40-3520. Establishment of reserves in accord with law of another state where insurance company licensed. (a) Whenever the laws of any other jurisdiction in which a mortgage guaranty insurance company subject to the requirement of this act is also licensed to transact mortgage guaranty insurance require a larger unearned premium reserve or contingency reserve in the aggregate than that set forth herein, the establishment of such larger unearned premium reserve or contingency reserve in the aggregate shall be deemed to be in compliance with this act.
(b) Unearned premium reserves and contingency reserves shall be computed and maintained on risks insured after the effective date of this act as required by K.S.A. 40-3516 and 40-3518. Unearned premium reserves and contingency reserves on risks insured before the effective date of this act may be computed and maintained as required previously.
History: L. 1977, ch. 154, ยง 20; Jan. 1, 1978.
Structure Kansas Statutes
Article 35 - Mortgage Guaranty Insurance Companies
40-3503 Capital and surplus requirements.
40-3504 Requirements prior to issuance of policies.
40-3505 Insuring of certain risks prohibited.
40-3507 Investments; prohibitions.
40-3509 Certificate of authority; eligibility for; time for compliance.
40-3512 Limitation on outstanding liability; temporary waiver.
40-3516 Unearned premium reserve requirement.
40-3517 Case basis and other loss reserves requirements.