40-1613. Authority to write fidelity and surety bonds; conditions. - Kansas Statutes

40-1613

Chapter 40.--INSURANCE Article 16.--RECIPROCAL OR INTERINSURANCE CONTRACTS

      40-1613.   Authority to write fidelity and suretybonds; conditions.Underauthority given by the commissioner, a reciprocalmayengage in the business of writing fidelity and surety bonds but only upon thecondition that such reciprocal shallhave andmaintain an amount of surplus equal to the total ofcapital and surplus required of domestic stock insurance companies transactingthe same kind of business and any such reciprocal shall be deemed a stockinsurance company for the purposes ofK.S.A. 40-214, 40-239 to 40-247,inclusive, 40-252, 40-1107 and 40-1108 of the Kansas Statutes Annotatedand amendments thereto. No fidelity or surety bond shall beissued by any such reciprocal untilthe form of such bond shall have been submittedto and accepted by the commissioner. Any fidelity orsurety bonds executed pursuant to this act shall be received and accepted ascompany, corporation or corporate bonds.

      History:   L. 1943, ch. 183, § 1;L. 2000, ch. 170, § 28; July 1.