40-1603. Domestic reciprocal; attorney-in-fact; declarations.
40-1603
40-1603. Domestic reciprocal; attorney-in-fact;declarations.(a) The attorney-in-fact of adomestic reciprocal shall file with the commissioner of insurance adeclaration verified by the oath of suchattorney-in-fact, or whensuch attorney-in-fact is a corporation by the oath of achief officer thereof, setting forth:
(1) The name of theattorney-in-fact, and the name of the domesticreciprocal.
(2) The kind or kinds of insurance to be effected orexchanged.
(3) A copy of the form of power of attorney andsubscriber's agreement or otherauthority of such attorney-in-fact under which suchinsurance is to be effected or exchanged.
(4) The location of the office or offices from which suchcontracts or agreements are to be issued.
(5) That except as to the kinds of insurance hereinafterspecifically mentioned in this subdivision, applications shall have beenmade for indemnity upon at least 100 separate risksaggregating not less than$1,500,000, represented by executed contracts or bona fide applicationsto become concurrently effective. In the case of employers' liability orworkers compensation insurance, applications shallhave been made for indemnity upon at least 100separate risks, covering a total annual payroll of not less than$2,500,000, as represented by executedcontracts or bona fide applications to become concurrently effective.
(6) That there is in the possession of suchattorney-in-fact, and available for the payment of losses, assetsconforming to the requirements of K.S.A.40-1605 and amendments thereto.
(7) A financial statement in form prescribed for the annualstatement.
(8) An instrument authorizing service of process asprovided in this article.
(b) No declaration shall be required under this section for any reciprocalorganized in this state as a result of a conversion under the provisions ofK.S.A. 40-1620 and amendments thereto.
History: L. 1927, ch. 231, 40-1603;L. 2000, ch. 170, § 19; July 1.