Section 1320. Deposits by alien insurers; statutory deposits

(a) No alien
  insurer authorized to do an insurance business in this  state  shall  do
  such business unless it shall have securities deposited (for the benefit
  of all its policyholders, or all its policyholders and creditors, in the
  United  States) with the superintendent or with proper state officers of
  other states, or held as trusteed assets, in an amount at least equal to
  one hundred fifty per centum of the capital required to be maintained by
  a domestic stock insurer licensed to do the same kinds of insurance.  In
  any event the deposit with the superintendent shall at least equal:
    (1)  if  such insurer is licensed in this state to do only one kind of
  insurance, five hundred thousand dollars;
    (2) if such insurer is licensed in this state to do two or more  kinds
  of  insurance,  an amount equal to the lesser of the capital required to
  be maintained by a domestic stock insurer licensed to do the same  kinds
  of insurance, or one million dollars.
    (b)   Notwithstanding  the  foregoing,  any  alien  insurer  initially
  licensed to do an insurance business in this state prior to July  first,
  nineteen  hundred  eighty-two shall have securities deposited or held as
  trusteed assets, as provided in subsection (a) hereof in  an  amount  at
  least  equal  to fifty percent of the deposit requirements applicable to
  an alien insurer initially authorized to do  an  insurance  business  in
  this state on or after July first, nineteen hundred eighty-two.
    (c)  Any  licensed alien insurer may make additional deposits with the
  superintendent in order to comply  with  this  section  or  section  one
  thousand three hundred twelve of this article.
    (d)  In  any financial statement of a United States branch of any such
  alien insurer the item corresponding to  capital  stock  of  a  domestic
  stock  corporation  shall be termed its "statutory deposit" and shall be
  in an amount equal to the deposit required to comply with the provisions
  of subsection (a) or (b) hereof.