Required capital

1. Except as provided in subsections 2 and 5, to qualify for authority to transact any one kind of insurance as defined in NRS 681A.010 to 681A.080, inclusive, or combinations of kinds of insurance as shown below, an insurer shall possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a mutual or a reciprocal insurer, and free surplus not less than 100 percent of the minimum required capital stock or minimum required basic surplus, and when first so authorized shall possess initial free surplus, all in amounts not less than as determined from the following table: FOREIGN MUTUAL RECIPROCAL STOCK INSURERS INSURERS INSURERS Minimum Minimum Minimum Kind or Required Initial Required Initial Required Initial Kinds of Capital Free Basic Free Basic Free Insurance Stock Surplus Surplus Surplus Surplus Surplus Life....................... 500,000 1,000,000 500,000 1,000,000 N/A N/A Health, Property, Casualty, Surety, Marine & Transportation Multiple line.................... 500,000 1,000,000 500,000 1,000,000 500,000 1,000,000 Title...................... 500,000 750,000 N/A N/A N/A N/A Financial Guarantee......... 10,000,000 40,000,000 N/A N/A N/A N/A 2. At the discretion of the Commissioner, a domestic insurer holding a valid certificate of authority to transact insurance in this state immediately prior to January 1, 1992, may, if otherwise qualified therefor, continue to be so authorized while possessing the amount of paid-in capital stock, if a stock insurer, or surplus, if a mutual insurer, required by the laws of this state for such authority immediately before January 1, 1992, for a period not to exceed 2 years. On or before January 1, 1994, the insurer shall meet the requirements of subsection 1. The Commissioner shall not grant such an insurer authority to transact any other or additional kinds of insurance unless it then fully complies with the requirements as to capital and surplus, as applied to all kinds of insurance which it then proposes to transact, as provided by this section for like foreign insurers applying for original certificates of authority pursuant to this Code. 3. Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this state. 4. As to surplus required for qualification to transact one or more kinds of insurance and thereafter to be maintained, domestic mutual insurers are governed by chapter 693A of NRS and domestic reciprocal insurers are governed by chapter 694B of NRS. 5. An insurer who transacts financial guaranty insurance in this state must transact only one kind of insurance and possess and maintain the minimum capital and surplus requirements pursuant to subsection 1.