40-501 Formation.
40-501. Formation. Mutual life insurance companies may be organized as provided in section 40-401 of this code for the purposes therein specified. History: L. 1927, ch. 231, 40-501; June 1.
40-502 Directors and officers; vacancies; elections.
40-502. Directors and officers; vacancies; elections. (a) The affairs of any mutual life insurance company now existing or hereafter organized under the laws of this state shall be managed by a board of not more than 25 nor less than five directors. Any vacancy in the board shall be filled by the remaining members until […]
40-503 Seal; bylaws.
40-503. Seal; bylaws. The board of directors of any mutual life insurance company shall have power to adopt a seal and make such bylaws and amendments thereto, not inconsistent with the constitution and laws of this state, as may be deemed necessary for the regulation and management of its affairs. History: L. 1927, ch. 231, […]
40-504 Certificate of authority; procedure and fee; duties of attorney general.
40-504. Certificate of authority; procedure and fee; duties of attorney general. Any corporation heretofore organized and existing pursuant to law for the purpose of making insurance on the lives of individuals, may take advantage and have the benefit of this act by filing in the office of the commissioner of insurance a declaration of the […]
40-505 Suspension of business.
40-505. Suspension of business. Whenever the directors of any mutual life insurance company organized under the laws of this state shall deem it to the best interest of the policyholders to suspend business, it may secure propositions from other solvent life insurance companies authorized to do business in this state, whether foreign or domestic, and […]
40-506 Issuance of participating and nonparticipating insurance and annuities by mutual life insurance companies.
40-506. Issuance of participating and nonparticipating insurance and annuities by mutual life insurance companies. Any mutual life insurance company, upon authorization of its board of directors, may issue both participating and nonparticipating insurance and annuities and may determine the right to participate and the extent of participation of any class or classes or policies. Any […]
40-507 Merger or consolidation; order of commissioner directing delivery of assets.
40-507. Merger or consolidation; order of commissioner directing delivery of assets. (a) Every mutual life insurance company formed under authority of K.S.A. 40-501 et seq., and amendments thereto may: (1) Merge or consolidate with any other domestic mutual life insurance company; (2) merge or consolidate with any other non-domestic mutual life insurance company if such […]
40-508 Same; merger and consolidation defined.
40-508. Same; merger and consolidation defined. As used in this act: (a) “Merger” means the union of two (2) or more companies into a single company which is one of the companies so uniting. (b) “Consolidation” means the joining of two (2) or more companies in a manner so that a single new consolidated company […]
40-509 Same; resolution of boards of directors.
40-509. Same; resolution of boards of directors. (a) The board of directors of each of the mutual insurers proposing to merge or consolidate shall, by resolution adopted by at least a majority of all the members of each board, approve a joint agreement of merger or consolidation, as the case may be, between the insurer […]
40-510 Same; merger or consolidation of companies; filing agreement with commissioner; hearing; disapproval, grounds; notice of disapproval.
40-510. Same; merger or consolidation of companies; filing agreement with commissioner; hearing; disapproval, grounds; notice of disapproval. (a) No merger or consolidation of a domestic mutual insurer shall be effectuated unless, in advance of a proposed merger or consolidation, the agreement therefor and any other information requested by the commissioner of insurance has been filed […]
40-511 Same; approval by two-thirds vote of policyholders; notice of meeting; summary of agreement.
40-511. Same; approval by two-thirds vote of policyholders; notice of meeting; summary of agreement. (a) After a proposed agreement of merger or consolidation has been filed with the commissioner of insurance and has not been disapproved in accordance with K.S.A. 40-510, and if the insurer is then unimpaired, such agreement shall be submitted to the […]
40-512 Same; impaired insurer.
40-512. Same; impaired insurer. If a domestic mutual insurer is impaired in that the insurer’s surplus is less than the amount required for authority to transact the kinds of insurance being transacted by the insurer, the commissioner of insurance may approve the agreement of merger or consolidation with a hearing thereon conducted in accordance with […]
40-513 Same; articles of merger or consolidation, requirements.
40-513. Same; articles of merger or consolidation, requirements. After a proposed agreement of merger or consolidation has been filed with the commissioner of insurance and has not been disapproved and after approval of the policyholders, if required, upon agreement of merger or consolidation the articles of merger or consolidation, as the case may be, shall […]
40-514 Same; articles of merger or consolidation, examination by commissioner; approval; filings; effect of commissioner’s approval.
40-514. Same; articles of merger or consolidation, examination by commissioner; approval; filings; effect of commissioner’s approval. (a) The commissioner of insurance shall examine the articles of merger or consolidation and if the same are in order shall endorse the approval thereon, and the entire proceedings shall be filed and recorded in the office of the […]
40-515 Same; compensation of directors and officers; criminal penalties.
40-515. Same; compensation of directors and officers; criminal penalties. (a) No director or officer of any company party to a merger or a consolidation, except as fully expressed in the agreement of merger or consolidation, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting […]
40-516 Same; act supplemental to insurance code; severability.
40-516. Same; act supplemental to insurance code; severability. (a) Nothing contained in this act shall be construed to enlarge the charter powers of any insurance company except in conformity with the provisions of the proposed articles of incorporation of the merged or consolidated company as provided in this act, nor to authorize any insurance company […]