40-1003. No policy issued until required application, premium notes and securities received. - Kansas Statutes

40-1003

Chapter 40.--INSURANCE Article 10.--MUTUAL FIRE AND TORNADO COMPANIES

      40-1003.   No policy issued until required application, premium notesand securities received.No company formed hereafter for the purpose of doing an insurancebusiness under the provisions of this article shall have power to issuepolicies until applications in good faith have been received for insurancein one class to the amount of at least one hundred thousand dollars, andcash or deposit notes have been received in advance, for the same, noruntil such company shall have assets in cash or securities other thandeposit notes of at least twenty-five thousand dollars.

      History:   L. 1927, ch. 231, 40-1003; L. 1943, ch. 186, § 1; June 28.