40-512. Same; impaired insurer. - Kansas Statutes

40-512

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

      40-512.   Same; impaired insurer.If a domestic mutual insurer is impaired in that the insurer's surplus isless than the amount required for authority to transact the kinds of insurancebeing transacted by the insurer, the commissioner of insurance may approvethe agreement of merger or consolidation with a hearing thereon conductedin accordance with the provisions of the Kansas administrative procedureact, and the same may be effectuated without approval of the impairedinsurer's policyholders.

      History:   L. 1980, ch. 135, § 6; L. 1988, ch. 356, § 80; July 1, 1989.