA |
Property & Casualty: No deposit required. Life & Health: No deposit required. |
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KS |
Required for all lines for domestics. Also required for foreign companies unable to establish that they file such deposits with their state of domicile. Foreign companies that desire to use their home state deposit must provide a Certificate of Deposit that indicates the deposit is for the benefit of ALL policyholders or creditors, or both. Kansas General Deposit Requirements are as follows: |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KY |
Contact state for requirements. |
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LA |
Act 159 of the 2021 Regular session of the Louisiana Legislature removed the requirements for most statutory deposits. Foreign and alien insurers are not required to have a deposit in Louisiana and are not required to have a minimum deposit in the domiciliary state. However, the Commissioner may, as a condition of the issuance or maintenance of a certificate of authority, require an insurer to make and maintain a deposit based upon the type, volume or nature of the insurance business transacted. If, in the course of our review of the application, a determination is made that such a deposit is required, the applicant will be contacted with the specifics of such a requirement. |
No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ME | Contact state for requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MD | $100,000 in cash or certain other government securities unless company meets requirements for foreign or alien insurers as set forth in Section 4-106 of the Insurance Article of the Annotated Code of Maryland. Commissioner will accept a like deposit held by another state for the benefit of all policyholders. | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MA |
Contact state for requirements. |
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MI | Required for all lines in the amount of $300,000 for the benefit of all policyholders (§500.411) and in acceptable securities as required in (§500.912). This amount could increase at the discretion of Director. | No, since deposit would be placed in MI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MN | Contact state department for requirements at [email protected] | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MS |
Primary App: |
No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MO |
Life: $600,000 Market Value |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MT |
§33-2-111 Deposits required. 33-2-603. Deficiency of deposit |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NE |
$100,000, Neb Rev Stat 44-319.02. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NV |
Contact state for requirements. |
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NH | "RSA 402:73 Deposits in Trust. – In all cases in which the laws of any other state of the United States require that the insurance companies incorporated by the laws of other states shall deposit with some officer of the state in which such insurance company is incorporated stocks or other securities in trust or for the benefit of policyholders of such companies, as a condition for doing business in such other states, the insurance commissioner shall receive from any insurance company incorporated under the laws of this state stocks or other securities, in such amount as may be required by the laws of such other state or states, on deposit in trust for the benefit of the policyholders of such company." | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NJ |
Primary App: Minimum of $100,000 to a maximum of $250,000 is required for the majority of stock carriers. N.J.S.A. 17:20-1c and d (property/casualty), 17B:18-37c and d (life/health), 17:46B-7b (title), 17:46A-8 (mortgage). |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NM |
New Mexico has two deposit requirements, a Special Deposit (NMSA Section 59A-5-19) and a General Deposit (NMSA Section 59A-5-18). The Special Deposit is for the benefit of all its policyholders and creditors located in New Mexico and the General Deposit is for the benefit of all its policyholders and creditors wherever they may be located. The Special Deposit must be maintained with NM and will be required prior to issuance of a Certificate of Authority. The General Deposit can be maintained in NM or the company can provide a Certificate of Deposit certified by the state of domicile or any other state. Effective July 1, 2017, requirements changed. Schedule I
Life/Health Insurer
Premium Volume means the insurer's worldwide direct premiums earned (if Property/Casualty) or received (if Life/Health) during the previous calendar year. Kinds of insurance pertains to the general kinds of insurance that property/casualty insurers are authorized to transact. The following groups or single kinds of insurance shall be counted as one kind of insurance when calculating the amount of required Basic Capital, Additional Surplus, General Deposit and Special Deposit: Casualty; Property; and Title. When determining Basic Capital and Additional Surplus amounts, the kinds of Insurance shall be based on the insurer's actual or requested transaction authority Worldwide. When determining General Deposit and Special Deposit amounts, the kinds of Insurance shall be based on the insurer's actual or requested transaction authority in New Mexico. "Basic Capital" means paid-in capital stock (if a stock insurer) or basic capital surplus (if a mutual, reciprocal or Lloyds insurer). General Deposit or Special Deposit funds are included within, and are not additional to, required Basic Capital and Additional Surplus. General Deposit amounts shown above are not applicable to alien insurers. History: Laws 1984, ch. 127, § 83; 1987, ch. 259, § 4; 1987, ch. 262, § 1; repealed and reenacted by Laws 2007, ch. 282, § 1; 2016, ch. 89, § 1. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NY |
Property: Certificate of Deposit required. Deposits must be in accordance with Sections 1318, 1319, 1320 and 4104 of the N.Y. Ins. Law. Property & Casualty Companies seeking to reinsure lines in addition to those lines they can write directly; or to write or reinsure risks outside the United States, its territories and possessions are required to have Surplus to Policyholders of $35,000,000 and a deposit of at least $3,000,000.” It also would be more accurate to say at the bottom of that section for New York for all companies that “It should be noted that these are minimum requirements. A higher amount of surplus may be required based upon a review of the Company’s Plan of Operations and Financial Projections. Generally a deposit of at least $500,000 is required. Life: Certificate of Deposit required. $200,000 for life and/or annuities $200,000 additional if also licensed to do accident and health.(par, market and statement values) must be on deposit (qualifying securities with home state for protection of all policyholders. Sections 1318, 1319 and 4206 of the N.Y. Ins. Law. Health: Certificate of Deposit required. Deposits must be in accordance with Sections 1318, 1319 and 4206 of the N.Y. Ins. Law. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NC |
Contact state for requirements. |
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ND | No deposit by foreign insurers required but a Certificate of Deposit with state of domicile must be submitted. N.D.C.C. 26.1-11-06 | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*OH |
Domestic insurers Life $100,000, ORC 3907.07 Form Number/Description If you have any questions concerning domestic deposits, please contact Melissa Chuvalas, Fiscal Officer at (614) 752-0720 or at [email protected]. |
Yes, if requesting new lines of authority that require deposit, otherwise not required. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OK |
Contact state for requirements. |
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OR |
Contact state for requirements. |
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PA | Fidelity & Surety class: $100,000 per 40 P.S. §832 must be filed either in PA or domicile state. | Yes, if deposit is in state of domicile | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PR |
L.P.R.A. § 315a of the Insurance Code of Puerto Rico - |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RI |
Rhode Island General Law 27-1-7. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SC |
Required for all lines. (SC 38-9-100, 38-9-80 and 38-15-30). |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SD |
Minimum of $200,000 or more held in trust in a financial institution for the protection of all policyholders. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TN |
Property and Casualty: Per kind(s) of business authorized: $100,000 Property; $100,000 Casualty; $200,000 Surety; Market Value, TCA 56-2-104 |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TX |
Property & Casualty: No deposit required. |
No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UT |
For Foreign companies, the amount specified in §31A-5-211. |
Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VT | Yes 8 V.S.A. §3304. | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VA | Deposit required to be held in Virginia for Life & Health, Property & Casualty and Title companies, for the benefit of Virginia policyholders and creditors (creditors claims are subordinate to policyholder claims), pursuant to §§38.2-1045 and 38.2-1046 of the Code of Virginia. Generally, the deposit requirement ranges from $200,000 to $500,000. Actual amount determined by the Bureau during the review process. | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WA |
Property & Casualty: No deposit required. |
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WV |
Primary App: Required for all lines in the amount of $100,000. |
Yes, if provided by the Domiciliary State | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WI | Not Required. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WY | W.S. 26-3-111. Domestic insurers shall maintain a deposit in a trust in Wyoming. | Yes |