reglab/housing_qa huggingface dataset:
KS Stat § 40-4321 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4321 Same; books and records; maintenance requirements.

40-4321. Same; books and records; maintenance requirements. (a) Unless otherwise approved by the commissioner, a captive insurance company shall maintain its books, records, documents, accounts, vouchers and agreements in Kansas. Notwithstanding the foregoing, all electronic documents shall be accessible within the state. A captive insurance company shall make its books, records, documents, accounts, vouchers and agreements available for inspection by the commissioner at any time. A captive insurance company shall keep its books, records, documents, accounts, vouchers and agreements in such manner that its financial condition, affairs and operations can be readily ascertained and in such manner that the commissioner may readily verify its financial statements and determine its compliance with all relevant statutes.(b) Unless otherwise approved by the commissioner, all original books, records, documents, accounts, vouchers and agreements of a captive insurance company must be preserved and kept available in Kansas for the purpose of examination and inspection until the commissioner approves their destruction or other disposition. If the commissioner approves the preservation and keeping of the foregoing outside of Kansas, the captive insurance company shall maintain a complete and true copy of each such original within the state. Books, records, documents, accounts, vouchers and agreements may be photographed, reproduced on film or stored and reproduced electronically.(c) If any company, by its officers, directors, employees or agents, fails to comply with subsections (a) and (b), the commissioner, after notice and opportunity for hearing, may impose a civil penalty of up to $5,000 for each violation or act, along with a penalty of up to $1,000 for each week thereafter that such report or document is not provided. A violation of subsection (a) or (b) shall also be grounds for suspension or refusal of, or nonrenewal of, the certificate of authority held by the captive insurance company. Any proceeding for suspension, revocation or refusal of any certificate of authority shall be conducted in accordance with the provisions of the Kansas administrative procedure act.History: L. 2018, ch. 50, § 4; July 1.
KS Stat § 40-4322 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4322 Same; fund established.

40-4322. Same; fund established. There is hereby created a fund in the state treasury to be known as the captive insurance regulatory and supervision fund to be administered by the commissioner. All moneys credited to such fund shall be expended only for the purpose of providing for the administration of this act. All fees received by the commissioner under the captive insurance act shall be remitted to the state treasurer in accordance with the provisions of K.S.A. 75-4215, and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the captive insurance regulatory and supervision fund. All expenditures from the fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the commissioner. All amounts received by the department pursuant to this act shall be credited to this fund.History: L. 2018, ch. 50, § 5; July 1.
KS Stat § 40-4323 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4323 Same; dormant captive insurance companies; certification of; renewal.

40-4323. Same; dormant captive insurance companies; certification of; renewal. (a) As used in this section, unless the context requires otherwise, "dormant captive insurance company" means a captive insurance company that has:(1) Ceased transacting the business of insurance, including the issuance of insurance policies; and(2) no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy under this section.(b) A captive insurance company domiciled in Kansas that meets the criteria of subsection (a) may apply to the commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal every five years and shall be forfeited if not renewed within such time.(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than $25,000;(2) prior to March 15 of each year, submit to the commissioner a report of its financial condition, verified by oath by two of its executive officers, in a form as may be prescribed by the commissioner; and(3) pay a license renewal fee of $500.(d) A dormant captive insurance company shall not be subject to or liable for the payment of any tax under K.S.A. 40-4314, and amendments thereto, or as provided in article 28 of chapter 40 of the Kansas Statutes Annotated, and amendments thereto.(e) A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.(f) A certificate of dormancy shall be revoked if a dormant captive insurance company no longer meets the criteria of subsection (a).(g) The commissioner may promulgate rules and regulations as necessary to carry out the provisions of this section.History: L. 2018, ch. 50, § 6; July 1.
KS Stat § 40-4324 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4324 Same; notification of material change required.

40-4324. Same; notification of material change required. The captive insurance company shall notify the commissioner in writing within 10 days of any material change in the financial condition or management of the captive insurance company. The commissioner shall designate material changes through rules and regulations.History: L. 2018, ch. 50, § 7; July 1.
KS Stat § 40-4325 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4325 Branch captive insurance companies; establishment.

40-4325. Branch captive insurance companies; establishment. (a) A branch captive insurance company, as defined in K.S.A. 40-4326, and amendments thereto, may be established in Kansas in accordance with the provisions of the captive insurance act. In addition to the general provisions of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, the provisions of the captive insurance act shall apply to branch captive insurance companies. In the event of conflict between the provisions of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, and the provisions of the captive insurance act, the latter shall control.(b) No branch captive insurance company shall do any insurance business in Kansas unless it maintains the principal place of business for its branch operations, as defined in K.S.A. 40-4326, and amendments thereto, in Kansas and it appoints a principal representative in Kansas who is a resident of Kansas.History: L. 2018, ch. 50, § 8; July 1.
KS Stat § 40-4326 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4326 Same; definitions.

40-4326. Same; definitions. As used in K.S.A. 40-4325 through 40-4331, and amendments thereto:(a) "Alien" means formed under the laws of any country or jurisdiction other than the United States of America or any of its states, districts, commonwealths or possessions.(b) "Alien captive insurance company" means any insurance company formed to write insurance business of a nature that the commissioner determines is otherwise permissible under this act and is licensed or authorized pursuant to the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting business of insurance in such jurisdiction.(c) "Branch business" means any insurance business transacted by a branch captive insurance company in Kansas.(d) "Branch captive insurance company" means any alien captive insurance company that has been issued a certificate of authority by the commissioner to transact the business of insurance in Kansas through a business unit with a principal place of business in Kansas, and has not otherwise been issued a certificate of authority by the commissioner to transact insurance under this act.(5) "Branch operations" means any business operations of a branch captive insurance company in Kansas.(6) "Principal representative" shall mean a person designated as such by the branch captive insurance company as its principal representative on such forms and with such information as required by the commissioner.History: L. 2018, ch. 50, § 9; July 1.
KS Stat § 40-4327 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4327 Same; capital requirements; exemptions.

40-4327. Same; capital requirements; exemptions. (a) No branch captive insurance company shall be issued a certificate of authority unless it shall possess and thereafter maintain, as security for the payment of liabilities attributable to the branch operations:(1) Minimum capital and surplus of an amount equal to the amount set forth in K.S.A. 40-4304, and amendments thereto, as the minimum capital requirement for a pure captive insurance company; and(2) reserves on such insurance policies or such reinsurance contracts as may be issued or assumed by the branch captive insurance company through its branch operations, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations, except that, the commissioner may permit a branch captive insurance company to credit against any such reserve requirement in accordance with K.S.A. 40-221a, and amendments thereto.(b) Subject to the prior approval of the commissioner, the amounts required in subsection (a) may be held in the form of:(1) A trust formed under a trust agreement and funded by assets acceptable to the commissioner;(2) an irrevocable letter of credit issued or confirmed by a bank approved by the commissioner; or(3) any combination thereof.(c) The commissioner may, on a case-by-case basis, exempt a branch captive insurance company from any or all of the requirements of this section, provided the commissioner finds satisfactory evidence of the branch captive insurer's financial stability.History: L. 2018, ch. 50, § 10; July 1.
KS Stat § 40-4328 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4328 Same; certification of general good required.

40-4328. Same; certification of general good required. (a) In the case of a captive insurance company authorized as a branch captive, the branch captive insurance company shall petition the commissioner to issue a certificate setting forth the commissioner's finding that, after considering the character, reputation, financial responsibility, insurance experience and business qualifications of the officers and directors of the branch captive insurance company, the licensing and maintenance of the branch operations will promote the general good of Kansas. The branch captive insurance company may register to do business in Kansas after the commissioner's certificate is issued.(b) In making this determination, the commissioner or the commissioner's designee shall have free access to the books and papers of any such company that relate to its business and to the books and papers kept by any of its agents and may examine under oath, which the commissioner is empowered to administer, the directors, officers, agents or employees of any such company in relation to its affairs, transactions and condition.History: L. 2018, ch. 50, § 11; July 1.
KS Stat § 40-4329 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4329 Same; annual report.

40-4329. Same; annual report. (a) A branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two of its executive officers. Such reports and statements shall be filed with the commissioner on the same day that such reports and statements are due in the domiciliary jurisdiction of the alien captive insurance company.(b) If the commissioner is satisfied that the annual report filed in accordance with subsection (a) provides adequate information concerning the financial condition of the branch captive insurance company, the commissioner may waive the requirement for completion of the annual report required under K.S.A. 40-4307, and amendments thereto. If the commissioner is not satisfied with the reports and statements filed pursuant to subsection (a), a report that meets the requirements of K.S.A. 40-4307, and amendments thereto, shall be filed with the commissioner at such date as the commissioner shall establish.(c) If the branch captive insurance company is not required to file reports or statements in its domiciliary jurisdiction, the requirements of K.S.A. 40-4307, and amendments thereto, shall apply.(d) All reports shall be provided the same confidential treatment as provided in K.S.A. 40-4308, and amendments thereto.History: L. 2018, ch. 50, § 12; July 1.
KS Stat § 40-4330 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4330 Same; examinations; confidentiality.

40-4330. Same; examinations; confidentiality. (a) The examination of a branch captive insurance company pursuant to K.S.A. 40-4308, and amendments thereto, shall be of branch business and branch operations only, so long as the branch captive insurance company provides annually to the commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the domiciliary jurisdiction of the branch captive insurance company, and demonstrates to the commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.(b) As a condition of the issuance of a certificate of authority under this act, a branch captive insurance company shall grant authority to the commissioner for examination of the affairs of a branch captive insurance company in the jurisdiction in which the branch captive insurance company is formed, operates or maintains books and records.(c) All reports shall be given the same confidential treatment as provided in K.S.A. 40-4308, and amendments thereto.History: L. 2018, ch. 50, § 13; July 1.
KS Stat § 40-4331 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4331 Same; taxation.

40-4331. Same; taxation. In the case of a branch captive insurance company, the tax provided for in K.S.A. 40-4314, and amendments thereto, shall apply only to the branch business of such company.History: L. 2018, ch. 50, § 14; July 1.
KS Stat § 40-4333 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4333 Same; applicable law.

40-4333. Same; applicable law. (a) No provision of the Kansas insurance laws, other than those specifically referenced in K.S.A. 40-4332 through 40-4352, and amendments thereto, apply to a special purpose insurance captive, its operations, assets, investments and special purpose insurance captive contracts. Notwithstanding the foregoing, article 33 of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, shall continue to apply as applicable.(b) In the event of a conflict between any provision of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, and K.S.A. 40-4332 through 40-4352, and amendments thereto, the latter shall control as to the special purpose insurance captive and its operations, assets, dividends, special purpose insurance captive contracts, and surplus notes and investments. The commissioner may exempt all, or any one, special purpose insurance captive by rules and regulations or order from the provisions of K.S.A. 40-4332 through 40-4352, and amendments thereto, that the commissioner determines to be inappropriate, but may not expand the application of these sections.History: L. 2018, ch. 50, § 16; July 1.
KS Stat § 40-4335 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4335 Same; plan of operation.

40-4335. Same; plan of operation. (a) A special purpose insurance captive must file, as part of its application, a plan of operation to consist of a description of the contemplated financing transaction or transactions and a detailed description of transaction documents to which the special purpose insurance captive will be a party, including, but not limited to, the special purpose insurance captive contract and related transactions to which the special purpose insurance captive will be a party that must include:(1) Draft documentation or, at the commissioner's discretion, a written summary of all material agreements to which the special purpose insurance captive is to be a party that are to be entered into to effectuate the special purpose insurance captive contract and the financing transaction;(2) the purpose of the transaction;(3) maximum amounts;(4) interrelationships of the various transactions, to which the special purpose insurance captive will be a party, required to effectuate the financing;(5) the investment strategy and plan for the special purpose insurance captive;(6) a description of the underwriting, reporting and claims payment methods by which losses covered by the special purpose insurance captive contract will be reported, accounted for and settled;(7) the initial minimum capital to be held by the special purpose insurance captive; and(8) a pro forma balance sheet and income statements illustrating the performance of the special purpose insurance captive, the special purpose insurance captive contract, and any ceded reinsurance agreements under scenarios reasonably requested by the commissioner or specified by rules and regulations.(b) The pro forma balance sheets and income statements filed under this section must be updated by the special purpose insurance captive and filed with the commissioner in the event of a material deviation from the original or most recently filed plan of operation.(1) The plan of operation must specify which deviations are to be considered material; and(2) any other documents or descriptions the commissioner deems appropriate to explain such material deviation.History: L. 2018, ch. 50, § 18; July 1.
KS Stat § 40-4336 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4336 Same; commissioner's findings to approve application.

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, § 19; July 1.
KS Stat § 40-4337 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4337 Same; incorporation of companies.

40-4337. Same; incorporation of companies. A special purpose insurance captive may be incorporated as a stock insurer subject to the provisions in K.S.A. 40-205, and amendments thereto, or as a nonstock corporation, or may be formed as a limited liability company, partnership or limited partnership.History: L. 2018, ch. 50, § 20; July 1.
KS Stat § 40-4338 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4338 Same; miscellaneous requirements.

40-4338. Same; miscellaneous requirements. (a) Activities of a special purpose insurance captive shall be limited to those necessary to accomplish its purpose as outlined in its plan of operation.(b) The name of a special purpose insurance captive shall not be deceptively similar to or likely to be confused with another existing business name registered in the state.(c) A special purpose insurance captive must have at least three incorporators or organizers, at least one of whom shall be a resident of the state.(d) The capital stock of a special purpose insurance captive incorporated as a stock company shall be issued at not less than par value.History: L. 2018, ch. 50, § 21; July 1.
KS Stat § 40-4339 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 43 - Captive Insurance Companies|40-4339 Same; contracts.

40-4339. Same; contracts. A special purpose insurance captive may enter into a special purpose insurance captive contract with a ceding company, provided:(a) The special purpose insurance captive has been granted a certificate of authority to transact business as a special purpose insurance captive under this section; and(b) the special purpose insurance captive provides the commissioner with evidence of approval or disapproval from the insurance regulatory official of the ceding company's state or country of domicile to enter into the special purpose insurance captive contract. If the ceding company's domiciliary insurance regulatory official does not customarily provide evidence of such approval or disapproval, the commissioner shall approve the special purpose insurance captive's execution of such special purpose insurance captive contract, if such special purpose insurance captive contract would be acceptable and if an assuming insurer domiciled in Kansas were to propose execution of the same with its ceding company for the purpose of assuming such reinsurance and an officer of the special purpose insurance captive provides the commissioner with a certification that terms of the special purpose insurance captive contract meet the requirements for the ceding company to obtain credit in its state of domicile for reinsurance ceded under the special purpose insurance captive contract.History: L. 2018, ch. 50, § 22; July 1.