40-1219a. Same; approval of policyholders of merger or consolidation of certain mutual companies not required. Notwithstanding the provisions of K.S.A. 40-1219, and amendments thereto, if a domestic mutual insurer is impaired in that the insurer's surplus is less than the amount required for authority to transact the kinds of insurance being transacted by the insurer or the insurer has attained a financial condition such that its continued operation might be hazardous to the insuring public pursuant to K.S.A. 40-222b, and amendments thereto, the commissioner of insurance may approve the agreement of merger or consolidation after a hearing thereon conducted in accordance with the provisions of the Kansas administrative procedure act. Approval of the merger or consolidation by the policyholders of the insurers that are a party to the transaction is not required.
History: L. 1993, ch. 11, ยง 1; July 1.
Structure Kansas Statutes
Article 12 - Mutual Insurance Companies Other Than Life
40-1201 Authority for formation; directors and officers; elections.
40-1202 Articles of incorporation; name.
40-1203 Kinds of insurance authorized.
40-1204 Certification of authority; conditions for issuance.
40-1205 Corporate membership; personal liability.
40-1206 Number of votes of members.
40-1210 Foreign mutual insurance companies; paid-up capital and surplus requirements.
40-1211 Premium tax; in lieu of certain other taxes.
40-1213 Certain existing companies or associations.
40-1215 Charter and other papers to be filed; approval; authorization.
40-1216 Merger or consolidation of certain mutual companies other than life.
40-1219 Same; vote of policyholders on agreement; meetings of policyholders, notice; required votes.
40-1221 Same; approval by commissioner.
40-1224 Same; fees of officers or directors, prohibited unless disclosed; penalty.
40-1225 Same; construction of act; invalidity of part.
40-1226 Additional kinds of insurance authorized; surplus and deposit requirements.