40-3016. Certificates of contributions as assets; percentage offset; refunds, disposition.
40-3016
40-3016. Certificates of contributions as assets;percentage offset; refunds, disposition.(a) Unless a longer period has been allowed by the commissioner, amember insurer shall at its option have the right to show a certificateof contribution as an asset in the form approved by the commissionerpursuant to subsection (h) of K.S.A. 40-3009,and amendments thereto, at percentages of theoriginal face amount approved by the commissioner, for calendar years asfollows:
(1) One hundred percent for the calendar year of issuance;
(2) eighty percent for the first calendar year after the yearof issuance;
(3) sixty percent for the second calendar year after the yearof issuance;
(4) forty percent for the third calendar year after the yearof issuance;
(5) twenty percent for the fourth calendar year after the yearof issuance.
(b) The insurer may offset the amount written off by it in acalendar year under subsection (a) above, against its premium taxliability to this state accrued with respect to business transacted insuch year.
(c) Any sums acquired by refund, pursuant to subsection (f) of K.S.A.40-3009,and amendments thereto, from the association whichhave theretofore been writtenoff by contributing insurers and offset against premium taxes asprovided in subsection (b) above, and is not then needed for purposes ofthis act, shall be paid by the association to the commissioner and thecommissioner shall remit such moneys to thestate treasurer in accordance with the provisions of K.S.A.75-4215, and amendments thereto. Upon receipt of each such remittance, thestatetreasurer shall deposit the entire amount in the state treasury to thecredit of the state general fund.
History: L. 1972, ch. 190, § 16;L. 2001, ch. 5, § 122; July 1.