40-2b12. Collateral loans.
40-2b12
40-2b12. Collateral loans.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the directionor approval of a majority of its board of directors or authorizedcommittee thereof, any of its funds, or any part thereof in loanssecured by collateral consisting of a pledge of bonds, mortgages,securities, stock or evidence of indebtedness qualified in K.S.A.40-2b01 to 40-2b09, inclusive: Provided, That the amount of theloan is not in excess of eighty percent (80%) of the market value of thesecurities: And provided further, That all restrictions placed onany security authorized within K.S.A. 40-2b01 to 40-2b09,inclusive, shall apply to the collateral securities pledged to thepayment of loans authorized in this section.
History: L. 1972, ch. 179, § 12; July 1.