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40-2b13

Chapter 40.--INSURANCE Article 2b.--INVESTMENTS BY LIFE INSURANCE COMPANIES

40-2b13. Leeway clause.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in investments whether ornot qualified and permitted under this act and notwithstanding anyconditions or limitations prescribed therein, in an aggregate amount notmore than 10% of itsadmitted assets as shown by the company's last annual report as filed withthe insurance commissioner except that investments shall notbe permitted in insolvent organizations or organizations in default withrespect to the payment of principal or interest.

History: L. 1972, ch. 179, § 13; L. 1983, ch. 156, § 10; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter40 > Article2b > Statutes_17104

40-2b13

Chapter 40.--INSURANCE Article 2b.--INVESTMENTS BY LIFE INSURANCE COMPANIES

40-2b13. Leeway clause.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in investments whether ornot qualified and permitted under this act and notwithstanding anyconditions or limitations prescribed therein, in an aggregate amount notmore than 10% of itsadmitted assets as shown by the company's last annual report as filed withthe insurance commissioner except that investments shall notbe permitted in insolvent organizations or organizations in default withrespect to the payment of principal or interest.

History: L. 1972, ch. 179, § 13; L. 1983, ch. 156, § 10; July 1.

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Statutes > Kansas > Chapter40 > Article2b > Statutes_17104

40-2b13

Chapter 40.--INSURANCE Article 2b.--INVESTMENTS BY LIFE INSURANCE COMPANIES

40-2b13. Leeway clause.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in investments whether ornot qualified and permitted under this act and notwithstanding anyconditions or limitations prescribed therein, in an aggregate amount notmore than 10% of itsadmitted assets as shown by the company's last annual report as filed withthe insurance commissioner except that investments shall notbe permitted in insolvent organizations or organizations in default withrespect to the payment of principal or interest.

History: L. 1972, ch. 179, § 13; L. 1983, ch. 156, § 10; July 1.