40-1103. Paid-up capital stock and surplus required; deposits of securities; amount.
40-1103
40-1103. Paid-up capital stock and surplus required;depositsof securities; amount.No insurance company hereafter organized under the laws of this stateshall be authorized to commence the transaction of either of thenumbered classes of business specified in K.S.A. 40-1102, and amendmentsthereto, in this state unlessit has a capital stock of at least $450,000 and a surplus of at least$300,000, both fully paid in cash, and shallhave deposited with the commissioner of insurance pursuant to K.S.A.40-229asecurities authorized by K.S.A.40-2a01, et seq., andamendments thereto, in anamount equal to not less than the minimum capital stock required of suchcompany for the protection of its policyholders orcreditors, or both. Until May 1, 1989, companies whichwere authorized to transactbusiness in Kansas after January 1, 1969, but before January1, 1984, shall be required to have paid-upcapital stock, surplus and deposits equal to that which was required bythis section prior to the passage of this act.After May1, 1989, such companies shall comply with the paid-up capital stock,surplus and deposit requirements provided by this act.
Until May 1, 1989, companies doing business in this state on January 1,1969, shall be required to have a paid-up capital stock, surplus anddeposit equal to that required of such companies prior to the passage ofthis act. On and after May 1, 1989, companies doing business in this stateon January 1, 1969, shall be required to have a paid-up capital stock,surplus and deposit equal to that required of all other companies to whomthis section applies immediately prior to the passage of this act.
No provision of this act shall require any insurance company which wasauthorized in Kansas prior to January 1, 1984, for only the classes ofinsurance specified in subsections (e) and (f) of K.S.A. 40-1102, andamendments thereto, to comply with any paid-up capital, surplus and depositrequirements other than the paid-up capital, surplus and depositrequirements which were applicable to the company prior to passage of this act.
History: L. 1927, ch. 231, 40-1103; L. 1965, ch. 300, § 4; L. 1969,ch. 237, §7; L. 1971, ch. 167, § 3; L. 1972, ch. 184, § 3; L. 1984, ch. 169, § 6;L. 1996, ch. 25, § 13; July 1.