40-4301. Definitions. As used in the captive insurance act, unless the context requires otherwise: (a) “Affiliated company” means any person, other than a natural person in that person’s individual capacity, in the same corporate system as a parent, or an associate member by common ownership, control, operation or management. (b) “Association” means any legal association […]
40-4302. Certificate of authority to provide insurance coverage; certain risks not authorized to be covered; requirements for doing business; documents and information required to be filed with commissioner; examination and registration fees; issuance of certificate of authority. (a) Any captive insurance company, when permitted by its organizational documents, may apply to the commissioner for a […]
40-4303. Name of company. The word “captive” shall be incorporated into the name of every captive insurance company organized under the laws of this state. No captive insurance company shall adopt a name that is the same, deceptively similar or likely to be confused with or mistaken for any other existing business name registered in […]
40-4304. Capital requirements. (a) No captive insurance company shall be issued a certificate of authority unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of: (1) In the case of a pure captive insurance company, not less than $250,000; and (2) in the case of an association captive insurance company incorporated as […]
40-4306. Incorporation of companies; incorporators, number and residency requirements; petition of commissioner for issuance of certificate that company promotes welfare of state; certificate and articles of incorporation to be filed with secretary of state; organization fee; capital stock requirements; board of directors, residency requirements; application of general corporation code. (a) A pure captive insurance company […]
40-4307. Annual report of financial condition. (a) Prior to March 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. (b) The report may be filed using generally accepted accounting principles, unless the commissioner approves the use […]
40-4308. Examination of companies; report; orders; confidentiality. (a) Whenever the commissioner deems it necessary, but at least once every three years, the commissioner may make, or direct to be made, a financial examination of any captive insurance company in the process of organization, or applying for admission or doing business in Kansas. The commissioner may […]
40-4309. Suspension or revocation of certificate of authority; grounds. (a) The certificate of authority of a captive insurance company to do an insurance business in this state may be suspended or revoked by the commissioner for any of the following reasons: (1) The captive insurance company is financially impaired, insolvent or otherwise deemed to be […]
40-4310. Investments; restrictions and limitations. (a) Captive insurance companies shall comply with: (1) The investment requirements contained in articles 2a and 2b of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, as applicable; and (2) such investment requirements as may otherwise be approved by the commissioner upon application by any such captive insurance […]
40-4311. Reinsurance authority; requirements and limitation; credit for reserves on risks ceded. (a) Any captive insurance company organized under the laws of this state may, with the consent of the commissioner, assume all or any part of an individual risk or all or any part of a particular class of risks by affiliated insurers. (b) […]
40-4312. No requirement to join rating organization. No captive insurance company shall be required to join a rating organization. History: L. 1988, ch. 156, § 12; July 1.
40-4313. Companies prohibited from joining or benefiting from insolvency guarantee funds; notice. No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association or guaranty or insolvency fund in this state, nor shall any captive insurance company, or its insured, or its parent or any affiliated company, receive any […]
40-4314. Taxation. (a) Each captive insurance company shall, at the time it files the report required by K.S.A. 40-4307, and amendments thereto, pay a tax on all premiums received on risks located in this state. (b) Each captive insurance company shall pay the commissioner a tax at the rate of 2/10 of 1% on each […]
40-4315. Statutes regulating trade practices applicable to certain insurance provided by captive insurance companies. To the extent the insurance provided or solicited by a captive insurance company involves persons or property not owned or controlled by a parent, affiliate or industrial insured, the provisions of article 24 of chapter 40 of the Kansas Statutes Annotated […]
40-4317. Rules and regulations; exemptions. The commissioner may adopt such rules and regulations relating to captive insurance companies as are necessary to carry out the provisions of this act. The commissioner, on a case-by-case basis, may by order, exempt a captive insurance company from the provisions of this act and any rule or regulation adopted […]
40-4318. General insurance statutes not applicable unless specifically referenced in act; 40-2209 and 40-2215 applicable. (a) No provisions of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, other than those contained in this act or contained in specific references contained in this act or specific references contained in statutory sections cited in subsections […]
40-4319. Captive insurance companies; pure captive insurance companies; rules and regulations, authority of commissioner. The commissioner may adopt rules and regulations establishing standards to ensure that a pure captive insurance company’s parent or any of its affiliated companies is able to exercise control of the risk management function of any controlled unaffiliated business to be […]
40-4320. Same; actions requiring prior approval of commissioner. The following actions shall not be taken without the prior approval of the commissioner: (a) The dissolution of a captive insurance company; (b) the sale, exchange, lease, mortgage, assignment, pledge or other transfer of or granting of a security interest in all or substantially all of the […]
40-4321. Same; books and records; maintenance requirements. (a) Unless otherwise approved by the commissioner, a captive insurance company shall maintain its books, records, documents, accounts, vouchers and agreements in Kansas. Notwithstanding the foregoing, all electronic documents shall be accessible within the state. A captive insurance company shall make its books, records, documents, accounts, vouchers and […]
40-4322. Same; fund established. There is hereby created a fund in the state treasury to be known as the captive insurance regulatory and supervision fund to be administered by the commissioner. All moneys credited to such fund shall be expended only for the purpose of providing for the administration of this act. All fees received […]
