40-1104. Regulation of foreign companies; capital stock and surplus required.
40-1104
40-1104. Regulation of foreign companies; capital stock and surplusrequired.Except as authorized in K.S.A. 40-209, 40-401, and 40-501, and amendmentsthereto, no insurancecompany organized under the laws of any other state, district, territory orpossession of the United States shall hereafter transact any of the kindsor classes of business specified in K.S.A. 40-1102, and amendmentsthereto, in this state unless atthe time of its application to transact such business in this state it hascapital, surplus and deposits equal to that required of asimilar domesticinsurance company. Until May 1, 1989, companies which wereauthorized to do business inKansas after January 1, 1969, but before January 1, 1984,shall be required to have capital stock, surplusand deposits equal to that required by this section prior to the passage ofthis act.After May1, 1989, such companies shall comply with the paid-up capital stock,surplus and deposit requirements provided by this act.
Until May 1, 1989, companies doing business in this state on January 1,1969, shall be required to have a paid-up capital stock, surplus anddeposit equal to that required of such companies prior to the passage ofthis act. On and after May 1, 1989, companies doing business in this stateon January 1, 1969, shall be required to have a paid-up capital stock,surplus and deposit equal to that required of all other companies to whomthis section applies immediately prior to the passage of this act.
On and after May 1, 1994, companies doing business in this state onJanuary 1, 1969, shall comply with the paid-up capital, surplus and depositrequirements provided by this act.
No insurance company organized under the laws of a countryother than the United States shall hereafter be authorized to transact suchbusiness in this state unless it shall satisfy the commissioner ofinsurance of this state that it has on deposit with American trustees, orwith the proper officer or officers of a state or states of the UnitedStates, or both, satisfactory securities equal in value to the total of thecapital and surplus required of a similar domestic insurance company, andthat such securities are held in trust for the fulfillment by the companyof all its obligations within the United States. Every such foreigninsurance company, when applying for admission to transact business in thisstate, shall file with the commissioner of insurance: (1) A copy of itscharter or deed of trust or settlement and bylaws; and (2) a verified detailedstatement of all the items, matter and other information in regard to itsaffairs required by law to be stated in the annual report of a similardomestic insurance company.
No provision of this act shall require insurance companies doing businessin this state on January 1, 1969, which have subsequently become authorizedto transact business in accordance with a different article of chapter 40of the Kansas Statutes Annotated to comply with the paid-up capital, surplusand deposit requirements of this act until May 1, 1994.
No provision of this act shall require any insurance company which wasauthorized in Kansas prior to January 1, 1984, for only the classes of insurancespecified in subsections (e) and (f) of K.S.A. 40-1102, and amendments thereto,to comply with any paid-up capital, surplus and deposit requirements otherthan the paid-up capital, surplus and deposit requirements which were applicableto the company prior to passage of this act.
History: L. 1927, ch. 231, 40-1104; L. 1965, ch. 300, § 5; L. 1969,ch. 237, §8; L. 1984, ch. 169, § 7; July 1.