40-4336. Same; commissioner's findings to approve application. (a) In order to approve an application and issue a certificate of authority to a special purpose insurance captive, the commissioner must find that:
(1) The proposed plan of operation provides a reasonable and expected successful operation;
(2) the terms of the transactions proposed in the plan of operation to which the special purpose insurance captive is a party comply with K.S.A. 40-4332 through 40-4352, and amendments thereto; and
(3) the commissioner of the domiciliary state of each ceding company has notified the commissioner in writing or the applicant has otherwise provided assurance satisfactory to the commissioner that such regulator has either approved or granted a disapproval of the special purpose insurance captive contract.
(b) In evaluating the expectation of a successful operation, the commissioner shall consider whether the proposed special purpose insurance captive and its management are of known good character and reasonably believed not to be affiliated, directly or indirectly, with a person known to have been involved with the improper manipulation of assets, accounts or reinsurance. In the event the commissioner of the state of domicile of any ceding company is not required to review the special purpose insurance captive contract, then the approval described in subsection (a)(3) shall not be required for licensing of the special purpose insurance captive hereunder.
History: L. 2018, ch. 50, ยง 19; July 1.
Structure Kansas Statutes
Article 43 - Captive Insurance Companies
40-4307 Annual report of financial condition.
40-4308 Examination of companies; report; orders; confidentiality.
40-4309 Suspension or revocation of certificate of authority; grounds.
40-4310 Investments; restrictions and limitations.
40-4311 Reinsurance authority; requirements and limitation; credit for reserves on risks ceded.
40-4312 No requirement to join rating organization.
40-4313 Companies prohibited from joining or benefiting from insolvency guarantee funds; notice.
40-4317 Rules and regulations; exemptions.
40-4320 Same; actions requiring prior approval of commissioner.
40-4321 Same; books and records; maintenance requirements.
40-4322 Same; fund established.
40-4323 Same; dormant captive insurance companies; certification of; renewal.
40-4324 Same; notification of material change required.
40-4325 Branch captive insurance companies; establishment.
40-4327 Same; capital requirements; exemptions.
40-4328 Same; certification of general good required.
40-4330 Same; examinations; confidentiality.
40-4332 Special purpose insurance captives; definitions.
40-4334 Same; certification required; requirements.
40-4335 Same; plan of operation.
40-4336 Same; commissioner's findings to approve application.
40-4337 Same; incorporation of companies.
40-4338 Same; miscellaneous requirements.
40-4340 Same; issuance of securities.
40-4341 Same; asset management.
40-4342 Same; admitted assets.
40-4343 Same; prohibited activities.
40-4344 Same; dividends and distributions; limitations.
40-4345 Same; plan of operation; changes.
40-4346 Same; affiliated agreements.
40-4348 Same; examinations; reports.
40-4350 Same; confidentiality.
40-4351 Same; conservation, rehabilitation or liquidation, grounds for.