40-3520. Establishment of reserves in accord with law of another state where insurance company licensed.
40-3520
40-3520. Establishment of reserves in accord with law of anotherstate where insurance company licensed.(a) Whenever the laws of any other jurisdiction in which a mortgageguaranty insurance company subject to the requirement of this act isalso licensed to transact mortgage guaranty insurance require a largerunearned premium reserve or contingency reserve in the aggregate thanthat set forth herein, the establishment of such larger unearned premiumreserve or contingency reserve in the aggregate shall be deemed to be incompliance with this act.
(b) Unearned premium reserves and contingency reserves shall becomputed and maintained on risks insured after the effective date ofthis act as required by K.S.A. 40-3516 and 40-3518. Unearnedpremium reserves and contingency reserves on risks insured before theeffective date of this act may be computed and maintained as requiredpreviously.
History: L. 1977, ch. 154, § 20; Jan. 1, 1978.