40-252c.Same; credits; definitions.(a) Every insurance company organized under the laws of this stateandrequired by this act to pay a premium tax or privilege fee pursuant toK.S.A. 40-252 and amendments thereto shall be entitled to a credit, on thepremium taxes or privilege fees imposed by K.S.A. 40-252 and amendmentsthereto, of 25% of such taxes or fees if at least 30% of such insurancecompany's admitted assets isinvested in Kansas securities.
(b) For the purpose of this section: (1) The term "insurancecompany" shall mean any insurance company, mutual nonprofit hospitalcorporation, nonprofit medical service corporation or any corporation,society or association to which K.S.A. 40-252 and amendments theretoapplies;
(2) The term "admitted assets" shall mean the assets treated asadmitted assets in the annual statement required to be filed with thecommissioner of insurance pursuant to this act and K.S.A. 40-225 andamendments thereto; and
(3) The term "Kansas securities" shall mean real estate in thisstate, bonds of the state of Kansas, bonds or interest bearing warrantsof any county, city, town, school district or municipality orsubdivision of the state of Kansas, notes or bonds secured by mortgagesor other liens on real estate located in the state of Kansas, cashdeposits in regularly established national or state banks in this stateon the basis of the average monthly deposits throughout the calendaryear, policy loans secured by the legal reserve on policies insuringresidents of the state of Kansas, and any other Kansas property orsecurities in which, by the laws of the state of Kansas, such insurancecompanies may invest their funds. The provisions of this section shall not beapplicable to any taxable year after tax year 1998.
History: L. 1970, ch. 183, § 5;L. 1997, ch. 175, § 5; July 1.
40-252c.Same; credits; definitions.(a) Every insurance company organized under the laws of this stateandrequired by this act to pay a premium tax or privilege fee pursuant toK.S.A. 40-252 and amendments thereto shall be entitled to a credit, on thepremium taxes or privilege fees imposed by K.S.A. 40-252 and amendmentsthereto, of 25% of such taxes or fees if at least 30% of such insurancecompany's admitted assets isinvested in Kansas securities.
(b) For the purpose of this section: (1) The term "insurancecompany" shall mean any insurance company, mutual nonprofit hospitalcorporation, nonprofit medical service corporation or any corporation,society or association to which K.S.A. 40-252 and amendments theretoapplies;
(2) The term "admitted assets" shall mean the assets treated asadmitted assets in the annual statement required to be filed with thecommissioner of insurance pursuant to this act and K.S.A. 40-225 andamendments thereto; and
(3) The term "Kansas securities" shall mean real estate in thisstate, bonds of the state of Kansas, bonds or interest bearing warrantsof any county, city, town, school district or municipality orsubdivision of the state of Kansas, notes or bonds secured by mortgagesor other liens on real estate located in the state of Kansas, cashdeposits in regularly established national or state banks in this stateon the basis of the average monthly deposits throughout the calendaryear, policy loans secured by the legal reserve on policies insuringresidents of the state of Kansas, and any other Kansas property orsecurities in which, by the laws of the state of Kansas, such insurancecompanies may invest their funds. The provisions of this section shall not beapplicable to any taxable year after tax year 1998.
History: L. 1970, ch. 183, § 5;L. 1997, ch. 175, § 5; July 1.
40-252c.Same; credits; definitions.(a) Every insurance company organized under the laws of this stateandrequired by this act to pay a premium tax or privilege fee pursuant toK.S.A. 40-252 and amendments thereto shall be entitled to a credit, on thepremium taxes or privilege fees imposed by K.S.A. 40-252 and amendmentsthereto, of 25% of such taxes or fees if at least 30% of such insurancecompany's admitted assets isinvested in Kansas securities.
(b) For the purpose of this section: (1) The term "insurancecompany" shall mean any insurance company, mutual nonprofit hospitalcorporation, nonprofit medical service corporation or any corporation,society or association to which K.S.A. 40-252 and amendments theretoapplies;
(2) The term "admitted assets" shall mean the assets treated asadmitted assets in the annual statement required to be filed with thecommissioner of insurance pursuant to this act and K.S.A. 40-225 andamendments thereto; and
(3) The term "Kansas securities" shall mean real estate in thisstate, bonds of the state of Kansas, bonds or interest bearing warrantsof any county, city, town, school district or municipality orsubdivision of the state of Kansas, notes or bonds secured by mortgagesor other liens on real estate located in the state of Kansas, cashdeposits in regularly established national or state banks in this stateon the basis of the average monthly deposits throughout the calendaryear, policy loans secured by the legal reserve on policies insuringresidents of the state of Kansas, and any other Kansas property orsecurities in which, by the laws of the state of Kansas, such insurancecompanies may invest their funds. The provisions of this section shall not beapplicable to any taxable year after tax year 1998.
History: L. 1970, ch. 183, § 5;L. 1997, ch. 175, § 5; July 1.
