40-3515. Insurance company as member of holding company system; prohibited underwriting activities as condition of certificate of authority; other proscribed activities. - Kansas Statutes

40-3515

Chapter 40.--INSURANCE Article 35.--MORTGAGE GUARANTY INSURANCE COMPANIES

      40-3515.   Insurance company as member of holding company system;prohibited underwriting activities as condition of certificate ofauthority; other proscribed activities.(a) If it is a member of a holding company system as defined in K.S.A.40-3302, a mortgage guaranty insurance company licensed totransact business in this state shall not, as a condition of itscertificate of authority, knowingly underwrite mortgage guarantyinsurance on mortgages originated by the holding company system or anaffiliate or on mortgages originated by any mortgage lender to whichcredit is extended, directly or indirectly, by the holding companysystem or any affiliate.

      (b)   A mortgage guaranty insurance company, the holding companysystem of which it is a part or any affiliate shall not as a conditionof the mortgage guaranty insurance company's certificate of authority,pay any commissions, remuneration, rebates or engage in activitiesproscribed in K.S.A. 40-3513 and 40-3514.

      History:   L. 1977, ch. 154, § 15; Jan. 1, 1978.