State Codes and Statutes
Statutes > Kansas > Chapter40 > Article10 > Statutes_1744640-1001a
40-1001a. Authority to insure glass breakage,vandalism and theft inaddition to coverage under K.S.A. 40-1001; reserve fund and securitydeposit; requirements.Any company licensed pursuant to the provisions of K.S.A. 40-1001 andamendments thereto and operating under the provisions thereof, may so long asthey maintain aminimum reserve fund equal to not less than $10,000 per $1,000,000 of fireinsurance in force, and having deposited lawful securities with the insurancecommissioner pursuant toK.S.A. 40-229a in an amount of not less than$50,000, be granted authority to issue contracts ofinsurance covering in addition to those kinds set forth in K.S.A. 40-1001 andamendments thereto, the perils of glass breakage, vandalism includingmalicious mischief and theft. Suchadditional authority shall beevidenced by proper resolution of the board of directors and authorized bythe affirmative vote of at least two-thirds of the members present inperson or by proxy at a special or annual meeting of members. Any companyafter having taken such action shall certify suchaction to the commissioner of insurance immediately, together with astatement showing its current financial status and a reserve fundsufficient to warrant such action, and such company shall apply for anamended certificate of authority to include such additional perils.
History: L. 1969, ch. 235, § 1;L. 1996, ch. 25, § 11; July 1.
