40-1618 Same; information required to be filed with insurance commissioner; notice and hearing on merger; approval, when; costs.
40-1618. Same; information required to be filed with insurance commissioner; notice and hearing on merger; approval, when; costs. (a) No merger under this act shall occur unless, in advance of the proposed merger, the following information has been filed with the commissioner of insurance: (1) The agreement of merger; (2) a verified schedule by the […]
40-1619 Same; construction of act; exemption from certain provisions of law.
40-1619. Same; construction of act; exemption from certain provisions of law. (a) Nothing contained in this act shall be construed to enlarge the powers of any insurance entity or to authorize any insurance entity to transact any kind of insurance business which it is not presently authorized to transact in this state or any other […]
40-1620 Conversion of insurance company into insurance reciprocal; conversion plan requirements; approval; definitions.
40-1620. Conversion of insurance company into insurance reciprocal; conversion plan requirements; approval; definitions. (a) Any insurance company may convert to a Kansas insurance reciprocal in accordance with a plan for the conversion of the insurance company into an insurance reciprocal filed with and approved by the commissioner. (b) The commissioner may establish reasonable requirements and […]
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 […]
40-1624 Reciprocal; business name.
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 […]
40-1608 Bond of attorney and employees.
40-1608. Bond of attorney and employees. The attorney-in-fact of a reciprocal, or any employee having the care and handling of the funds and securities of a reciprocal, shall maintain a good and sufficient bond running to the board of directors of the reciprocal conditioned for the faithful accounting and disbursement of all money that may […]