Section 36 - Paid-in-capital or capital paid-in"Paid-in capital" or "capital paid-in" means:
(a) In the case of a foreign mutual insurer not issuing or having outstanding capital stock, the value of its assets in excess of the sum of its liabilities for losses reported, expenses, taxes, and all other indebtedness and reinsurance of outstanding risks as provided by law. Such foreign mutual insurer shall not be admitted, however, unless its paid-in capital is composed of available cash assets amounting to at least $200,000.00.(b) In the case of a foreign joint stock and mutual insurer, its paid-in capital computed, according to its desire, pursuant to the provisions of subdivision (a) or subdivision (c) of this section. If computed pursuant to the provisions of subdivision (a), its admission is subject to the qualification therein expressed.(c) In the case of all other insurers, the lower of the following amounts:(1) The value of its assets in excess of the sum of its liabilities for losses reported, expenses, taxes, and all other indebtedness and reinsurance of outstanding risks as provided by law.(2) The aggregate par value of its issued shares of stock, including treasury shares.For the purpose of computing paid-in capital or capital paid-in, shares of stock are not taken as liabilities.
Enacted by Stats. 1935, Ch. 145.