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KANSAS STATUTES AND CODES
40-3509. Certificate of authority; eligibility for; time for compliance.
40-3509
40-3509. Certificate of authority; eligibility for; time forcompliance.(a) A mortgage guaranty insurance company which anywhere transacts anyclass of insurance other than mortgage guaranty insurance is noteligible for the issuance of a certificate of authority to transactmortgage guaranty insurance in this state nor for the renewal thereof.
(b) A mortgage guaranty insurance company which anywhere transactsthe classes of insurance defined in K.S.A. 40-3502(b)(2) or(3) is not eligible for a certificate of authority to transact in thisstate the class of mortgage guaranty insurance defined in K.S.A.40-3502(b)(1) except a mortgage guaranty insurance company whichtransacts a class of insurance defined in K.S.A. 40-3502(b)(1) may writeup to five percent (5%) of its insurance in force onresidential property designed for occupancy by five (5) or morefamilies.
(c) Any insurance company that is authorized to write mortgageguaranty insurance as defined in this act on January 1, 1977, shall haveuntil May 1, 1983, to comply with the provisions of this section.
History: L. 1977, ch. 154, § 9; Jan. 1, 1978.