40-1219a. Same; approval of policyholders of merger or consolidation of certain mutual companies not required. - Kansas Statutes

40-1219a

Chapter 40.--INSURANCE Article 12.--MUTUAL INSURANCE COMPANIES OTHER THAN LIFE

      40-1219a.   Same; approval of policyholders of mergeror consolidation of certain mutual companies not required.Notwithstanding the provisions of K.S.A. 40-1219, and amendments thereto, if adomestic mutual insurer is impaired in that the insurer's surplus is less thanthe amount required for authority to transact the kinds of insurance beingtransacted by the insurer or the insurer has attained a financial conditionsuch that its continued operation might be hazardous to the insuring publicpursuant to K.S.A. 40-222b, and amendments thereto, the commissionerof insurance mayapprove the agreement of merger or consolidation after a hearing thereonconducted in accordance with the provisions of the Kansas administrativeprocedure act. Approval of the merger or consolidation by the policyholders ofthe insurers that are a party to the transaction is not required.

      History:   L. 1993, ch. 11, § 1; July 1.