Section 17:47B-3 - Conditions for issuance of licensea. A captive insurance company shall not be issued a license unless it maintains unimpaired paid-in capital and surplus of:(1) in the case of a pure captive insurance company, not less than $250,000;(2) in the case of an association captive insurance company, not less than $750,000;(3) in the case of an industrial insured captive insurance company, not less than $500,000; and(4) in the case of a sponsored captive insurance company, not less than $500,000.b. The commissioner may prescribe additional capital and surplus requirements based upon the type, volume and nature of insurance business transacted.c. Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of New Jersey or a member bank of the Federal Reserve System located in this State and approved by the commissioner.Added by L. 2011, c. 25,s. 3, eff. 5/22/2011.