Application by U Sample Clauses

Application by U. S. company. Any company organized under the laws of the United States or of any State thereof, wishing to apply for recogni- tion as an admitted reinsurer (except on excess risks running to the United States) of surety companies doing busi- ness with the United States, shall file the following data with the designated Treasury official, and shall transmit therewith the fee in accordance with the provisions of § 223.22: (1) A certified copy of its charter or articles of incorporation, and (2) A certified copy of a license from any State in which it has been author- ized to do business, and (3) A copy of the latest available re- port of its examination by a State In- surance Department, and (4) A statement of its financial condi- tion, as of the close of the preceding calendar year, on the annual statement form of the National Association of In- surance Commissioners, signed and sworn to by two qualified officers of the company, showing that it has a capital stock paid up in cash of not less than $250,000, in the case of a stock in- surance company, or has net assets of not less than $500,000 over and above all liabilities, in the case of a mutual in- surance company, and (5) Such other evidence as Treasury may determine is necessary to estab- lish that the company is solvent and able to meet the continuing obligation to carry out its contracts.