40-1603. Domestic reciprocal; attorney-in-fact; declarations. (a) The attorney-in-fact of a domestic reciprocal shall file with the commissioner of insurance a declaration verified by the oath of such attorney-in-fact, or when such attorney-in-fact is a corporation by the oath of a chief officer thereof, setting forth:
(1) The name of the attorney-in-fact, and the name of the domestic reciprocal.
(2) The kind or kinds of insurance to be effected or exchanged.
(3) A copy of the form of power of attorney and subscriber's agreement or other authority of such attorney-in-fact under which such insurance is to be effected or exchanged.
(4) The location of the office or offices from which such contracts or agreements are to be issued.
(5) That except as to the kinds of insurance hereinafter specifically mentioned in this subdivision, applications shall have been made for indemnity upon at least 100 separate risks aggregating not less than $1,500,000, represented by executed contracts or bona fide applications to become concurrently effective. In the case of employers' liability or workers compensation insurance, applications shall have been made for indemnity upon at least 100 separate risks, covering a total annual payroll of not less than $2,500,000, as represented by executed contracts or bona fide applications to become concurrently effective.
(6) That there is in the possession of such attorney-in-fact, and available for the payment of losses, assets conforming to the requirements of K.S.A. 40-1605, and amendments thereto.
(7) A financial statement in form prescribed for the annual statement.
(8) An instrument authorizing service of process as provided in this article.
(b) No declaration shall be required under this section for any reciprocal organized in this state as a result of a conversion under the provisions of K.S.A. 40-1620, and amendments thereto.
History: L. 1927, ch. 231, 40-1603; L. 2000, ch. 170, ยง 19; July 1.
Structure Kansas Statutes
Article 16 - Reciprocal Or Interinsurance Contracts
40-1601 Exchange contracts authorized.
40-1602 Execution of contracts by attorney-in-fact.
40-1603 Domestic reciprocal; attorney-in-fact; declarations.
40-1604 Statements filed by attorney-in-fact with commissioner; amount of indemnity.
40-1605 Maintenance of unearned premiums and reserves; surplus funds; conditions.
40-1606 Advancements to company; conditions.
40-1607 Service of process upon commissioner; fee; suits by and against subscribers.
40-1608 Bond of attorney and employees.
40-1609 Power of corporation to exchange contracts.
40-1610 Certificate of authority; revocation or suspension.
40-1611 Levies and taxes on premiums; payment; deductions.
40-1612 Certain provisions of code to reciprocals.
40-1613 Authority to write fidelity and surety bonds; conditions.
40-1616 Same; approval; assumption of policies and business by surviving entity.
40-1617 Same; merger agreement; approval; submission to insurance commissioner.
40-1619 Same; construction of act; exemption from certain provisions of law.
40-1621 Same; hearing on conversion plan.
40-1622 Same; act supplemental to article 16.
40-1624 Reciprocal; business name.
40-1625 Reciprocal; board of directors; requirements on; powers and duties.
40-1626 Subscriber's agreement; requirements.
40-1627 Modification of power of attorney; filing requirements.
40-1628 Reciprocal; return of savings to subscriber accounts.
40-1629 Domestic reciprocal; liquidation; requirements on.
40-1630 Reciprocal; assessable insurance policies, prohibition against issuance.