40-2a16. Leeway clause. Any insurance company other than life heretofore or hereafter organized under any law of this state may invest with the direction or approval of a majority of its board of directors or authorized committee thereof, any of its funds, or any part thereof in investments whether or not qualified and permitted under this act and notwithstanding any conditions or limitations prescribed therein, in an aggregate amount not more than 10% of its admitted assets as shown by the company's last annual report as filed with the commissioner of insurance or a more recent quarterly financial statement filed with the commissioner, except that investments shall not be permitted in insolvent organizations or organizations in default with respect to the payment of principal or interest.
History: L. 1972, ch. 173, § 16; L. 1983, ch. 156, § 5; L. 2015, ch. 7, § 3; July 1.
Structure Kansas Statutes
Article 2a - Investments By Other Than Life Insurance Companies
40-2a01 United States government obligations; call options.
40-2a02 State, District of Columbia, territorial and municipal obligations.
40-2a03 Canadian government, provincial and municipal obligations.
40-2a04 Foreign government obligations.
40-2a05 Business entity obligations; definitions.
40-2a06 Equipment trust obligations or conditional sales contract.
40-2a07 Preferred and guaranteed stocks; definitions.
40-2a08 Equity interests; call options.
40-2a10 Bank certificates of deposit.
40-2a11 Savings and loan shares or deposits.
40-2a12 Real estate bonds and mortgages.
40-2a18 Real estate investment trusts.
40-2a19 Prior lawful investments.
40-2a20 Adoption of nominee name; designation of bank as trustee.
40-2a22 Investment companies; money market mutual funds.
40-2a24 Financial futures contracts; definitions; use for hedging purposes; definitions.
40-2a25 Mortgage related securities.
40-2a26 Medium and lower grade obligations; definitions.
40-2a27 Same; limitations; exceptions; insurance company required to adopt written investment plan.
40-2a28 Investment in asset-backed securities; conditions; definitions.