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Statutes > Kansas > Chapter40 > Article43 > Statutes_18247

40-4305

Chapter 40.--INSURANCE Article 43.--CAPTIVE INSURANCE COMPANIES

40-4305. Surplus requirements.(a) No captive insurance company shall be issued a certificateof authority unless it shall possess and thereafter maintain free surplus of:

(1) In the case of a pure captive insurance company, not less than $150,000;

(2) in the case of an industrial insured captive insurance companyincorporated as a stock insurer, not less than $300,000; and

(3) in the case of an industrial insured captive insurance company incorporatedas a mutual insurer, not less than $500,000.

(b) Such surplus may be in the form of cash or an irrevocable letter ofcredit issued by a bank chartered by the state of Kansas or the UnitedStates comptroller of currency, domiciled in Kansas, and approved by the commissioner.

History: L. 1988, ch. 156, § 5; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter40 > Article43 > Statutes_18247

40-4305

Chapter 40.--INSURANCE Article 43.--CAPTIVE INSURANCE COMPANIES

40-4305. Surplus requirements.(a) No captive insurance company shall be issued a certificateof authority unless it shall possess and thereafter maintain free surplus of:

(1) In the case of a pure captive insurance company, not less than $150,000;

(2) in the case of an industrial insured captive insurance companyincorporated as a stock insurer, not less than $300,000; and

(3) in the case of an industrial insured captive insurance company incorporatedas a mutual insurer, not less than $500,000.

(b) Such surplus may be in the form of cash or an irrevocable letter ofcredit issued by a bank chartered by the state of Kansas or the UnitedStates comptroller of currency, domiciled in Kansas, and approved by the commissioner.

History: L. 1988, ch. 156, § 5; July 1.

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State Codes and Statutes

Statutes > Kansas > Chapter40 > Article43 > Statutes_18247

40-4305

Chapter 40.--INSURANCE Article 43.--CAPTIVE INSURANCE COMPANIES

40-4305. Surplus requirements.(a) No captive insurance company shall be issued a certificateof authority unless it shall possess and thereafter maintain free surplus of:

(1) In the case of a pure captive insurance company, not less than $150,000;

(2) in the case of an industrial insured captive insurance companyincorporated as a stock insurer, not less than $300,000; and

(3) in the case of an industrial insured captive insurance company incorporatedas a mutual insurer, not less than $500,000.

(b) Such surplus may be in the form of cash or an irrevocable letter ofcredit issued by a bank chartered by the state of Kansas or the UnitedStates comptroller of currency, domiciled in Kansas, and approved by the commissioner.

History: L. 1988, ch. 156, § 5; July 1.