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, […]
40-1623. 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, […]
40-1624. Reciprocal; business name. Every reciprocal shall have and use a business name that includes the word “reciprocal,” “interinsurer,” “interinsurance,” “exchange,” “underwriters” or “underwriting.” The name of the reciprocal shall not be so similar to any other name or title previously adopted by a similar organization, or by any other insurance company or association, as […]
40-1625. Reciprocal; board of directors; requirements on; powers and duties. The board of directors exercising the subscribers’ rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least 3/4 of the board of directors of a domestic reciprocal shall be composed of subscribers or representatives of subscribers, other than the […]
40-1626. Subscriber’s agreement; requirements. (a) Every subscriber of a domestic reciprocal may execute a subscriber’s agreement and power of attorney setting forth the rights, privileges and obligations of the subscriber as an underwriter and as a policyholder, and the powers and duties of the attorney-in-fact. If a domestic reciprocal does not require execution of a […]
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. 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. 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. 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. (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 […]
