40-1022. Creation and investment of such fund; liability. - Kansas Statutes

40-1022

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

      40-1022.   Creation and investment of such fund; liability.Any such insurance company may create such a guarantee fund by settingapart not more than fifty percentum of the excess of this fund over andabove the amount of all current liabilities for losses and expenses, andmay increase the fund from time to time out of its revenue over and abovesuch liabilities, and such funds shall be invested as provided in section40-227. The guarantee funds of mutual companies shall be liable for theclaims against the company only after all other resources have beenexhausted.

      History:   L. 1927, ch. 231, 40-1022; June 1.