40-1016. Limitation on amount of risk; reinsurance. - Kansas Statutes

40-1016

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

      40-1016.   Limitation on amount of risk; reinsurance.No such company shall expose itself to loss on any one risk or hazard,either by one or more policies, to an amount exceeding ten percent of allits resources at the date of the policy, unless such excess be reinsured,except in organizing the company policies may be issued up to one thousanddollars, and such company may reinsure such portion of its risk as theboard of directors deem for the best interest of its policyholders.

      History:   L. 1927, ch. 231, 40-1016; June 1.