40-1103. Paid-up capital stock and surplus required; deposits of securities; amount. No insurance company hereafter organized under the laws of this state shall be authorized to commence the transaction of either of the numbered classes of business specified in K.S.A. 40-1102, and amendments thereto, in this state unless it has a capital stock of at least $450,000 and a surplus of at least $300,000, both fully paid in cash, and shall have deposited with the commissioner of insurance pursuant to K.S.A. 40-229a securities authorized by K.S.A. 40-2a01 et seq., and amendments thereto, in an amount equal to not less than the minimum capital stock required of such company for the protection of its policyholders or creditors, or both. Until May 1, 1989, companies which were authorized to transact business in Kansas after January 1, 1969, but before January 1, 1984, shall be required to have paid-up capital stock, surplus and deposits equal to that which was required by this section prior to the passage of this act. After May 1, 1989, such companies shall comply with the paid-up capital stock, surplus and deposit requirements provided by this act.
Until May 1, 1989, companies doing business in this state on January 1, 1969, shall be required to have a paid-up capital stock, surplus and deposit equal to that required of such companies prior to the passage of this act. On and after May 1, 1989, companies doing business in this state on January 1, 1969, shall be required to have a paid-up capital stock, surplus and deposit equal to that required of all other companies to whom this section applies immediately prior to the passage of this act.
No provision of this act shall require any insurance company which was authorized in Kansas prior to January 1, 1984, for only the classes of insurance specified in subsections (e) and (f) of K.S.A. 40-1102, and amendments thereto, to comply with any paid-up capital, surplus and deposit requirements other than the paid-up capital, surplus and deposit requirements which were applicable to the company prior to passage of this act.
History: L. 1927, ch. 231, 40-1103; L. 1965, ch. 300, § 4; L. 1969, ch. 237, § 7; L. 1971, ch. 167, § 3; L. 1972, ch. 184, § 3; L. 1984, ch. 169, § 6; L. 1996, ch. 25, § 13; July 1.
Structure Kansas Statutes
Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies
40-1101 Insurance company defined.
40-1103 Paid-up capital stock and surplus required; deposits of securities; amount.
40-1104 Regulation of foreign companies; capital stock and surplus required.
40-1105 Revocation of certificate of authority, when.
40-1107 Maximum amount of one risk or hazard; exceptions.
40-1107a Same; title insurance company; exceptions.
40-1108 Reserves of surety company.
40-1110 Supplemental coverages or endorsements in connection with liability policies.
40-1112a Discount for motor vehicle insurance, when; conditions.
40-1119 Same; false or misleading information; penalty.
40-1126 Reports by insurers of health care providers of any actions to state board of healing arts.
40-1127 Same; content of reports.
40-1134 Title insurance companies; policy requirements.
40-1135 Title insurance agencies; purpose.
40-1137 Same; agents, authorized activities; use of client funds; escrow accounts, audit.
40-1138 Same; agent record requirements; inspection.
40-1139 Same; financial responsibility requirements.