17-5826. Same; application for approval of insurer other than F.S.L.I.C.; hearing; determination by insurance commissioner.
17-5826
17-5826. Same; application for approval of
insurer other than
F.S.L.I.C.; hearing; determination by insurance commissioner.
Any savings and loan association electing to insure its shares or
deposits with an insurer other than the federal savings and loan insurance
corporation shall make application for the approval of such insurer with
the state commissioner of insurance. Upon receipt of such application and
after reasonable notice and a public hearing conducted in accordance with
the provisions of the Kansas administrative procedure act, the commissioner
shall approve such insurer for such purpose if such commissioner determines
that:
(a) The contract of insurance contemplated is in such form and includes
such coverage, maturity, voluntary and involuntary termination and complies
with such further requirements for protection as the commissioner in the
exercise of discretion may deem reasonably necessary; and
(b) The contract is underwritten by an insurer having a net worth
reasonably commensurate with the risks underwritten, which is authorized to
do business in this state, and which is admitted and authorized by law to
write such insurance in an area sufficient to provide an adequate risk
spread.
History: L. 1975, ch. 142, § 4; L. 1988, ch. 356, § 62; July 1, 1989.