40-2a14. Collateral loans.
40-2a14
40-2a14. Collateral loans.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval ofa majority of its board of directors or authorized committee thereof,any of its funds, or any part thereof in loans secured by collateralconsisting of a pledge of bonds, securities, stock or evidences ofindebtedness qualified in K.S.A. 40-2a01 to 40-2a08,inclusive: Provided, That the amount of the loan is not in excessof eighty percent (80%) of the market value of the securities:Provided further, That all restrictions placed on any securityauthorized within K.S.A. 40-2a01 to 40-2a08, inclusive, shallapply to the collateral securities pledged to the payment of loansauthorized in this section.
History: L. 1972, ch. 173, § 14; July 1.