Article 12.--MUTUAL INSURANCE COMPANIES OTHER THAN LIFE
40-1204.Certification of authority; conditions for issuance.The commissioner of insurance shall issue a certificate of authority tosuch company, when it has fully complied with the following conditions:
(a) It shall hold bona fide applications for insurance upon which itshall issue simultaneously, or it shall have in force, at least 200policies to at least 200members for thesame kind of insurance upon not less than 200 separaterisks of any single class each within the maximum single risk describedherein.
(b) No such insurance company organized under the laws of this stateand transacting business in this state shall expose itself to loss onany one risk or hazard to an amount exceeding 10% of itssurplus unless the excess shall be reinsured in some other company dulyauthorized to transact similar business in this state or as otherwiseprovided in the insurance code and no such insurance company notorganized under the laws of this state and transacting business in thisstate shall expose itself to loss on any one risk or hazard to an amountexceeding 10% of its surplus unlessthe excess shall be reinsured either in some company duly authorized totransact similar business in this state or as provided by the laws ofsuch company's domiciliary state.
(c) It shall have collected the full consideration according to itsfiled rate on each contract applied for. The total of suchconsiderations shall be held in cash or securities in which suchinsurance companies are authorized by law to invest, and it shall be inthe possession of a residue of lawful assets over and above allliabilities in an amount not less than the capital and surplus requiredof a domestic stock insurance company transacting the same kinds of insurance.Pursuant to K.S.A. 40-229a, such company shall depositwith the commissioner of insurance lawful securities in an amount equal to notless than theminimum capital stock required of a domestic stock insurance companytransacting the same kinds of insurance.
History: L. 1927, ch. 231, 40-1204; L. 1939, ch. 211, § 2; L.1965, ch. 300, § 6; L. 1967, ch. 268, § 2; L. 1969, ch. 237, § 9; L.1971, ch. 169, § 1; L. 1979, ch. 143, § 1; L. 1984, ch. 169, § 8;L. 1996, ch. 25, § 14; July 1.
Article 12.--MUTUAL INSURANCE COMPANIES OTHER THAN LIFE
40-1204.Certification of authority; conditions for issuance.The commissioner of insurance shall issue a certificate of authority tosuch company, when it has fully complied with the following conditions:
(a) It shall hold bona fide applications for insurance upon which itshall issue simultaneously, or it shall have in force, at least 200policies to at least 200members for thesame kind of insurance upon not less than 200 separaterisks of any single class each within the maximum single risk describedherein.
(b) No such insurance company organized under the laws of this stateand transacting business in this state shall expose itself to loss onany one risk or hazard to an amount exceeding 10% of itssurplus unless the excess shall be reinsured in some other company dulyauthorized to transact similar business in this state or as otherwiseprovided in the insurance code and no such insurance company notorganized under the laws of this state and transacting business in thisstate shall expose itself to loss on any one risk or hazard to an amountexceeding 10% of its surplus unlessthe excess shall be reinsured either in some company duly authorized totransact similar business in this state or as provided by the laws ofsuch company's domiciliary state.
(c) It shall have collected the full consideration according to itsfiled rate on each contract applied for. The total of suchconsiderations shall be held in cash or securities in which suchinsurance companies are authorized by law to invest, and it shall be inthe possession of a residue of lawful assets over and above allliabilities in an amount not less than the capital and surplus requiredof a domestic stock insurance company transacting the same kinds of insurance.Pursuant to K.S.A. 40-229a, such company shall depositwith the commissioner of insurance lawful securities in an amount equal to notless than theminimum capital stock required of a domestic stock insurance companytransacting the same kinds of insurance.
History: L. 1927, ch. 231, 40-1204; L. 1939, ch. 211, § 2; L.1965, ch. 300, § 6; L. 1967, ch. 268, § 2; L. 1969, ch. 237, § 9; L.1971, ch. 169, § 1; L. 1979, ch. 143, § 1; L. 1984, ch. 169, § 8;L. 1996, ch. 25, § 14; July 1.
Article 12.--MUTUAL INSURANCE COMPANIES OTHER THAN LIFE
40-1204.Certification of authority; conditions for issuance.The commissioner of insurance shall issue a certificate of authority tosuch company, when it has fully complied with the following conditions:
(a) It shall hold bona fide applications for insurance upon which itshall issue simultaneously, or it shall have in force, at least 200policies to at least 200members for thesame kind of insurance upon not less than 200 separaterisks of any single class each within the maximum single risk describedherein.
(b) No such insurance company organized under the laws of this stateand transacting business in this state shall expose itself to loss onany one risk or hazard to an amount exceeding 10% of itssurplus unless the excess shall be reinsured in some other company dulyauthorized to transact similar business in this state or as otherwiseprovided in the insurance code and no such insurance company notorganized under the laws of this state and transacting business in thisstate shall expose itself to loss on any one risk or hazard to an amountexceeding 10% of its surplus unlessthe excess shall be reinsured either in some company duly authorized totransact similar business in this state or as provided by the laws ofsuch company's domiciliary state.
(c) It shall have collected the full consideration according to itsfiled rate on each contract applied for. The total of suchconsiderations shall be held in cash or securities in which suchinsurance companies are authorized by law to invest, and it shall be inthe possession of a residue of lawful assets over and above allliabilities in an amount not less than the capital and surplus requiredof a domestic stock insurance company transacting the same kinds of insurance.Pursuant to K.S.A. 40-229a, such company shall depositwith the commissioner of insurance lawful securities in an amount equal to notless than theminimum capital stock required of a domestic stock insurance companytransacting the same kinds of insurance.
History: L. 1927, ch. 231, 40-1204; L. 1939, ch. 211, § 2; L.1965, ch. 300, § 6; L. 1967, ch. 268, § 2; L. 1969, ch. 237, § 9; L.1971, ch. 169, § 1; L. 1979, ch. 143, § 1; L. 1984, ch. 169, § 8;L. 1996, ch. 25, § 14; July 1.
