Stockholder's Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY

The Board of Directors of the Company has authorized 100,000 shares of common stock with a par value of $20 per share. All the shares are issued and outstanding as of December 31, 2015 and 2014 and are owned by the Parent (see Note 1). The Company paid dividends of $5,458, $3,890, and $10,033 during the year ended December 31, 2015, 2014 and 2013, respectively. The Company returned capital of $2,617 and $959 during the years ended December 31, 2015 and 2013, respectively. There was no return of capital in 2014.

The maximum amount of dividends which can be paid by State of New York insurance companies to shareholders without prior approval of the Insurance Commissioner is subject to restrictions relating to statutory surplus (see Note 9).