40-246c. Excess coverage license to effect insurance or reinsurance in nonadmitted companies; accounting of gross premiums and tax thereon; penalty. - Kansas Statutes

40-246c

Chapter 40.--INSURANCE Article 2.--GENERAL PROVISIONS

      40-246c.   Excess coverage license to effect insurance or reinsurance innonadmitted companies; accounting of gross premiums and tax thereon;penalty.Each licensed agent shall file with the commissioner on or before March1 of each year a statement on a form prescribed by the commissioner, accountingfor the gross premiumsupon all policies written on risks situated in this state up to January1 in each year for the year next preceding and thelicensee shall transmit to the commissioner, with such affidavit orstatement, a sum equal to 6% of the gross premiums uponall policies procured by such agent on risks situated in this state writtenunder the provisions of this act. Any individual placing a policy with aninsurer not authorized to do business in this state on a risk domiciledin a state other than this state, but also covering a risk or location inKansas, shall file with the commissioner a statement in the form prescribedby the commissioner, describing the risk and shall pay to the commissionera sum equal to 6% of the portion of the premium applicable to therisk locatedin Kansas within 120 days after writing the risk. The individual responsiblefor filing the statement shall be the agentwho signs the policy or the agent of record with the company. The commissionerof insurance shall collect double the amount of tax herein provided fromany licensee or other responsible individual as herein described who shallfail, refuse or neglect to transmit the requiredaffidavit or statement or shall fail to pay the tax imposed by thissection, to the commissioner within the period specified.

      History:   L. 1955, ch. 242, § 2; L. 1982, ch. 198, § 2;L. 1992, ch. 154, § 3; July 1.