40-402. Paid-up capital stock, surplus; deposit of securities. - Kansas Statutes

40-402

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

      40-402.   Paid-up capital stock, surplus; deposit of securities.It shall not be lawful for any life insurance company organized orincorporated under the laws of the United States or of any other state ofthe United States to transact business in this state unless, if a stockcompany, it shall have and maintain a paid-up capital stock of at least$600,000 and a surplus ofat least $600,000, and shall have deposited $400,000, or if a mutualcompany, a surplus of at least $1,200,000, and shall have deposited$400,000 in approved securities for the benefitof all of its policyholders or creditors, or both, withthe commissioner,superintendent of insurance or chief financial officer of the state inwhich such company is incorporated, or, if such company is incorporatedunder the laws of the United States, with some financial officer of theUnited States, or if incorporated under the laws of any foreign government,such deposit shall be made with such an officer in any state of the UnitedStates. Any such company not having such deposit madein the state in which it is organized, or with some officer of the UnitedStates, shall make such deposit in this state in the manner prescribed byK.S.A. 40-229a.

      History:   L. 1927, ch. 231, 40-402; L. 1965, ch. 300, § 2; L. 1969,ch. 237, §2; L. 1984, ch. 169, § 2;L. 1996, ch. 25, § 6; July 1.