40-601. Mutual assessment life associations; types of insurance permitted; liability of policyholders; deposit of securities.
40-601
40-601. Mutual assessment life associations; typesof insurance permitted;liability of policyholders; deposit of securities.Mutual assessment life associations hereafter organized and admittedunder this article, as well as those now transacting business in this stateupon the mutual assessment life insurance plan, may insure the lives oftheir members and provide every insurance applicable thereto or connectedtherewith, including personal injury, disability, old age, accumulation andannuity benefits, and shall reserve in their policies and articles ofincorporation the right to collect additional amounts, assessments orpremiums so that the liability of policyholders shall not be limited tofixed, level or stipulated premiums. Any such domestic association shall atall times have and maintain on deposit with thecommissioner of insurance pursuant to K.S.A. 40-229a approvedsecurities in the sum of $10,000 as a guarantyfund for thebenefit of its policyholders, and such deposit shall be in addition to allother deposits required by this article.
History: L. 1927, ch. 231, 40-601;L. 1996, ch. 25, § 8; July 1.