The chart below indicates state-specific requirements and identifies those states that require proof of a Statutory Deposit. A link to the Application instructions for Expansion Application, Section II, Filing Requirement Item 4; and Corporate Amendment Application Section I and V, Filing Requirement Item 6 and Section III, Filing Requirements, Item 5 are provided.
Last Updated: 10/31/2023
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|
§27-3-11 Code of Alabama 1975, as amended: $100,000 for all lines
|AK||$300,000 or retaliatory amount, whichever is greater||Yes|
Required for all lines, maximum $500,000. (A.R.S. §§ 20-213 and 20-581 et seq).
Required for all lines Ark. Code Ann. 23-63-206
Expansion Application: Arkansas may also accept the Certificate of Deposit from another state, if held for benefit of all policyholders and creditors and if the requirements of AR Code Ann. 23-63-206 are met.
|CA||Required for workers’ compensation (section 11691) title (section 12350) and for retaliatory purposes (section 685).||Yes|
|CT||No requirement except for alien property, marine or casualty insurance companies (C.G.S. §38a-72(c))||Yes, if the domiciliary jurisdiction requires it for a Connecticut domiciliary|
General Deposit Requirement:
Foreign: A foreign insurer must make and thereafter continuously maintain on deposit in this state or another state cash or securities eligible for deposit of a fair market value of not less than $100,000 for the protection of all its policyholders wherever located or all of its policyholders and creditors. The Commissioner shall accept the certificate in proper form of the public official having supervision over the insurer in any state to the effect that such deposit is being maintained in public custody or control. [18 Del. C. Section 513(a)]
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)]
Required for Life and Health companies in the amount of $100,000 (DC Code 31-4315)
|FL||A deposit may be required pursuant to Section 624.411, Florida Statutes.||Yes|
|GA||For Expansion 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||For all lines: $2,500,000 in par value (Chapter 431: 3-205, HRS; Chapter 431: 3-208, HRS; Chapter 431:3-209, HRS)||Yes|
All foreign insurers, except foreign title insurers, are required to have on deposit with the Director of the Department of Insurance of the State of Idaho, OR with the duly authorized official of the domiciliary state, 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.
As to foreign title insurers, in lieu of such Idaho deposit, the director shall accept the certificate or certificates in proper form from the public official or officials having supervision over title insurers in any other state or states to the effect that a life deposit or total deposits by such insurer, in an equal or greater amount than required in this section, are being maintained in public custody or control for the protection generally of the insurer’s policyholders or its policyholders and creditors.
As to alien insurers, in lieu of such deposit or part thereof in this state, the director will accept evidence satisfactory to him that the insurer maintains within the United States by way of trust deposits with public depositories, or in trust institutions acceptable to the director, assets available for discharge of its United States insurance obligations, which assets shall be in an amount not less than the outstanding liabilities of the insurer arising out of its insurance transactions in the United States together with a surplus of one million dollars ($1,000,000).
* If authorized for Managed Care only, deposit requirements may be determined by Section 41-3905(8) and IDAPA 18.01.26.
** If authorized for Limited Managed Care Plan, deposit requirements may be determined by Section 41-3905(2).
|IL||Foreign Insurance Companies must maintain at least $1,500,000 fair market value of appropriate types of securities on deposit for all policyholders and creditors where ever they may be located, in accordance with 215 ILCS 5/111 . Provide evidence to Illinois in the form of a Certificate of Deposit from home state or any other licensed states with the list of current securities on deposit showing maturity dates in the future.||Yes|
Deposits will be required on a retaliatory basis- IC 27-1-17-2
There are exceptions in retaliatory states.
|IA||No deposit required for foreign life or property and casualty companies. (Iowa Code section 508.10)|
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.
Note: For Property and Casualty insurers only, if the market value of the securities held on deposit is not reflected on the Certificate of Deposit issued by the home state then, in addition to submitting the Certificate of Deposit, the applicant insurance company should submit a letter or other documentation which reflects the market value of the securities on deposit (on or after the date of the Certificate of Deposit) and indicate how such value was determined (e.g., broker, investment manager, etc.).
Kansas General Deposit Requirements are as follows:
Deposits are subject to retaliation. For example, if the domicile state would require a “special deposit” of a similar Kansas company, then the applicant would be required to establish the same deposit with the Kansas Insurance Department.
All foreign life/health and property/casualty must have a deposit of $1,000,000 for the benefit of all policyholders, held in any state, subject to retaliatory of their domiciliary state. KRS 304.3-140 and KRS 304.3-270
Limited Health Service Organization must have a deposit of $50,000.
Health Maintenance Organization must have a deposit of $500,000.
Non-profit Health Service Corporation must have a deposit graded up to $500,000. KRS 304.32-140.
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.
|ME||$100,000 minimum requirement for the benefit of all policyholders to be deposited in any state (Title 24-A M.R.S.A. §412)||Yes|
|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|
Special Deposit for newly licensed foreign companies: $100,000
Workers' Compensation Deposit for foreign companies licensed to sell Workers' Comp in MA, $50,000 minimum; increased based on volume of Workers' Comp premium written in MA. See Bulletin 2004-12.
|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)||Yes; securities list must be included.|
|MN||Required for all lines, except title companies, in the amount of $500,000. Title company deposit is 2/5th of capital stock. Deposit must be held in trust in the company’s state of domicile for the benefit of all policyholders. (MN Stat. §60A.10& 68A.01)||Yes|
Life: $600,000 Market Value
§33-2-111 Deposits required.
33-2-603. Deficiency of deposit
§44-319 $100,000 minimum requirement for the benefit of all policyholders deposited with Nebraska or State of Domicile
§44-150 Subject to retaliation
Special Deposit to write workers’ compensation – retaliatory only
Statutory deposits are required pursuant to NRS 680A.140
|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|
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).
Surety writers must have $200,000. N.J.S.A. 17:32-5.
Reciprocal Exchanges must have $100,000. N.J.S.A. 17:50-6.
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.
59A-5-16. Capital funds, deposits, required for certificate of authority. (2016)
A. To qualify for certificate of authority to transact any one kind or combination of kinds of insurance in this state, an insurer shall possess:
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.
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.
Primary & Expansion Apps:
See the North Carolina State-Specific web page for the basic deposit requirements under “NAIC UCAA Application Information”
Corporate Amendments App:
Corporate Amendments App:
|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|
P&C companies licensed to write fidelity & surety: $50,000 with OH or $100,000 with state of domicile (ORC 3929.01 & 3929.07) and $200,000 with Ohio or domicile. Deposits must be held for “all policyholders” and may not include other beneficiaries (e.g. – “all policyholders and creditors” is unacceptable.)
Life, Accident & Health companies: $100,000 on deposit with domicile or Ohio. Deposits must be held for “all policyholders” and may not include other beneficiaries (e.g. – “all policyholders and creditors” is unacceptable.)
|Yes, if requesting new lines of authority that require deposit, otherwise not required.|
Insurance Carrier: Minimum $300,000 (O.S. 36 §613)
Workers’ comp $110,000 (ORS 731.628)
|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|
L.P.R.A. § 313 of the Insurance Code of Puerto Rico- ‘’No insurer organized under the laws of a state of the United States may be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit assets worth not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer, or surplus if a mutual, cooperative, reciprocal or Lloyd's plan insurer, as required to be maintained for the kind or kinds of insurance to be offered in Puerto Rico notwithstanding the provision contained in § 304(2) of this title. Provided, That in no case shall said deposit be greater than one million dollars ($1,000,000).
(3) The deposit shall be made in trust with the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Office of the Commissioner; except that the Commissioner, provided that by the laws of the state where the insurer is domiciled is extended a similar privilege to insurers domiciled in Puerto Rico, may accept, in lieu of a deposit, or any part thereof, in Puerto Rico, the certificate of the public official having the supervision over insurance in a state, showing that a deposit by such insurer, or like part thereof, is being maintained in trust in such state for the purpose stated in subsection (2) of this section, if the total deposit in Puerto Rico and that evidenced by such certificate or certificates is an amount not less than that required under subsection (1) of this section.’’
R .I. Gen Laws §27-2-6 stipulates that a foreign L&H or P&C company maintain a deposit with a minimum market value of $100,000 in its state of domicile for the benefit of all policyholders. A certified copy of the company’s domestic deposit must be submitted with the company’s Expansion Application.
R. I. Gen Laws §27-2-6.1 authorizes the insurance commissioner, at his or her discretion, to require an additional special deposit for the benefit of all R. I. Policyholders as a condition to licensing.
Pursuant to R. I. Gen Laws §27-2-17 (a), such deposits are subject to retaliation if the company’ state of domicile would require a like R. I. Company to have a larger deposit. In the event that a retaliatory deposit or a special deposit is required, we would advise you of the amount required and provide routing details at that time.
Required for all lines
Minimum of $200,000 or more held in trust in a financial institution for the protection of all policyholders.
Property and Casualty
These securities must consist of bonds of either the U.S. or any agency or instrumentality of the U.S.
1. Bonds of the State of Tennessee
Property & Casualty
Life & Health
For Foreign companies, the amount specified in §31A-5-211.
All companies have a Certificate of Deposit requirement.
|VT||Maybe Required||Maybe Required|
|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|
Required for line(s) of business, subject to retaliatory law.
Expansion & Corporate Amendments Apps:
(W. Va. Code § 33-3-6)
|Yes, if provided by the Domiciliary State|
|WY||W.S. 26-3-111. Wyoming may also accept the Certificate of Deposit from another state, if held for benefit of all policyholders and if the requirements of W.S. 26-8-103(a) are met.||Yes|