9-1301a. Application for approval of private insurer; approval, when.
9-1301a
9-1301a. Application for approval of private insurer; approval, when.
Any bank electing to insure its deposits with an
insurer other than the federal deposit 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 provides
for 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, who is authorized to
do business in this state, and who is admitted and authorized by law to
write such insurance in an area sufficient to provide an adequate risk
spread.
History: L. 1975, ch. 45, § 3; L. 1988, ch. 356, § 39; L.
1989, ch. 48, § 38; July 1.