17-5826.   Same; application for approval ofinsurer other thanF.S.L.I.C.; hearing; determination by insurance commissioner.Any savings and loan association electing to insure its shares ordeposits with an insurer other than the federal savings and loan insurancecorporation shall make application for the approval of such insurer withthe state commissioner of insurance. Upon receipt of such application andafter reasonable notice and a public hearing conducted in accordance withthe provisions of the Kansas administrative procedure act, the commissionershall approve such insurer for such purpose if such commissioner determinesthat:

      (a)   The contract of insurance contemplated is in such form and includessuch coverage, maturity, voluntary and involuntary termination and complieswith such further requirements for protection as the commissioner in theexercise of discretion may deem reasonably necessary; and

      (b)   The contract is underwritten by an insurer having a net worthreasonably commensurate with the risks underwritten, which is authorized todo business in this state, and which is admitted and authorized by law towrite such insurance in an area sufficient to provide an adequate riskspread.

      History:   L. 1975, ch. 142, § 4; L. 1988, ch. 356, § 62; July 1, 1989.