State Codes and Statutes
Statutes > Kansas > Chapter40 > Article41 > Statutes_1821840-4102
40-4102. Kansas charter; must be licensed insurance company;submission of plan of operation or feasibility study; information requiredto be provided to national association of insurance commissioners.A risk retention group seeking to be chartered in this statemust be chartered and licensed as a liability insurance companyauthorized by theinsurance laws of this state and, except as provided elsewhere in this act,must comply with all of the laws, rules and regulations andrequirements applicable to such insurerschartered and licensed in this state and with K.S.A. 40-4103, andamendments thereto, to the extent such requirements are not a limitation onlaws, rules and regulations or requirements of this state. Before it mayoffer insurance in any state, each risk retention group shall also submitfor approval to the insurance commissioner of this state a plan ofoperation or a feasibility study and revisions of such plan or study if thegroup intends to offer any additional lines of liability insurance. Immediately upon receipt of an application for charter, this state shallprovide summary information concerning the filing to the nationalassociation of insurance commissioners including the name of the riskretention group, the identity of the initial members of the group, theidentity of those individuals who organized the group or who will provideadministrative services or otherwise influence or control the activities ofthe group, the amount and nature of initial capitalization, the coverage tobe afforded and the states in which the group intends to operate. Providing notification to the national association of insurancecommissioners is in addition to and shall not be sufficient to satisfy therequirements of K.S.A. 40-4103, and amendments thereto, and all othersections of this act.
History: L. 1986, ch. 166, § 2;L. 1987, ch. 172, § 2; April 30.
