40-1627 Modification of power of attorney; filing requirements.
40-1627. Modification of power of attorney; filing requirements. Any modification of the terms of the power of attorney and subscriber’s agreement of a domestic reciprocal shall be made jointly by the attorney-in-fact and the board of directors. Any such modification shall be filed with the attorney-in-fact and the commissioner of insurance. By operation of law […]
40-1628 Reciprocal; return of savings to subscriber accounts.
40-1628. Reciprocal; return of savings to subscriber accounts. A reciprocal may return to its subscribers any savings or credit which accrues to such subscriber’s accounts. History: L. 2000, ch. 170, § 14; July 1.
40-1629 Domestic reciprocal; liquidation; requirements on.
40-1629. Domestic reciprocal; liquidation; requirements on. Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney-in-fact or any other person made as provided in K.S.A. 40-1606, and amendments thereto, and the return of any unused deposits, savings or credits, […]
40-1630 Reciprocal; assessable insurance policies, prohibition against issuance.
40-1630. Reciprocal; assessable insurance policies, prohibition against issuance. No reciprocal shall issue any assessable insurance policies. The subscribers of a reciprocal shall not be personally liable for the payment of the reciprocal’s debts or obligations. Any judgment against a reciprocal shall be binding only upon the reciprocal and not upon each of the reciprocal’s subscribers. […]
40-1631 Conversion of reciprocal to a mutual insurance company; conversion plan requirements; approval; definitions.
40-1631. Conversion of reciprocal to a mutual insurance company; conversion plan requirements; approval; definitions. (a) A reciprocal may convert to a Kansas mutual insurance company in accordance with the terms of a conversion plan filed with and approved by the commissioner. (b) The commissioner may establish reasonable requirements and procedures for the submission and approval […]
40-1621 Same; hearing on conversion plan.
40-1621. Same; hearing on conversion plan. Within 15 days of the date of the commissioner’s approval or denial of a conversion plan submitted in accordance with K.S.A. 40-1620, and amendments thereto, or K.S.A. 40-1631, and amendments thereto, the insurance company or reciprocal shall have the right to request a hearing by filing a written request […]
40-1622 Same; act supplemental to article 16.
40-1622. Same; act supplemental to article 16. The provisions of K.S.A. 40-1620 through 40-1630, and amendments thereto, and K.S.A. 40-1631, and amendments thereto, shall be a part of and supplemental to article 16 of chapter 40 of the Kansas Statutes Annotated, and amendments thereto. History: L. 1999, ch. 110, § 8; L. 2000, ch. 170, […]
40-1606 Advancements to company; conditions.
40-1606. Advancements to company; conditions. If at any time it appears that the amount of funds required in K.S.A. 40-1605, and amendments thereto, has not been accumulated or maintained, then the attorney-in-fact or any other interested party may advance to a reciprocal any funds required in such reciprocal’s operations. The funds so advanced shall not […]
40-1623 Definitions.
40-1623. Definitions. As used in this act: (a) “Attorney-in-fact” means the person designated and authorized by subscribers as having authority to obligate them on reciprocal insurance contracts. (b) “Commissioner” means the commissioner of insurance. (c) “Person” means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type of organization, organization, cooperative, partnership, receiver, […]
40-1607 Service of process upon commissioner; fee; suits by and against subscribers.
40-1607. Service of process upon commissioner; fee; suits by and against subscribers. Concurrently with the filing of the declaration provided for by the terms of K.S.A. 40-1603, and amendments thereto, the attorney-in-fact shall file with the commissioner of insurance an instrument in writing, executed by such attorney-in-fact for the reciprocal conditioned that upon the issuance […]