40-1010. Suits for collection of assessments; liability of officers and directors; suits against company for losses. Suits for the collection of any assessment made upon the deposit note of the insured may be brought in a court of competent jurisdiction in the county in which the insured resides; and the officers and directors of any company so formed who shall willfully refuse or neglect to perform the duties imposed upon them by the provisions of this article shall be liable in their individual capacity to the person sustaining such loss. Suits at law may be brought and maintained against any such company by the members thereof for losses sustained, if payment is withheld after such losses have become due.
History: L. 1927, ch. 231, 40-1010; L. 1973, ch. 134, ยง 40; July 1, 1974.
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.