40-4010. Securities issued under plan exempt from securities laws. The offer or sale of securities issued under the plan developed and approved in accordance with the provisions of this act shall be exempt from the Kansas securities laws.
History: L. 1985, ch. 154, § 10; L. 1997, ch. 107, § 12; July 1.
Structure Kansas Statutes
Article 40 - Conversion Of Domestic Mutual Insurer Into Domestic Stock Insurer
40-4001 Conversion authority; review by commissioner; act to be liberally construed.
40-4003a Plan of conversion; terms and conditions.
40-4003b Same; establishment of closed block for policyholder dividends.
40-4003c Continuation in force of policies; extinguishment of policyholder rights.
40-4004 Consideration and approval or disapproval of plan by commissioner; hearings.
40-4005 Same; meeting for approval by policyholders.
40-4006 Limitation on ownership of voting stock of converted insurer; violations; remedies.
40-4007 Prohibition on certain persons benefiting from assistance in conversion.
40-4009 Directors and officers of mutual insurer, service.
40-4010 Securities issued under plan exempt from securities laws.
40-4011 Actions challenging validity of conversion; security required.
40-4012 Rules and regulations.
40-4013 Commissioner to charge insurer for expenses.
40-4014 Filing amended articles of incorporation with secretary of state.