40-4305. Surplus requirements.
40-4305
40-4305. Surplus requirements.(a) No captive insurance company shall be issued a certificateof authority unless it shall possess and thereafter maintain free surplus of:
(1) In the case of a pure captive insurance company, not less than $150,000;
(2) in the case of an industrial insured captive insurance companyincorporated as a stock insurer, not less than $300,000; and
(3) in the case of an industrial insured captive insurance company incorporatedas a mutual insurer, not less than $500,000.
(b) Such surplus 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, § 5; July 1.