40-2a26. Medium and lower grade obligations; definitions. - Kansas Statutes

40-2a26

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

      40-2a26.   Medium and lower grade obligations; definitions.As used in K.S.A. 40-2a27 of this act:

      (a)   "Medium grade obligations" means obligations which are designated "3" bythe national association of insurance commissioners in its most recentlypublished valuations of securities manual.

      (b)   "Lower grade obligations" means obligations which are designated "4","5" or "6" by the national association of insurance commissioners in its mostrecently published valuations of securities manual.

      (c)   "Admitted assets" means the amount shown on the insurer's last annualreport as filed with the state commissioner of insurance.

      (d)   "Aggregate amount" of medium grade and lower grade obligations meansthe aggregate statutory statement value thereof.

      (e)   "Institution" means a corporation, a joint-stock company, anassociation, a trust, a business partnership, a business joint venture orsimilar entity.

      (f)   "Insurance company" or "insurer" means an insurance company other thanlife organized under the laws of this state.

      History:   L. 1992, ch. 121, § 1; July 1.