Definitions for insurance company surplus and equity securities

As used in this article: "Available surplus" means the excess over the minimum amount of surplus required for the classes of insurance the insurer is authorized to transact. "Equity security" means any stock or similar security; any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; any such warrant or right; or any security that the commissioner, by rules and regulations as the commissioner may prescribe in the public interest or for the protection of investors, designates as an equity security. "Surplus funds" means the excess of the insurer's assets over its liabilities, including its capital stock as a liability.