40-4304. Capital requirements.
40-4304
40-4304. Capital requirements.(a) No pure captive insurance companyor industrial insuredcaptive insurance company incorporated as a stock insurer shall be issued acertificate of authority unless it shall possess and thereafter maintainunimpaired paid-in capital of:
(1) In the case of a pure captive insurance company, not less than $100,000; and
(2) in the case of an industrial insured captive insurance companyincorporated as a stock insurer, not less than $200,000.
(b) Such capital may be in the form of cash or an irrevocable letter ofcredit issued by a bank chartered by the state of Kansas or the UnitedStates comptroller of currency, domiciled in Kansas, and approved by the commissioner.
History: L. 1988, ch. 156, § 4; July 1.