reglab/housing_qa huggingface dataset:
KS Stat § 40-2b18 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b18 Real estate investment trusts.

40-2b18. Real estate investment trusts. Any life insurance company heretofore or hereafter organized under any law of this state may invest by loans or otherwise, with the direction or approval of a majority of its board of directors or authorized committee thereof, any of its funds, or any part thereof in shares of beneficial interest in or obligations issued by a real estate investment trust qualified under sections 856 through 858 of the federal internal revenue code which meet the following qualifications:(a) The obligations shown on the last published annual statement of such trust must meet the qualifications specified for corporate obligations in subsections (a) through (d) of K.S.A. 40-2b05;(b) cash dividends have been paid during each of the last three (3) years preceding the date of acquisition;(c) the shares are registered on a national securities exchange regulated under the securities exchange act of 1934 as amended;(d) the trust shall have earnings in three (3) of the last five (5) years preceding date of acquisition;(e) no insurance company shall own more than five percent (5%) of the total number of shares of any one such trust, nor invest more than two percent (2%) of its admitted assets in shares of any one such trust.Shares in each trust which has over one-half (1/2) of its assets invested in ownership of real estate or which has such ownership as its stated investment objective shall be considered a real estate investment for purposes of conforming with the limitation on real estate ownership imposed in K.S.A. 40-2b10.History: L. 1972, ch. 179, § 18; July 1.
KS Stat § 40-2b19 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b19 Prior lawful investments.

40-2b19. Prior lawful investments. All investments owned by any life insurance company at the time this act becomes effective and purchased pursuant to and in accordance with prior investment laws of this state shall be deemed in compliance with this act.History: L. 1972, ch. 179, § 19; July 1.
KS Stat § 40-2b20 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b20 Adoption of nominee name; designation of bank or trust company as trustee; defining clearing corporation.

40-2b20. Adoption of nominee name; designation of bank or trust company as trustee; defining clearing corporation. (a) Any life insurance company organized under any law of this state, with the direction or approval of a majority of its board of directors, may:(1) Adopt a nominee name unique to such insurance company in which such insurance company's securities may be registered;(2) designate a state or national bank, a trust company or a federal home loan bank having trust powers to obtain a nominee name for such insurance company in which such insurance company's securities may be registered; or(3) designate a state or national bank or a trust company having trust powers as trustee to make any investment authorized by this act in the name of such trustee or such trustee's nominee.(b) Under the provisions of paragraphs (2) and (3) of subsection (a), the designated state or national bank, the trust company or the federal home loan bank may arrange for such securities to be held in a clearing corporation. Such arrangement must be in accordance with a written agreement, approved by the commissioner of insurance, between the insurance company and its designated bank or trust company and must impose the same degree of responsibility on the bank or trust company as if such securities were held in definitive form by such bank or trust company.(c) As used in this section "clearing corporation" means: (1) A corporation defined in subsection (3) of K.S.A. 84-8-102, and amendments thereto;(2) any organization or system for the clearance and settlement of securities transactions which is operated or owned by a bank, trust company or other entity that is subject to regulation by the United States federal reserve board or the United States comptroller of the currency; or(3) any clearing agency registered with the securities and exchange commission pursuant to the securities exchange act of 1934, section 17A.History: L. 1972, ch. 179, § 20; L. 1983, ch. 156, § 11; L. 1986, ch. 176, § 2; L. 1995, ch. 87, § 1; L. 2009, ch. 83, § 24; L. 2012, ch. 18, § 1; July 1.
KS Stat § 40-2b24 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b24 Investment companies; money market mutual funds.

40-2b24. Investment companies; money market mutual funds. (a) Any life insurance company heretofore or hereafter organized under any law of this state may invest with the direction or approval of a majority of its board of directors or authorized committee thereof, any of its funds, or any part thereof in shares of a corporation registered and operated as an open-end regulated investment company in accordance with the investment company act of 1940, as amended.(b) Investments under this section, other than investments in money market mutual funds as described in subsection (c), shall be further limited as follows:(1) The insurance company's aggregate investment under this provision and K.S.A. 40-2b07, and amendments thereto, combined shall not exceed 25% of its admitted assets as shown by the company's last annual report as filed with the commissioner of insurance or a more recent quarterly financial statement as filed with the commissioner, on a form prescribed by the national association of insurance commissioners, within 45 days following the end of the calendar quarter to which the interim statement pertains;(2) the investment company in which the insurance company acquires shares shall have assets of not less than $25,000,000 at the date of purchase;(3) the insurance company shall not acquire more than 15% of the outstanding shares of any one investment company;(4) investments in the shares of any one investment company shall not exceed 10% of the admitted assets of the insurance company as shown by the company's last annual report as filed with the commissioner of insurance, as determined on the basis of the cost of such shares to the insurance company at time of purchase.(c) Investments in money market mutual funds shall not be subject to the limitations contained in subsection (b) when the assets of the fund represent qualified investments described in K.S.A. 40-2b01, 40-2b02, 40-2b03, 40-2b04, 40-2b05 and 40-2b21, and amendments thereto. Investments in money market mutual funds shall be further limited as follows:(1) The investment company in which the insurance company acquires shares shall have assets of not less than $25,000,000 at the date of purchase; and(2) investments in the shares of any one investment company shall not exceed 20% of the admitted assets of the insurance company as shown by the company's last annual report as filed with the commissioner of insurance, or a more recent quarterly financial statement as filed with the insurance commissioner, on a form prescribed by the national association of insurance commissioners, within 45 days following the end of the calendar quarter to which the interim statement pertains, as determined on the basis of the cost of such shares to the insurance company at the time of purchase.History: L. 1983, ch. 156, § 14; L. 1985, ch. 162, § 2; L. 1987, ch. 160, § 12; L. 1995, ch. 96, § 2; July 1.
KS Stat § 40-2b27 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b27 Medium and lower grade obligations; definitions.

40-2b27. Medium and lower grade obligations; definitions. As used in K.S.A. 40-2b28:(a) "Medium grade obligations" means obligations which are designated "3" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.(b) "Lower grade obligations" means obligations which are designated "4," "5" or "6" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.(c) "Admitted assets" means the amount shown on the insurer's last annual report as filed with the state commissioner of insurance or a more recent quarterly financial statement filed with the commissioner.(d) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof.(e) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or similar entity.(f) "Insurance company" or "insurer" means any life insurance company organized under the laws of this state.(g) "NAIC" means the national association of insurance commissioners.(h) "SVO" means the securities valuation office of the NAIC or any successor office established by the NAIC.History: L. 1992, ch. 121, § 3; L. 2015, ch. 7, § 13; July 1.
KS Stat § 40-2b29 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2b - Investments By Life Insurance Companies|40-2b29 Investment in asset-backed securities; conditions; definitions.

40-2b29. Investment in asset-backed securities; conditions; definitions. (a) Any life insurance company organized under any law of this state may invest, by loans or otherwise, with the direction or approval of a majority of its board of directors or authorized committee thereof, any of its funds, or any part thereof, in asset-backed securities, subject to the following:(1) To be an admitted asset under this section, an asset-backed security must, at the time of acquisition, be designated "1" or "2" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO; and(2) the investment in any one issue of asset-backed securities shall not exceed 2% of the admitted assets of the life insurance company as shown by its last annual report or a more recent quarterly financial statement filed with the commissioner. Each issue designated as provided in paragraph (1) shall constitute a single issue regardless of any other obligations or securities issued by the same or any affiliated issuer.(b) As used in this section:(1) "Asset-backed security" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a business entity of any type or form, which has as its primary business activity the acquisition and holding of financial assets, directly or through a trustee, for the benefit of such business entity's debt or equity holders;(2) "financial asset" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets;(3) "NAIC" means the national association of insurance commissioners; and(4) "SVO" means the securities valuation office of the NAIC or any successor office established by the NAIC.History: L. 1995, ch. 23, § 1; L. 2014, ch. 43, § 8; L. 2015, ch. 7, § 15; July 1.
KS Stat § 40-2c02 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c02 Risk-based capital report.

40-2c02. Risk-based capital report. Every domestic insurer, concurrent with or prior to submission of the annual statement required by K.S.A. 40-225, and amendments thereto, shall prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended in a form and containing such information as is required by the RBC instructions. In addition, every domestic insurer shall file its RBC report:(a) With the NAIC in accordance with the RBC instructions; and(b) with the insurance commissioner in any state in which the insurer is authorized to do business, if such insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report not later than the later of:(1) Fifteen days from the receipt of notice to file its RBC report with that state; or(2) the filing date otherwise specified in this subsection.History: L. 1994, ch. 138, § 2; July 1.
KS Stat § 40-2c03 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c03 Determination of risk-based capital.

40-2c03. Determination of risk-based capital. (a) A life and health insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account and may adjust for the covariance between:(1) The risk with respect to the insurer's assets;(2) the risk of adverse insurance experience with respect to the insurer's liabilities and obligations;(3) the interest rate risk with respect to the insurer's business; and(4) all other business risks and such other relevant risks as are set forth in the RBC instructions;determined in each case by applying the factors in the manner set forth in the RBC instructions.(b) A property and casualty insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account and may adjust for the covariance between:(1) Asset risk;(2) credit risk;(3) underwriting risk; and(4) all other business risks and such other relevant risks as are set forth in the RBC instructions;determined in each case by applying the factors in the manner set forth in the RBC instructions.(c) An excess of capital over the amount produced by the risk-based capital requirements contained in this act and the formulas, schedules and instructions referenced in this act is desirable in the business of insurance. Accordingly, insurers should seek to maintain capital above the RBC levels required by this act. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in, or affecting, the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this act.History: L. 1994, ch. 138, § 3; L. 1996, ch. 134, § 2; July 1.
KS Stat § 40-2c04 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c04 Risk-based capital report; adjustment.

40-2c04. Risk-based capital report; adjustment. If a domestic insurer files an RBC report which in the judgment of the commissioner is inaccurate, the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an adjusted RBC report.History: L. 1994, ch. 138, § 4; July 1.
KS Stat § 40-2c05 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c05 Company action level event; defined.

40-2c05. Company action level event; defined. "Company action level event" means any of the following events:(a) The filing of an RBC report by an insurer which indicates that:(1) The insurer's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC; or(2) (A) a life and health insurer has total adjusted capital which is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and 3.0 and has a negative trend; or(B) a property and casualty insurer has total adjusted capital which is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and 3.0 and triggers the trend test calculation included in the RBC instructions as defined in K.S.A. 40-2c01, and amendments thereto.(b) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event described in subsection (a)(1) or (2), unless the insurer challenges the adjusted RBC report pursuant to K.S.A. 40-2c19, and amendments thereto, and such challenge has not been rejected by the commissioner.History: L. 1994, ch. 138, § 5; L. 1996, ch. 134, § 3; L. 2009, ch. 19, § 1; L. 2013, ch. 38, § 2; July 1.
KS Stat § 40-2c06 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c06 Submission of RBC plan.

40-2c06. Submission of RBC plan. In the event of a company action level event, the insurer shall prepare and submit to the commissioner an RBC plan which shall:(a) Identify the conditions in the insurer's operation which contribute to the company action level event;(b) contain proposals of corrective actions which the insurer intends to take that would be expected to result in the elimination of the company action level event;(c) provide projections of the insurer's financial results in the current year and at least the four succeeding years, both in the absence of the proposed corrective actions and giving effect to the proposed corrective actions, including projections of statutory operating income, net income, capital and surplus or surplus only with respect to a mutual insurer. The projections for both new and renewal business may include separate projections for each major line of business and separately identify each significant income, expense and benefit component;(d) identify the key assumptions impacting the insurer's projections and the sensitivity of the projections to the assumptions; and(e) identify the quality of, and problems associated with, the insurer's business, including, but not limited to, its assets, anticipated business growth and associated surplus strain, extraordinary exposure to risk, mix of business and use of reinsurance in each case, if any.History: L. 1994, ch. 138, § 6; July 1.
KS Stat § 40-2c07 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c07 Risk-based capital plan; submission.

40-2c07. Risk-based capital plan; submission. The RBC plan shall be submitted:(a) Within 45 days of the company action level event; or(b) within 45 days after notification to the insurer that the commissioner has rejected the insurer's challenge to an adjusted RBC report pursuant to K.S.A. 40-2c19.History: L. 1994, ch. 138, § 7; July 1.
KS Stat § 40-2c08 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c08 Same; notification by commissioner.

40-2c08. Same; notification by commissioner. Within 60 days after the submission by an insurer of an RBC plan to the commissioner, the commissioner shall notify the insurer whether the RBC plan shall be implemented or is, in the judgment of the commissioner, unsatisfactory. If the commissioner determines the RBC plan is unsatisfactory, the notification to the insurer shall state the reasons for the determination, and may state proposed revisions which, in the judgment of the commissioner, will render the RBC plan satisfactory. Upon notification from the commissioner, the insurer shall prepare a revised RBC plan and shall submit the revised RBC plan to the commissioner:(a) Within 45 days after the notification from the commissioner; or(b) within 45 days after a notification to the insurer that the commissioner has, pursuant to K.S.A. 40-2c19, rejected the insurer's challenge to the commissioner's original findings as authorized by this section.History: L. 1994, ch. 138, § 8; July 1.
KS Stat § 40-2c09 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c09 Same; notification a regulatory action level event.

40-2c09. Same; notification a regulatory action level event. In the event of a notification by the commissioner to an insurer that the insurer's RBC plan or revised RBC plan is unsatisfactory, the commissioner, subject to the insurer's right to a hearing under K.S.A. 40-2c19, may specify in the notification that the notification constitutes a regulatory action level event.History: L. 1994, ch. 138, § 9; July 1.
KS Stat § 40-2c10 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c10 Domestic insurer to file RBC plan in any state authorized to do business.

40-2c10. Domestic insurer to file RBC plan in any state authorized to do business. Every domestic insurer that files an RBC plan or revised RBC plan with the commissioner shall file a copy of the RBC plan or revised RBC plan with the insurance commissioner in any state in which the insurer is authorized to do business if:(a) Such state has an RBC provision substantially similar to K.S.A. 40-2c20; and(b) the insurance commissioner of that state has notified the insurer of such insurance commissioner's request for the filing in writing, in which case the insurer shall file a copy of the RBC plan or revised RBC plan in that state no later than the later of:(1) Fifteen days after the receipt of notice to file a copy of its RBC plan or revised RBC plan with the state; or(2) the date on which the final RBC plan or revised RBC plan is filed under K.S.A. 40-2c07 and 40-2c08.History: L. 1994, ch. 138, § 10; July 1.
KS Stat § 40-2c11 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c11 Regulatory action level event; defined.

40-2c11. Regulatory action level event; defined. "Regulatory action level event" means, with respect to any insurer, any of the following events:(a) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC;(b) the notification by the commissioner to an insurer of an adjusted RBC report that indicates the result described in subsection (a) if the insurer does not challenge the adjusted RBC report pursuant to K.S.A. 40-2c19, and amendments thereto;(c) the filing of an adjusted RBC report that indicates the result described in subsection (a) if the commissioner has rejected the insurer's challenge after a hearing held pursuant to K.S.A. 40-2c19, and amendments thereto;(d) the failure of the insurer to file an RBC report by the filing date, unless the insurer has provided an explanation for such failure which is satisfactory to the commissioner and has cured the failure within 10 days after the filing date;(e) the failure of the insurer to submit an RBC plan to the commissioner within the time period set forth in K.S.A. 40-2c07, and amendments thereto;(f) notification by the commissioner to the insurer that:(1) The RBC plan or revised RBC plan submitted by the insurer is, in the judgment of the commissioner, unsatisfactory; and(2) (A) the insurer has not challenged the determination pursuant to K.S.A. 40-2c19, and amendments thereto; or(B) the commissioner has rejected such challenge.(g) Notification by the commissioner to the insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan, but only if such failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event in accordance with its RBC plan or revised RBC plan and the commissioner has so stated in the notification, if:(1) The insurer has not challenged such determination pursuant to K.S.A. 40-2c19, and amendments thereto; or(2) the commissioner has rejected such challenge.History: L. 1994, ch. 138, § 11; L. 1996, ch. 134, § 4; July 1.
KS Stat § 40-2c12 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 2c - Risk-based Capital Requirements|40-2c12 Same; commissioner's duties in regulatory action level event.

40-2c12. Same; commissioner's duties in regulatory action level event. In the event of a regulatory action level event, the commissioner shall:(a) Require the insurer to prepare and submit an RBC plan or, if applicable, a revised RBC plan;(b) perform such examination or analysis as the commissioner deems necessary of the assets, liabilities and operations of the insurer including a review of its RBC plan or revised RBC plan; and(c) subsequent to the examination or analysis, issue a corrective order specifying such actions as the commissioner determines are required.History: L. 1994, ch. 138, § 12; July 1.