Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-448.Transfer of domicile of domestic company; approval ofcommissioner; admittance as foreign insurer; deposit of securities; certificateof secretary of state; continuation of existing authority and policies;nonrecognition of transfer for certain purposes.(a) Any life insurance company that was originally incorporated under the lawsof this state on March 28, 1907, may, with the approval of the commissioner ofinsurance, transfer its domicile to any other state in which it is admitted totransact the business of insurance. Every such transferring insurer shallnotify the commissioner of insurance of the details of the proposed transferand shall file promptly any resulting amendments to its articles ofincorporation or bylaws. The commissioner of insurance may require additionalinformation, hold hearings, and take such other action as may be necessary toevaluate the proposed transfer. The commissioner of insurance shall approveany such proposed transfer and issue written evidence thereof in the formrequired by the state to which the transfer shall be made, unless it isdetermined that such transfer is not in the interest of the policyholders ofthis state. Upon such transfer the company shall cease to be a domesticinsurer and shall be admitted to transact the business of insurance in thisstate if qualified as a foreign insurer. Upon such transfer the transferringcompany shall no longer be required to deposit securities pursuant to K.S.A.40-401, 40-404 or any other provision of chapter 40 of the Kansas StatutesAnnotated and amendments thereto; however, the commissioner of insurance shallretain an amount of securities equal to the legal reserves on all policiesowned by residents of this state in force at the time of such transfer, and thetransferring company shall periodically deposit with the commissioner ofinsurance additional securities so that at all times the amount on deposit isat least equal to the legal reserves of such policies.
(b) Upon approving any such transfer, the commissioner of insuranceshall file with the secretary of state, in accordance with subsections (c)and (d) of K.S.A. 17-6003 and amendments thereto a certificate stating thatthe commissioner of insurance has approved transfer of the company'sdomicile to another state and the state to which the company will transferits domicile. One hundred and eighty days after the filing of suchcertificate, or on such earlier date as may be communicated in writing bythe president and secretary of the transferring company to the secretary ofstate, the secretary of state shall issue a certificate that the companyhas transferred its domicile to the state designated by the commissioner ofinsurance, and thereupon the existence of the corporation as a domesticcorporation shall terminate, if the certificate of the secretary of state shallbe recorded in the office of the register of deeds of the county in which thecorporation maintained its registered office in this state in compliance withthe requirements of subsection (d) of K.S.A. 17-6003 and amendments thereto.
(c) At the discretion of the commissioner of insurance, the certificateof authority, agents' appointments and certificates, rates, forms and otherdocuments required as a precedent to the holding of a Kansas certificate ofauthority, which are in existence at the time any insurer transfers itsdomicile to any other state pursuant to subsections (a) and (b), shallcontinue in full force and effect upon such transfer if such insurerremains duly qualified to transact the business of insurance in this state. All in force policies of any transferring insurer shall remain in fullforce and effect and shall be endorsed as necessary to display the new nameand location of the company.
(d) The transferring company shall not be treated as discontinuing itsbusiness for purposes of K.S.A. 40-248 or any other provision of chapter 40of the Kansas Statutes Annotated and amendments thereto. The transferringcompany shall not be treated as uniting, merging or consolidating with anyother company for purposes of K.S.A. 40-309 or any other provision ofchapter 40 of the Kansas Statutes Annotated and amendments thereto. Thetransfer shall not be treated as a merger or acquisition of control forpurposes of K.S.A. 40-3304 or any other provision of chapter 40 of theKansas Statutes Annotated and amendments thereto.
(e) The commissioner of insurance of this state may promulgate rules andregulations to carry out the purposes of this act.
Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-448.Transfer of domicile of domestic company; approval ofcommissioner; admittance as foreign insurer; deposit of securities; certificateof secretary of state; continuation of existing authority and policies;nonrecognition of transfer for certain purposes.(a) Any life insurance company that was originally incorporated under the lawsof this state on March 28, 1907, may, with the approval of the commissioner ofinsurance, transfer its domicile to any other state in which it is admitted totransact the business of insurance. Every such transferring insurer shallnotify the commissioner of insurance of the details of the proposed transferand shall file promptly any resulting amendments to its articles ofincorporation or bylaws. The commissioner of insurance may require additionalinformation, hold hearings, and take such other action as may be necessary toevaluate the proposed transfer. The commissioner of insurance shall approveany such proposed transfer and issue written evidence thereof in the formrequired by the state to which the transfer shall be made, unless it isdetermined that such transfer is not in the interest of the policyholders ofthis state. Upon such transfer the company shall cease to be a domesticinsurer and shall be admitted to transact the business of insurance in thisstate if qualified as a foreign insurer. Upon such transfer the transferringcompany shall no longer be required to deposit securities pursuant to K.S.A.40-401, 40-404 or any other provision of chapter 40 of the Kansas StatutesAnnotated and amendments thereto; however, the commissioner of insurance shallretain an amount of securities equal to the legal reserves on all policiesowned by residents of this state in force at the time of such transfer, and thetransferring company shall periodically deposit with the commissioner ofinsurance additional securities so that at all times the amount on deposit isat least equal to the legal reserves of such policies.
(b) Upon approving any such transfer, the commissioner of insuranceshall file with the secretary of state, in accordance with subsections (c)and (d) of K.S.A. 17-6003 and amendments thereto a certificate stating thatthe commissioner of insurance has approved transfer of the company'sdomicile to another state and the state to which the company will transferits domicile. One hundred and eighty days after the filing of suchcertificate, or on such earlier date as may be communicated in writing bythe president and secretary of the transferring company to the secretary ofstate, the secretary of state shall issue a certificate that the companyhas transferred its domicile to the state designated by the commissioner ofinsurance, and thereupon the existence of the corporation as a domesticcorporation shall terminate, if the certificate of the secretary of state shallbe recorded in the office of the register of deeds of the county in which thecorporation maintained its registered office in this state in compliance withthe requirements of subsection (d) of K.S.A. 17-6003 and amendments thereto.
(c) At the discretion of the commissioner of insurance, the certificateof authority, agents' appointments and certificates, rates, forms and otherdocuments required as a precedent to the holding of a Kansas certificate ofauthority, which are in existence at the time any insurer transfers itsdomicile to any other state pursuant to subsections (a) and (b), shallcontinue in full force and effect upon such transfer if such insurerremains duly qualified to transact the business of insurance in this state. All in force policies of any transferring insurer shall remain in fullforce and effect and shall be endorsed as necessary to display the new nameand location of the company.
(d) The transferring company shall not be treated as discontinuing itsbusiness for purposes of K.S.A. 40-248 or any other provision of chapter 40of the Kansas Statutes Annotated and amendments thereto. The transferringcompany shall not be treated as uniting, merging or consolidating with anyother company for purposes of K.S.A. 40-309 or any other provision ofchapter 40 of the Kansas Statutes Annotated and amendments thereto. Thetransfer shall not be treated as a merger or acquisition of control forpurposes of K.S.A. 40-3304 or any other provision of chapter 40 of theKansas Statutes Annotated and amendments thereto.
(e) The commissioner of insurance of this state may promulgate rules andregulations to carry out the purposes of this act.
Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-448.Transfer of domicile of domestic company; approval ofcommissioner; admittance as foreign insurer; deposit of securities; certificateof secretary of state; continuation of existing authority and policies;nonrecognition of transfer for certain purposes.(a) Any life insurance company that was originally incorporated under the lawsof this state on March 28, 1907, may, with the approval of the commissioner ofinsurance, transfer its domicile to any other state in which it is admitted totransact the business of insurance. Every such transferring insurer shallnotify the commissioner of insurance of the details of the proposed transferand shall file promptly any resulting amendments to its articles ofincorporation or bylaws. The commissioner of insurance may require additionalinformation, hold hearings, and take such other action as may be necessary toevaluate the proposed transfer. The commissioner of insurance shall approveany such proposed transfer and issue written evidence thereof in the formrequired by the state to which the transfer shall be made, unless it isdetermined that such transfer is not in the interest of the policyholders ofthis state. Upon such transfer the company shall cease to be a domesticinsurer and shall be admitted to transact the business of insurance in thisstate if qualified as a foreign insurer. Upon such transfer the transferringcompany shall no longer be required to deposit securities pursuant to K.S.A.40-401, 40-404 or any other provision of chapter 40 of the Kansas StatutesAnnotated and amendments thereto; however, the commissioner of insurance shallretain an amount of securities equal to the legal reserves on all policiesowned by residents of this state in force at the time of such transfer, and thetransferring company shall periodically deposit with the commissioner ofinsurance additional securities so that at all times the amount on deposit isat least equal to the legal reserves of such policies.
(b) Upon approving any such transfer, the commissioner of insuranceshall file with the secretary of state, in accordance with subsections (c)and (d) of K.S.A. 17-6003 and amendments thereto a certificate stating thatthe commissioner of insurance has approved transfer of the company'sdomicile to another state and the state to which the company will transferits domicile. One hundred and eighty days after the filing of suchcertificate, or on such earlier date as may be communicated in writing bythe president and secretary of the transferring company to the secretary ofstate, the secretary of state shall issue a certificate that the companyhas transferred its domicile to the state designated by the commissioner ofinsurance, and thereupon the existence of the corporation as a domesticcorporation shall terminate, if the certificate of the secretary of state shallbe recorded in the office of the register of deeds of the county in which thecorporation maintained its registered office in this state in compliance withthe requirements of subsection (d) of K.S.A. 17-6003 and amendments thereto.
(c) At the discretion of the commissioner of insurance, the certificateof authority, agents' appointments and certificates, rates, forms and otherdocuments required as a precedent to the holding of a Kansas certificate ofauthority, which are in existence at the time any insurer transfers itsdomicile to any other state pursuant to subsections (a) and (b), shallcontinue in full force and effect upon such transfer if such insurerremains duly qualified to transact the business of insurance in this state. All in force policies of any transferring insurer shall remain in fullforce and effect and shall be endorsed as necessary to display the new nameand location of the company.
(d) The transferring company shall not be treated as discontinuing itsbusiness for purposes of K.S.A. 40-248 or any other provision of chapter 40of the Kansas Statutes Annotated and amendments thereto. The transferringcompany shall not be treated as uniting, merging or consolidating with anyother company for purposes of K.S.A. 40-309 or any other provision ofchapter 40 of the Kansas Statutes Annotated and amendments thereto. Thetransfer shall not be treated as a merger or acquisition of control forpurposes of K.S.A. 40-3304 or any other provision of chapter 40 of theKansas Statutes Annotated and amendments thereto.
(e) The commissioner of insurance of this state may promulgate rules andregulations to carry out the purposes of this act.
