40-448. Transfer of domicile of domestic company; approval of commissioner; admittance as foreign insurer; deposit of securities; certificate of secretary of state; continuation of existing authority and policies; nonrecognition of transfer for certain purposes. (a) Any life insurance company that was originally incorporated under the laws of this state on March 28, 1907, may, with the approval of the commissioner of insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance. Every such transferring insurer shall notify the commissioner of insurance of the details of the proposed transfer and shall file promptly any resulting amendments to its articles of incorporation or bylaws. The commissioner of insurance may require additional information, hold hearings, and take such other action as may be necessary to evaluate the proposed transfer. The commissioner of insurance shall approve any such proposed transfer and issue written evidence thereof in the form required by the state to which the transfer shall be made, unless it is determined that such transfer is not in the interest of the policyholders of this state. Upon such transfer the company shall cease to be a domestic insurer and shall be admitted to transact the business of insurance in this state if qualified as a foreign insurer. Upon such transfer the transferring company shall no longer be required to deposit securities pursuant to K.S.A. 40-401, 40-404 or any other provision of chapter 40 of the Kansas Statutes Annotated, and amendments thereto; however, the commissioner of insurance shall retain an amount of securities equal to the legal reserves on all policies owned by residents of this state in force at the time of such transfer, and the transferring company shall periodically deposit with the commissioner of insurance additional securities so that at all times the amount on deposit is at least equal to the legal reserves of such policies.
(b) Upon approving any such transfer, the commissioner of insurance shall file with the secretary of state, in accordance with subsections (c) and (d) of K.S.A. 17-6003, and amendments thereto, a certificate stating that the commissioner of insurance has approved transfer of the company's domicile to another state and the state to which the company will transfer its domicile. One hundred and eighty days after the filing of such certificate, or on such earlier date as may be communicated in writing by the president and secretary of the transferring company to the secretary of state, the secretary of state shall issue a certificate that the company has transferred its domicile to the state designated by the commissioner of insurance, and thereupon the existence of the corporation as a domestic corporation shall terminate, if the certificate of the secretary of state shall be recorded in the office of the register of deeds of the county in which the corporation maintained its registered office in this state in compliance with the requirements of subsection (d) of K.S.A. 17-6003, and amendments thereto.
(c) At the discretion of the commissioner of insurance, the certificate of authority, agents' appointments and certificates, rates, forms and other documents required as a precedent to the holding of a Kansas certificate of authority, which are in existence at the time any insurer transfers its domicile to any other state pursuant to subsections (a) and (b), shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All in force policies of any transferring insurer shall remain in full force and effect and shall be endorsed as necessary to display the new name and location of the company.
(d) The transferring company shall not be treated as discontinuing its business for purposes of K.S.A. 40-248 or any other provision of chapter 40 of the Kansas Statutes Annotated, and amendments thereto. The transferring company shall not be treated as uniting, merging or consolidating with any other company for purposes of K.S.A. 40-309 or any other provision of chapter 40 of the Kansas Statutes Annotated, and amendments thereto. The transfer shall not be treated as a merger or acquisition of control for purposes of K.S.A. 40-3304 or any other provision of chapter 40 of the Kansas Statutes Annotated and amendments thereto.
(e) The commissioner of insurance of this state may promulgate rules and regulations to carry out the purposes of this act.
History: L. 1990, ch. 155, ยง 1; July 1.
Structure Kansas Statutes
Article 4 - General Provisions Relating To Life Insurance Companies
40-402 Paid-up capital stock, surplus; deposit of securities.
40-403b Same; foreign companies.
40-410 Cancellation of policy for nonpayment of premiums; notice, when; policyowner defined.
40-411 Notice of intention to cancel policy for nonpayment of premium; time for payment.
40-412 When action to be maintained on insurance contract.
40-413 Death of beneficiary in policy; duties of insurance company.
40-414 Exemption of interests in policies; exceptions.
40-414a Trust provisions in contracts; restrictions on alienation; exemptions.
40-415 Insurance to go to estate of insured when beneficiary dies before insured.
40-417 Fraud and perjury; penalty.
40-418 Materiality of misrepresentation in obtaining policy.
40-419 Tender of premiums with defense of misrepresentation.
40-419a Refund upon cancellation of individual term policy; calculation.
40-420 Contents of insurance policy; exceptions.
40-420a Policy loan interest rates; purpose.
40-420c Same; methods to determine interest rates; definitions.
40-420d Same; applicability to policies.
40-421 Provisions insurance policy not to contain.
40-422 Industrial life insurance; definitions.
40-423 Same; contents of industrial life insurance policy; exceptions; surrender.
40-424 Same; designation of beneficiary; change of; payments.
40-425 Same; cash surrender value and value of stipulated form to be equal.
40-426 Same; commissioner may authorize policies more favorable.
40-428 Standard nonforfeiture law.
40-429 Loan provisions in policies.
40-431 Definition of due date for the payment of premiums and of when premium in default.
40-433 Group life insurance; types of policies and requirements.
40-433a Same; provision granting employee right of assignment of benefits.
40-434 Same; policy provisions required.
40-435 Same; conversion privileges; notice.
40-439 Assignment of rights and privileges under life and accident and health insurance policies.
40-440 Same; act acknowledges existing right of assignment.
40-441 Designation of trustee under will as beneficiary of life insurance policy.
40-442 Issuance of life insurance policy; filing of form prior to issuance.
40-443 Same; approval of commissioner.
40-444 Same; disapproval of policy form; notice, requirements; hearing.
40-447 Payment of life insurance proceeds; interest required to be paid, when.
40-449 Policies covering debtors, replacement by creditor; limitation on contestation.
40-452 Life insurance; employer's insurable interest in employees; when.
40-453 Life insurance; insurable interest.
40-461 Structured settlement protection act; definitions.
40-462 Same; disclosure statement, contents.
40-463 Same; approval of transfer; required findings.
40-466 Same; limitations on provisions of transfer agreement.
40-467 Same; citation of act; applicability to workers compensation.
40-4,101 Standard nonforfeiture law for individual deferred annuities; citation of act.
40-4,103 Same; nonforfeiture requirements.
40-4,104 Same; minimum values; rules and regulations.
40-4,105 Same; computation of present value.
40-4,106 Same; calculation of cash surrender value.
40-4,107 Same; calculation of paid-up annuity benefits.
40-4,109 Same; disclosure of death benefits.
40-4,110 Same; inclusion of lapse of time considerations.
40-4,111 Same; proration of values; additional benefits.
40-4,112 Same; rules and regulations.
40-4,113 Same; effective date.