40-507. Merger or consolidation; order of commissioner directing delivery of assets.
40-507
40-507. Merger or consolidation; order of commissioner directing deliveryof assets.(a) Every mutual life insurance company formed under authorityof K.S.A. 40-501 et seq. and amendments thereto may:
(1) Merge or consolidate with any other domestic mutual lifeinsurance company;
(2) merge or consolidate with any other non-domestic mutuallife insurance company if such merger or consolidation is authorized by thelawsof the state or territory in which such nondomestic company isorganized;
(3) merge or consolidate with a nondomestic nonprofit health servicescorporation or nonprofit medical and hospital service corporation if suchmerger or consolidation would be permitted by the state regulatory official orofficials having jurisdiction over such nondomestic nonprofit health servicescorporation or nonprofit medical and hospital service corporation and thesurviving or resulting company is a domestic mutual life insurance company;and
(4) by virtue of such merger or consolidation, do the kinds ofinsurance business in the manner and for the purposes for which a mutuallife insurance company may be organized in this state or in the mannerand for the purposes for which a nondomestic mutual life insurancecompany may be licensed or authorized to do business in this state.
(b) When a mutual life insurance company of this state shall bemerged orconsolidated with a mutual life insurance company organized under thelaws of any other state, the commissioner of insurance in an order ofapproval shall direct that the assets of the domestic company be delivered tothe company with which thedomestic company is merged or consolidated.
History: L. 1972, ch. 53, § 10; L. 1980, ch. 135, § 2;L. 1996, ch. 25, § 7;L. 1997, ch. 29, § 1; July 1.