40-252a. Insurance company tax and fee refund revolving fund; use; duties of commissioner and director of accounts and reports; procedure. - Kansas Statutes

40-252a

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

      40-252a.   Insurance company tax and fee refund revolving fund;use; duties of commissioner and director of accounts and reports;procedure.A revolving fund, designated "insurance company tax and fee refund," inan amount not to exceed three thousand dollars ($3,000) shall be setapart and maintained for the insurance commissioner from insurancecompany tax and fee collections which shall be held by the statetreasurer for the payment of all such refunds due an insurance companyor companies. If the commissioner of insurance finds that the tax and/orfee paid by such company or companies is in excess of the amount legallydue the state, the commissioner shall certify the amount of theoverpayment on a voucher to the director of accounts and reports forrefund of such tax and/or fee. Upon receipt of such voucher, properlyexecuted, the director of accounts and reports shall issue his warrantto the state treasurer for the payment out of the revolving fundprovided for in this section. In the event such fund as established bythis section is, at any time, insufficient to provide the amount of taxand fee refunds due the insurance company or companies, then thecommissioner shall certify the amount of additional funds required tothe director of accounts and reports who shall promptly transfer thesaid required amount from the state general revenue fund to theinsurance company tax and fee revolving fund, and notify the statetreasurer, who shall make proper entry on his records. The commissionershall maintain in his files for a period of five (5) years from its datea duplicate of said voucher and a statement which shall set forth thereasons such refunds have been made.

      History:   L. 1963, ch. 263, § 1; March 9.