Kansas Statutes
Article 7 - Fraternal Benefit Societies
40-769 Conversion of society into mutual or stock life insurance company.

40-769. Conversion of society into mutual or stock life insurance company. Any fraternal benefit society incorporated under the laws of the state of Kansas may reorganize and convert itself into a mutual life insurance company or into a stock life insurance company by conforming with the provisions of K.S.A. 40-770 through 40-776. Nothing contained herein shall affect any conversion of a fraternal benefit society carried out under the laws of this state prior to the effective date of this act.
History: L. 1988, ch. 154, § 32; Jan. 1, 1989.

Structure Kansas Statutes

Kansas Statutes

Chapter 40 - Insurance

Article 7 - Fraternal Benefit Societies

40-738 Definitions.

40-739 Operation on lodge system; subordinate lodges required to hold regular meetings; lodges for children.

40-740 Representative form of government; election and voting criteria.

40-741 Definitions.

40-742 Operation for benefit of members; authorized insurance business and purposes; specification of persons who may be covered; adoption of laws and rules governing society's operation.

40-743 Laws and rules; provisions relating to membership to be specified.

40-744 Location of principal office; supreme governing body, location of meetings, minutes of proceedings; official publication for notices; mailings; grievance or complaint procedures.

40-745 Personal liability of supreme governing body officers and members; indemnification and reimbursement for expenses and liabilities of directors, officers, employees and agents of society and other entities; liability insurance.

40-746 Society's laws nonwaivable by subordinate bodies, officers or members.

40-747 Beneficiary designations; payment of funeral benefits to persons incurring expense therefor; payment of proceeds when no lawful beneficiary.

40-748 Benefits not subject to attachment, garnishment or process.

40-749 Benefit contracts; certificate to be issued to owners; statements on application representations; effect of amendments to society's laws; contracts on lives of minors; impairment of reserves; copies of documents to be received as evidence; cer...

40-750 Valuation of paid-up nonforfeiture benefits, cash surrender values and loan or other options.

40-751 Investment of funds.

40-752 Holding of assets; creation of special funds; establishment of separate accounts; issuance of contracts on variable basis.

40-753 Insurance laws application to societies.

40-754 Standards of valuation for certificates; mortality tables; maintenance of reserves in excess of those required.

40-755 Annual statement to include valuation of certificates in force; certification or verification of actuary.

40-756 Licenses continued in force upon payment of fees; certified copy of license prima facie evidence licensee is society.

40-757 Examinations; notice and opportunity to respond; payment of expenses.

40-758 Foreign and alien societies to procure license to transact business in state; filing and other requirements.

40-759 Deficiencies in operation by domestic society; notice to correct; show cause requirement upon failure to correct; injunction or quo warranto action by attorney general; recommencement of business; liquidation; receiver; procedures applicable t...

40-760 Deficiencies in operation by foreign or alien society; notice to correct; show cause requirement upon failure to correct; suspension, revocation or refusal of authority to do business; certain contracts authorized to be continued.

40-761 Application or petition for injunction required to be made by attorney general on request of commissioner.

40-762 Agents, licensing, certification and examination; exemption therefrom for certain agents, representatives and members; society to maintain record of exempted representatives; information thereof and of change of exempt status to be furnished t...

40-763 Societies and agents subject to law regulating trade practices; construction and application thereof.

40-764 Formation requirements; incorporators; articles of incorporation; documents to be filed with commissioner; bond; preliminary certificate of authority, expiration; solicitation of members upon receipt of preliminary certificate; conditions prec...

40-765 Amendment of domestic society's laws; procedures; approval by commissioner; amendments or synopsis thereof to be furnished to members; amendments and additions to be furnished to commissioner; printed copies prima facie evidence of legal adopt...

40-766 Establishment and operation of not for profit institutions to further purposes of society; compensation for institutions' services; annual statement to include property held for such purposes.

40-767 Reinsurance; limitations; credit for reserves on ceded risks.

40-768 Consolidation or merger of domestic society; documents and evidence to be filed with commissioner; approval of commissioner; effective date; societies incorporated under laws of foreign state; transfer of rights and property to society resulti...

40-769 Conversion of society into mutual or stock life insurance company.

40-770 Same; submission of proposal to supreme legislative body; notice to be furnished members and policyholders; meeting of subordinate lodges or branches on proposal; election of delegates to supreme legislative body; approval of plan by commissio...

40-771 Same; adoption of resolution by delegates to supreme legislative body; certificate to be filed with commissioner by directors of society; contents.

40-772 Same; report of meeting to be filed with commissioner.

40-773 Same; conversion into stock company; purchase of stock; notice to members or policyholders of right to purchase; preference; limitation; nonmembers of society.

40-774 Same; status of corporation upon conversion; reserves on policies issued prior to conversion; succession to rights and property of society; power of commissioner to order divestiture or revaluation.

40-775 Same; preservation of rights of members, policyholders and creditors of society as obligations of new corporation; appointment of commissioner as process agent.

40-776 Same; obligation of new corporation to perform obligations of society; preservation of pending legal actions.

40-777 Appointment of commissioner as process agent; time for society to file pleadings after receiving copy of notice.

40-778 Review of commissioner's decisions.

40-779 Penalties for violations.

40-780 Application of act to exempted societies and organizations; information required by commissioner.

40-781 Rules and regulations.

40-782 Severability of act.