40-2b27. Medium and lower grade obligations; definitions. - Kansas Statutes

40-2b27

Chapter 40.--INSURANCE Article 2b.--INVESTMENTS BY LIFE INSURANCE COMPANIES

      40-2b27.   Medium and lower grade obligations; definitions.As used in K.S.A. 40-2b28:

      (a)   "Medium grade obligations" means obligations which are designated "3"by the 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 any life insurance companyorganized under the laws of this state.

      History:   L. 1992, ch. 121, § 3; July 1.