Stockholder's Equity

12 Months Ended

Dec. 31, 2019

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 shares are issued and outstanding as of December 31, 2019 and 2018 and are owned by the Parent (see Note 1 to the Financial Statements). The Company paid dividends of $4.7 million, $6.0 million, and $15.8 million during the years ended December 31, 2019, 2018 and 2017, respectively.

The maximum amount of dividends which can be paid by State of New York insurance companies to shareholders without prior approval of the New York Department of Financial Services is subject to restrictions relating to statutory surplus (see as described in Note 7 to the Financial Statements).