40-1001a. Authority to insure glass breakage, vandalism and theft in addition to coverage under K.S.A. 40-1001; reserve fund and security deposit; requirements. Any company licensed pursuant to the provisions of K.S.A. 40-1001, and amendments thereto, and operating under the provisions thereof, may so long as they maintain a minimum reserve fund equal to not less than $10,000 per $1,000,000 of fire insurance in force, and having deposited lawful securities with the insurance commissioner pursuant to K.S.A. 40-229a in an amount of not less than $50,000, be granted authority to issue contracts of insurance covering in addition to those kinds set forth in K.S.A. 40-1001, and amendments thereto, the perils of glass breakage, vandalism including malicious mischief and theft. Such additional authority shall be evidenced by proper resolution of the board of directors and authorized by the affirmative vote of at least two-thirds of the members present in person or by proxy at a special or annual meeting of members. Any company after having taken such action shall certify such action to the commissioner of insurance immediately, together with a statement showing its current financial status and a reserve fund sufficient to warrant such action, and such company shall apply for an amended certificate of authority to include such additional perils.
History: L. 1969, ch. 235, § 1; L. 1996, ch. 25, § 11; July 1.
Structure Kansas Statutes
Article 10 - Mutual Fire And Tornado Companies
40-1002 Classification of insurable property.
40-1003 No policy issued until required application, premium notes and securities received.
40-1004 Directors; election; vacancy.
40-1005 Annual meeting of members; proxies.
40-1006 Officers; election; term.
40-1008 Liability for losses; assessments; indebtedness.
40-1009 Recovery of assessments or on notes; cash policies not assessable.
40-1011 Property to be assessed and taxed.
40-1013 Classification of risks.
40-1015 Withdrawal of member of company; return premium; cancellation of policy, notice.
40-1016 Limitation on amount of risk; reinsurance.
40-1017 Execution and contents of policy.
40-1019 Statement for annual meeting.
40-1020 Other corporations as members of company; vote.
40-1022 Creation and investment of such fund; liability.
40-1023 Scope of insurance by companies having guarantee fund; foreign companies.
40-1024 Cash or notes in payment of premiums; liability of members of company.
40-1025 Notice of creation of guarantee fund; examination; certificate of authority.
40-1026 Reinsurance of risks; assessment.
40-1027 Mutual fire and tornado companies; paid-up capital and surplus requirements.
40-1028 Consolidation of business into one class; vote of directors.
40-1029 Advances of money and issuance of certificates of indebtedness.