Kansas Statutes
Article 35 - Mortgage Guaranty Insurance Companies
40-3503 Capital and surplus requirements.

40-3503. Capital and surplus requirements. A mortgage guaranty insurance company shall not transact the business of mortgage guaranty insurance unless, if said company is a stock insurance company, it has paid-in capital of at least one million dollars ($1,000,000) and surplus of at least one million dollars ($1,000,000), or if said company is a mutual insurance company, it has a minimum surplus of two million dollars ($2,000,000).
History: L. 1977, ch. 154, § 3; Jan. 1, 1978.

Structure Kansas Statutes

Kansas Statutes

Chapter 40 - Insurance

Article 35 - Mortgage Guaranty Insurance Companies

40-3501 Title of act.

40-3502 Definitions.

40-3503 Capital and surplus requirements.

40-3504 Requirements prior to issuance of policies.

40-3505 Insuring of certain risks prohibited.

40-3506 Preparation of information and advertisements concerning real estate investments of financial institutions; prohibited conduct.

40-3507 Investments; prohibitions.

40-3509 Certificate of authority; eligibility for; time for compliance.

40-3510 Discrimination in issuing or extending insurance prohibited; requirements on lender by insurance company authorized; examination of borrower and appraisal report required prior to writing insurance.

40-3511 Issuance of insurance to lending institutions; extension of coverage to individual loans; consideration as group policies; owner-occupied, single-family dwelling, borrower not liable to company for deficiency arising from foreclosure sale.

40-3512 Limitation on outstanding liability; temporary waiver.

40-3513 Payments or rebates as inducements or compensation for or in connection with placement of insurance prohibited; penalties for violations.

40-3514 Maintaining funds on deposit with insurance company's own insured prohibited; presumptions; other prohibited practices.

40-3515 Insurance company as member of holding company system; prohibited underwriting activities as condition of certificate of authority; other proscribed activities.

40-3516 Unearned premium reserve requirement.

40-3517 Case basis and other loss reserves requirements.

40-3518 Contingency reserve requirement; withdrawals.

40-3519 Reinsurance; establishment and maintenance of reserves in appropriate proportions by insurance company and reinsurer.

40-3520 Establishment of reserves in accord with law of another state where insurance company licensed.

40-3521 Rules and regulations.