40-2a04. Foreign government obligations. - Kansas Statutes

40-2a04

Chapter 40.--INSURANCE Article 2a.--INVESTMENTS BY OTHER THAN LIFE INSURANCE COMPANIES

      40-2a04.   Foreign government obligations.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval ofa majority of its board of directors or authorized committee thereof,any of its funds, or any part thereof in bonds or other evidences ofindebtedness issued, assumed or guaranteed by any foreign government,except as provided in K.S.A. 40-2a03, and amendments thereto, in an amountnot to exceed 5% of itsadmitted assets as shown by the company's last annual reportas filed with the state commissioner of insurance or a more recentquarterly financial statement as filed with the commissioner, on a formprescribed by the national association of insurance commissioners, within45 days following the end of the calendar quarter to which the interimstatement pertains. The 5% limitation shall be in addition to anyinvestments in foreign nations required by virtue of a company doingbusiness in a foreign nation.

      History:   L. 1972, ch. 173, § 4;L. 1987, ch. 160, § 1; July 1.