40-1519. Insuring or reinsuring growing crops against direct loss or damage by fire, when; insuring harvested crops being transported for any loss. - Kansas Statutes

40-1519

Chapter 40.--INSURANCE Article 15.--MUTUAL HAIL INSURANCE COMPANIES

      40-1519.   Insuring or reinsuring growing crops against direct lossor damage by fire, when; insuring harvested crops being transported for anyloss.Any insurance company organized and doing business as provided inK.S.A. 40-1501, and amendments thereto, in addition to theclass of business authorized in such section, may make andissue contractsof insurance upon growing crops against direct loss or damage by fire and forany loss caused while the harvested crop is being transported to the initialplace of storage or to an initial market location of such crops orto cede or accept reinsurance on any portion of any such risk. Such companyshall have a bona fide net surplusexceeding all liabilities and reserve funds required by law of not lessthan $100,000 of which $50,000 shall be invested and deposited asprovided in K.S.A. 40-227 and 40-230, and amendments thereto, for theprotection of all policyholders.Before issuing any such contracts or accepting any such reinsurance, the boardof directors of such companyshall by amajority vote of the whole number of directors as provided in K.S.A.40-1510, and amendments thereto, authorize the writing of suchfire coverage. The company shallfile withthe commissioner of insurance a certified copy of the resolution of theboard of directors taking such action and a certifiedcopy of its amended bylaws and amended charter as provided in K.S.A.40-216, and amendments thereto.

      History:   L. 1953, ch. 231, § 1;L. 1995, ch. 231, § 1; May 4.