40-1629. Domestic reciprocal; liquidation; requirements on. - Kansas Statutes

40-1629

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

      40-1629.   Domestic reciprocal; liquidation;requirements on.Upon the liquidation of a domestic reciprocal, the assetsremaining after discharge of its indebtedness and policy obligations, thereturn of any contributions of the attorney-in-fact or any other person made asprovided in K.S.A. 40-1606, and amendments thereto, and the return of anyunused deposits, savings or credits, shall be distributed. The distributionshall be made to the persons who were its subscribers within the 12 monthsprior to the final termination of such reciprocal's license in accordance witha formula approved by the commissioner of insurance or the court.

      History:   L. 2000, ch. 170, § 15; July 1.