40-1107. Maximum amount of one risk or hazard; exceptions. - Kansas Statutes

40-1107

Chapter 40.--INSURANCE Article 11.--GENERAL PROVISIONS RELATIVE TO CASUALTY, SURETY AND FIDELITY COMPANIES

      40-1107.   Maximum amount of one risk or hazard; exceptions.No insurance company organized under the laws of this state andtransacting business in this state shall, except as otherwise providedin K.S.A. 40-1107a, expose itself to loss on any onerisk or hazard to an amount exceeding ten percent (10%) of its paid-upcapital and surplus unless the excess shall be reinsured in some othercompany duly authorized to transact similar business in this state or asotherwise provided in the insurance code and no insurance company notorganized under the laws of this state and transacting business in thisstate shall, except as otherwise provided in K.S.A. 40-1107a, expose itselfto loss on any one risk or hazard to an amountexceeding ten percent (10%) of its paid-up capital and surplus unlessthe excess shall be reinsured either in some company duly authorized totransact similar business in this state or as provided by the laws ofsuch company's domiciliary state.

      History:   L. 1927, ch. 231, 40-1107; L. 1967, ch. 268, § 1; L. 1971, ch. 168, §1; July 1.