reglab/statecodes huggingface dataset:
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1001a Authority to insure glass breakage, vandalism and theft in addition to coverage under K.S.A. 40-1001; reserve fund and security deposit; requirements.

40-1001a.
Authority to insure glass breakage, vandalism and theft in addition to coverage under K.S.A. 40-1001; reserve fund and security deposit; requirements.
Any company licensed pursuant to the provisions of K.S.A. 40-1001, and amendments thereto, and operating under the provisions thereof, may so long as they maintain a minimum reserve fund equal to not less than $10,000 per $1,000,000 of fire insurance in force, and having deposited lawful securities with the insurance commissioner pursuant to K.S.A. 40-229a in an amount of not less than $50,000, be granted authority to issue contracts of insurance covering in addition to those kinds set forth in K.S.A. 40-1001, and amendments thereto, the perils of glass breakage, vandalism including malicious mischief and theft. Such additional authority shall be evidenced by proper resolution of the board of directors and authorized by the affirmative vote of at least two-thirds of the members present in person or by proxy at a special or annual meeting of members. Any company after having taken such action shall certify such action to the commissioner of insurance immediately, together with a statement showing its current financial status and a reserve fund sufficient to warrant such action, and such company shall apply for an amended certificate of authority to include such additional perils.
History:
L. 1969, ch. 235, § 1; L. 1996, ch. 25, § 11; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1003 No policy issued until required application, premium notes and securities received.

40-1003.
No policy issued until required application, premium notes and securities received.
No company formed hereafter for the purpose of doing an insurance business under the provisions of this article shall have power to issue policies until applications in good faith have been received for insurance in one class to the amount of at least one hundred thousand dollars, and cash or deposit notes have been received in advance, for the same, nor until such company shall have assets in cash or securities other than deposit notes of at least twenty-five thousand dollars.
History:
L. 1927, ch. 231, 40-1003; L. 1943, ch. 186, § 1; June 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1004 Directors; election; vacancy.

40-1004.
Directors; election; vacancy.
In companies organized under the provisions of this article, the number of directors shall not be more than 25 or less than five. Unless written balloting is required by the bylaws, directors shall be elected by voice vote. Each person who is a policyholder shall be entitled to one vote. A policyholder may vote by proxy, signed by the person legally entitled to vote such proxy. A majority of the board of directors shall be a quorum for the transaction of business. Vacancies in the board shall be filled by the remaining members until the next annual meeting.
History:
L. 1927, ch. 231, 40-1004; L. 2007, ch. 30, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1005 Annual meeting of members; proxies.

40-1005.
Annual meeting of members; proxies.
The annual meeting shall be held on or before March 1 in each year, on a day fixed by the bylaws of such company, at the principal office of the company, and every person insured shall be entitled to as many votes as there are directors to be elected, and an equal additional number of votes as are provided for in the bylaws of the company which shall provide for a number of votes based on policies in force, or a number of votes based upon insurance in force, or based upon the amount of premiums paid, or any combination thereof. Votes may be cast by proxy or in person, distributing them among the same or a less number of candidates to be elected, or concentrating them upon one (1) candidate, as may be thought fit; and a plurality shall elect, but no member shall hold and use the proxies of more than twenty-five (25) policyholders.
History:
L. 1927, ch. 231, 40-1005; L. 1967, ch. 264, § 1; L. 1976, ch. 215, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1006 Officers; election; term.

40-1006.
Officers; election; term.
The directors shall elect a president and such other officers with such titles and duties as shall be stated in the bylaws or in a resolution of the board of directors which is not inconsistent with the bylaws. Officers chosen in such manner shall hold their offices for such terms as are prescribed by the bylaws or determined by the board of directors.
History:
L. 1927, ch. 231, 40-1006; L. 2007, ch. 30, § 3; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1007 Deposit notes.

40-1007.
Deposit notes.
In companies organized under the provisions of this article, if deposit notes be given, all such notes taken by them in consideration of premiums on their policies shall be assessable and collectible in part or in whole for the purpose of paying any losses which have accrued or may accrue during the continuance of the policy, and to defray expenses as provided in the charter and bylaws of the company; and all such notes shall have inserted on their face the following words, to wit: "It is hereby understood and agreed that this note is not transferable." The directors shall have the right to determine the amount of the deposit note to be given and the part of the premium to be paid in cash, and endorsed thereon; but in no case shall the face of the note be more than five times the amount of the cash payment endorsed thereon. Nor shall the cash payment in any case be less than one annual rate.
History:
L. 1927, ch. 231, 40-1007; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1008 Liability for losses; assessments; indebtedness.

40-1008.
Liability for losses; assessments; indebtedness.
Every person who effects insurance in any company organized under the provisions of this article, and also such person's heirs, executors, administrators and assigns, continuing to be so insured, shall thereby become members of the company during the period of insurance and shall be bound to pay losses and such necessary expenses as accrue in and to the company in proportion to the original amount of such person's deposit note or notes or cash deposit as made for one annual rate. The directors shall annually at or before the annual meeting, levy a sufficient assessment on all deposit notes to liquidate all liabilities of the company existing at the time of the assessment, and they shall make such assessments oftener when necessary. They may also, at or before the annual meeting of each year, estimate the rate of assessment on the deposit notes which the experience of the company indicates will be necessary to provide for the losses and expenses for the ensuing year and make and collect assessments in advance on all deposit notes of the company deemed by the board sufficient to pay such losses and expenses.
In determining the rate of assessments to be made the directors shall not include either the guarantee fund, the reserve fund, or the unused portion of the cash premiums on hand, as funds available for the payment of accrued liabilities, but shall levy such assessments on the notes as may be necessary in order to require the makers thereof to pay their ratable shares of all losses and expenses already accrued and estimated to accrue within the ensuing year. The notices of assessment may be given in such number of different lists throughout the year as the board deems advisable, having regard to the dates of the policies. The sums to be paid on any assessment by each member shall always be in proportion to the original amount of such member's deposit note or notes for one annual rate and shall be paid to the company within thirty (30) days next after notice of such assessment is given in the manner provided in the bylaws. The company shall not be liable to the insured for any loss that may occur during the period from the day on which an assessment on such insured's deposit note is due and the date of the payment thereof. No such company shall borrow money or create a debt, unless for the purpose of necessary office buildings, to continue beyond the period when such assessment may be collected and applied to the payment thereof, and no member shall be assessed for liabilities prior to such member's membership.
History:
L. 1927, ch. 231, 40-1008; L. 1976, ch. 215, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1009 Recovery of assessments or on notes; cash policies not assessable.

40-1009.
Recovery of assessments or on notes; cash policies not assessable.
If any member shall for the space of thirty days after the publication of said notice assessment, and service of such upon such member by mail, postpaid, directed to him at his post office as written in or upon his application for insurance, neglect or refuse to pay the sum assessed upon him, the directors may sue for and recover the whole amount of his deposit note or notes, with cost of suit; but execution shall only issue for assessments and cost as they accrue. If the whole amount of the deposit notes and cash in the possession of the company and belonging thereto shall be insufficient to pay the loss or losses due the members of the company, such members shall receive as payment in full for their respective losses a proportionate share of the whole amount of said notes and cash, but no member shall ever be liable to such company, or to any other person, for more than the whole amount of his deposit note, if written on the assessment plan. Cash policies are not assessable.
History:
L. 1927, ch. 231, 40-1009; L. 1931, ch. 206, § 1; May 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1010 Suits for collection of assessments; liability of officers and directors; suits against company for losses.

40-1010.
Suits for collection of assessments; liability of officers and directors; suits against company for losses.
Suits for the collection of any assessment made upon the deposit note of the insured may be brought in a court of competent jurisdiction in the county in which the insured resides; and the officers and directors of any company so formed who shall willfully refuse or neglect to perform the duties imposed upon them by the provisions of this article shall be liable in their individual capacity to the person sustaining such loss. Suits at law may be brought and maintained against any such company by the members thereof for losses sustained, if payment is withheld after such losses have become due.
History:
L. 1927, ch. 231, 40-1010; L. 1973, ch. 134, § 40; July 1, 1974.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1011 Property to be assessed and taxed.

40-1011.
Property to be assessed and taxed.
All moneys, notes or other property belonging to such company shall be assessed and taxed as provided in the general revenue laws of this state.
History:
L. 1927, ch. 231, 40-1011; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1012 Bylaws.

40-1012.
Bylaws.
The directors of any company organized under the provisions of this article may make such bylaws, not in conflict with the constitution or laws of this state, as two-thirds of the whole number of directors shall adopt, and any amendments of such bylaws may be adopted in the same manner, by being presented to the secretary and be included in his notice to directors of either a regular or a special meeting of the board of directors. Such bylaws may provide for the compensation of the officers of the company, the manner of making proof of loss, and the adjustment of losses, and may provide that any member of said company failing to pay any assessment legally made on his, her or their deposit note or notes, according to the constitution and bylaws of the said company, may be excluded from all benefit of insurance during all the time in which he, she or they may be so in default; and may provide for all other rules and regulations needful for the transaction of the business of the company.
History: L. 1927, ch. 231, 40-1012; L. 1933, ch. 73, § 1 (Special Session); December 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1013 Classification of risks.

40-1013.
Classification of risks.
Any such company may classify the property insured therein at the time of issuing policies thereon under different rates, corresponding as nearly as may be to the greater or lesser risk from fire, or lightning, tornado or hail, and loss which may attach to each building or other property insured.
History:
L. 1927, ch. 231, 40-1013; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1015 Withdrawal of member of company; return premium; cancellation of policy, notice.

40-1015.
Withdrawal of member of company; return premium; cancellation of policy, notice.
Any member of such company may withdraw therefrom by surrendering his policy, together with a notice in writing to the secretary of his intention so to do. Return premium, if any, shall be computed on shortrate basis. The company shall have power to cancel and terminate any policy or any part thereof by mailing a notice of such cancellation and the company's check for the unearned pro rata premium thereon to the insured at the last post-office address furnished by the insured to the company or by delivery of such notice and unearned premium to the insured in person.
History:
L. 1927, ch. 231, 40-1015; L. 1931, ch. 206, § 2; May 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1016 Limitation on amount of risk; reinsurance.

40-1016.
Limitation on amount of risk; reinsurance.
No such company shall expose itself to loss on any one risk or hazard, either by one or more policies, to an amount exceeding ten percent of all its resources at the date of the policy, unless such excess be reinsured, except in organizing the company policies may be issued up to one thousand dollars, and such company may reinsure such portion of its risk as the board of directors deem for the best interest of its policyholders.
History:
L. 1927, ch. 231, 40-1016; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1017 Execution and contents of policy.

40-1017.
Execution and contents of policy.
Such companies may issue policies of insurance, signed by the president and secretary, agreeing, in the name of the company, to pay all loss or damage not exceeding the amount insured. The company may issue more than one policy to one person, firm or corporation having separate or detached buildings, if such buildings may be insured under the provisions of this article and the bylaws of the company. Every policy issued other than for a cash premium shall have attached thereto a copy of the note and every policy, whether issued for a cash premium or on the note plan, shall have attached thereto a copy of the application, if one is required to be inserted therein by the bylaws of the company, and a printed copy of such portion of the bylaws and rules and regulations of the company as applies to the risk insured thereunder, and the policy as thus issued shall be and constitute the entire contract between the company and the insured.
History:
L. 1927, ch. 231, 40-1017; L. 1931, ch. 206, § 3; May 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1018 Reserve fund.

40-1018.
Reserve fund.
A reserve fund equal to not less than ten percentum nor more than twenty-five percentum, as the board of directors may determine, of the premiums received on insurance shall be set apart and maintained out of the cash receipts of the company until such reserve fund shall amount to at least four thousand dollars per million dollars of insurance in force, after which the percent of the cash receipts that shall be added to this reserve may be reduced at the discretion of the board of directors. And whenever the cash in the hands of the treasurer of any such company, not included in the reserve fund, is insufficient to pay any loss that may accrue, then such deficiency shall be taken from the reserve fund, but such reserve fund shall not be reduced below one half until an assessment shall be made upon the deposit notes held by the company sufficient to fully reimburse the reserve fund. Any such diminution of the reserve fund shall be held to be a liability to be provided for by assessments on the deposit notes. Such part of the reserve fund of the company as is not needed for immediate use of the company shall be invested by the directors in such securities as are authorized by this code. Any other reserves that have been accumulated by the company may be made a part of this reserve fund.
History:
L. 1927, ch. 231, 40-1018; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1019 Statement for annual meeting.

40-1019.
Statement for annual meeting.
It shall be the duty of the president and secretary of each mutual company to prepare annually, under oath, a full, true and complete statement of the condition of said company on the thirty-first day of December, and present the same to the annual meeting immediately following.
History:
L. 1927, ch. 231, 40-1019; L. 1976, ch. 215, § 3; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1020 Other corporations as members of company; vote.

40-1020.
Other corporations as members of company; vote.
Any public corporation, quasi-public corporation or private corporation of this state shall have power to be a member of a company organized under the provisions of this article, to execute deposit notes and to vote by any one of its officers at the annual meeting of such company.
History:
L. 1927, ch. 231, 40-1020; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1021 Guarantee fund.

40-1021.
Guarantee fund.
Any insurance company organized under this article having done business not less than two years and having at least one million dollars at risk, and having assets other than deposit notes amounting to not less than twenty-five thousand dollars may, for the better protection of its policyholders, create a guarantee fund, with the privilege of increasing it from time to time.
History:
L. 1927, ch. 231, 40-1021; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1022 Creation and investment of such fund; liability.

40-1022.
Creation and investment of such fund; liability.
Any such insurance company may create such a guarantee fund by setting apart not more than fifty percentum of the excess of this fund over and above the amount of all current liabilities for losses and expenses, and may increase the fund from time to time out of its revenue over and above such liabilities, and such funds shall be invested as provided in section 40-227. The guarantee funds of mutual companies shall be liable for the claims against the company only after all other resources have been exhausted.
History:
L. 1927, ch. 231, 40-1022; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1023 Scope of insurance by companies having guarantee fund; foreign companies.

40-1023.
Scope of insurance by companies having guarantee fund; foreign companies.
Companies organized under this article having a guarantee fund as provided herein to the amount of twenty-five thousand dollars may issue policies of insurance against loss or damage by fire, lightning, tornado, cyclone and hail on dwelling houses, barns, sheds, outbuildings, hay, grain other than hail on growing crops, wool and other products, cribs and their contents, livestock, wagons, carriages, harness, farm implements, machinery, furniture, household goods, wearing apparel, provisions, musical instruments and libraries, being upon farms as farm property or in dwellings or in accompanying outbuildings that constitute detached risks in towns or villages. A detached dwelling as understood in this section shall be construed to be a dwelling not nearer than five feet to any other building. Such companies having a guarantee fund of one hundred thousand dollars or more may issue policies of insurance on the above-described kinds of property situated in or out of this state. Any mutual insurance company organized and incorporated under the laws of any other state and licensed by the insurance department of that state, having a reserve or fund of one hundred thousand dollars or more, may be licensed by the insurance department of this state upon proper showing and paying the fees specified in this code.
History:
L. 1927, ch. 231, 40-1023; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1024 Cash or notes in payment of premiums; liability of members of company.

40-1024.
Cash or notes in payment of premiums; liability of members of company.
Any company organized under this article having a guarantee fund of not less than twenty-five thousand dollars may except in payment of the premiums on its policies cash or time notes payable in assessments at such time and place as provided in such note or notes, but the members of such company shall not be liable to the company or any other person to exceed the amount of their premiums or deposit notes and interest due thereon.
History:
L. 1927, ch. 231, 40-1024; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1025 Notice of creation of guarantee fund; examination; certificate of authority.

40-1025.
Notice of creation of guarantee fund; examination; certificate of authority.
When a company organized under this article shall have created a guarantee fund, the secretary shall notify the commissioner of insurance, who shall immediately examine the securities, notes and standing of said company, and if upon such examination he finds that it has complied with the law, he shall issue it a certificate of authority to do business and issue policies in accordance with this article.
History:
L. 1927, ch. 231, 40-1025; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1026 Reinsurance of risks; assessment.

40-1026.
Reinsurance of risks; assessment.
The directors of a company organized under this article may reinsure its risks, whenever they deem it for the best interest of the company, by first obtaining the consent of the commissioner of insurance, and shall make an assessment to pay for the reinsuring of its risks as above provided; but if the company has a guarantee fund, the deposit notes shall not be assessed to reinsure policies, premiums for which have been paid in cash.
History:
L. 1927, ch. 231, 40-1026; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1028 Consolidation of business into one class; vote of directors.

40-1028.
Consolidation of business into one class; vote of directors.
Any mutual fire and tornado insurance company organized and existing under the provisions of sections 40-1001 to 40-1026 inclusive of chapter 231 of the Laws of 1927, and amendments thereof, and having such reserve funds as are required by law to be maintained by such companies may consolidate its business into one class and may thereafter issue all its policies and conduct all of its business and keep all its accounts in a single class: Provided, however, That before such change shall be made in the manner of conducting its business, the board of directors of such company shall by vote of not less than two-thirds of all its members resolve to conduct the business of the company under the provisions of this section.
History:
L. 1931, ch. 206, § 5; May 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 10 - Mutual Fire And Tornado Companies › 40-1029 Advances of money and issuance of certificates of indebtedness.

40-1029.
Advances of money and issuance of certificates of indebtedness.
Any mutual fire and tornado insurance company organized under the laws of this state pursuant to K.S.A. 40-1001 et seq., and amendments thereto may accept advances of money and issue certificates of indebtedness thereon subject to the terms and conditions prescribed by K.S.A. 40-1209, and amendments thereto.
History:
L. 1992, ch. 35, § 2; April 9.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1101 Insurance company defined.

40-1101.
Insurance company defined.
Unless otherwise provided, the words "insurance company" as used in this article shall be construed to include any corporation having a capital stock as provided by section 40-1103, and organized for one or more of the purposes set out in section 40-1102.
History:
L. 1927, ch. 231, 40-1101; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1103 Paid-up capital stock and surplus required; deposits of securities; amount.

40-1103.
Paid-up capital stock and surplus required; deposits of securities; amount.
No insurance company hereafter organized under the laws of this state shall be authorized to commence the transaction of either of the numbered classes of business specified in K.S.A. 40-1102, and amendments thereto, in this state unless it has a capital stock of at least $450,000 and a surplus of at least $300,000, both fully paid in cash, and shall have deposited with the commissioner of insurance pursuant to K.S.A. 40-229a securities authorized by K.S.A. 40-2a01 et seq., and amendments thereto, in an amount equal to not less than the minimum capital stock required of such company for the protection of its policyholders or creditors, or both. Until May 1, 1989, companies which were authorized to transact business in Kansas after January 1, 1969, but before January 1, 1984, shall be required to have paid-up capital stock, surplus and deposits equal to that which was required by this section prior to the passage of this act. After May 1, 1989, such companies shall comply with the paid-up capital stock, surplus and deposit requirements provided by this act.
Until May 1, 1989, companies doing business in this state on January 1, 1969, shall be required to have a paid-up capital stock, surplus and deposit equal to that required of such companies prior to the passage of this act. On and after May 1, 1989, companies doing business in this state on January 1, 1969, shall be required to have a paid-up capital stock, surplus and deposit equal to that required of all other companies to whom this section applies immediately prior to the passage of this act.
No provision of this act shall require any insurance company which was authorized in Kansas prior to January 1, 1984, for only the classes of insurance specified in subsections (e) and (f) of K.S.A. 40-1102, and amendments thereto, to comply with any paid-up capital, surplus and deposit requirements other than the paid-up capital, surplus and deposit requirements which were applicable to the company prior to passage of this act.
History: L. 1927, ch. 231, 40-1103; L. 1965, ch. 300, § 4; L. 1969, ch. 237, § 7; L. 1971, ch. 167, § 3; L. 1972, ch. 184, § 3; L. 1984, ch. 169, § 6; L. 1996, ch. 25, § 13; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1105 Revocation of certificate of authority, when.

40-1105.
Revocation of certificate of authority, when.
Whenever the surplus of any domestic or foreign insurance company authorized to transact any of the kinds or classes of business specified in section 40-1102 of this article shall be less than the minimum surplus required by law, the commissioner of insurance shall revoke the certificate of authority of such corporation to do business, in accordance with the hearing provisions set forth in K.S.A. 40-222.
History:
L. 1927, ch. 231, 40-1105; L. 1967, ch. 265, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1107 Maximum amount of one risk or hazard; exceptions.

40-1107.
Maximum amount of one risk or hazard; exceptions.
No insurance company organized under the laws of this state and transacting business in this state shall, except as otherwise provided in K.S.A. 40-1107a, expose itself to loss on any one risk or hazard to an amount exceeding ten percent (10%) of its paid-up capital and surplus unless the excess shall be reinsured in some other company duly authorized to transact similar business in this state or as otherwise provided in the insurance code and no insurance company not organized under the laws of this state and transacting business in this state shall, except as otherwise provided in K.S.A. 40-1107a, expose itself to loss on any one risk or hazard to an amount exceeding ten percent (10%) of its paid-up capital and surplus unless the excess shall be reinsured either in some company duly authorized to transact similar business in this state or as provided by the laws of such company's domiciliary state.
History: L. 1927, ch. 231, 40-1107; L. 1967, ch. 268, § 1; L. 1971, ch. 168, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1107a Same; title insurance company; exceptions.

40-1107a.
Same; title insurance company; exceptions.
No title insurance company organized under the laws of this state, engaged exclusively in the business of insuring titles to real estate, shall expose itself to a loss on any one risk or hazard to an amount exceeding fifty percent (50%) of its paid-up capital and surplus, unless the excess shall be reinsured in some company duly authorized to transact similar business in this state or in any other state, provided such a company not authorized to do business in this state meets or exceeds the financial requirements as to capital and surplus of a title insurance company doing business in this state; and no title insurance company not organized under the laws of this state engaged exclusively in the business of insuring titles to real estate, transacting business in this state, shall expose itself to a loss on any one risk or hazard in this state to an amount exceeding fifty percent (50%) of its paid-up capital and surplus, unless the excess shall be reinsured either in some company duly authorized to transact similar business in this state or in any other state, provided such a company not authorized to do business in this state meets or exceeds the financial requirements as to capital and surplus of a title insurance company doing business in this state. Any title insurance company organized under the laws of this state may take credit as an asset or as a deduction from loss and unearned premium reserves on such ceded risks to the extent reinsured.
History:
L. 1971, ch. 168, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1108 Reserves of surety company.

40-1108.
Reserves of surety company.
(a) An insurance company transacting surety business shall at all times keep and maintain adequate reserves on its suretyship obligations as follows: (1) An unearned premium reserve of fifty percentum of the current annual premiums upon all outstanding suretyship obligations: Provided, That the commissioner of insurance, in estimating the condition of such an insurance company, may charge it with a premium reserve equal to the unearned portions of the gross premiums charged, computed on each risk, from the date of the issuance of such suretyship obligation; and (2) a loss reserve at least equal to the aggregate estimated amounts due or to become due on account of all losses and claims of which the corporation has received notice: Provided, That such loss reserve shall also include the estimated liability on any notices received by the insurance company of the occurrence of any event which may result in a loss, and the estimated liability of all losses which have occurred but on which no notice has been received.
(b) For the purpose of such reserves, the insurance company shall keep a complete and itemized record showing all losses and claims on which it has received notice, including all notices received by it of the occurrence of any event which may result in a loss; and, in its annual statement to the commissioner of insurance, shall include a schedule showing all losses and claims of which the insurance company has received notice during the year for which the statement is made and which remains unpaid and undisposed of on December thirty-first of such year, and shall also include a schedule showing all the losses and claims of the insurance company unpaid on December thirty-first of the year next preceding, specifying whether the claims have been settled or remain unadjusted, and setting opposite each claim the amount of the reserve carried or maintained against it.
(c) Whenever, in the judgment of the commissioner of insurance, the loss reserves on the suretyship obligations of any insurance company, calculated in accordance with the provisions of this section, are inadequate, he may, in his discretion, require such insurance company to maintain additional reserves.
History:
L. 1927, ch. 231, 40-1108; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1110 Supplemental coverages or endorsements in connection with liability policies.

40-1110.
Supplemental coverages or endorsements in connection with liability policies.
In connection with insurance against bodily injury liability, burglary, robbery or theft, whether issued by a stock or mutual company, or other insurer, such stock or mutual company or other insurer may also issue endorsements, or supplemental coverages to cover, irrespective of legal liability of the insured, medical, surgical, hospital, funeral or other expenses sustained by the named insured or other person and incurred as a result of bodily injury, sickness or disease caused by accident, or during the commission of a burglary, robbery or theft which is insured against in the basic policy to which such endorsements or supplemental coverages are added. The endorsement or supplemental coverage may also provide benefits to injured persons and death benefits to dependents, beneficiaries or personal representatives of persons who are killed on account of the bodily injury or death of any person including the named insured, irrespective of legal liability of the insured, if such injury or death is caused by accident or, in the case of an automobile liability policy, if such injury or death is caused by accident and sustained by the insured while in or upon, entering into or alighting from or through being struck by an automobile. The standard provisions as set out in article 22 of chapter 40 of the Kansas Statutes Annotated, or amendments thereto, shall not be required in such endorsements.
History:
L. 1941, ch. 260, § 1; L. 1951, ch. 297, § 1; L. 1957, ch. 284, § 1; L. 1968, ch. 273, § 6; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1112a Discount for motor vehicle insurance, when; conditions.

40-1112a. Discount for motor vehicle insurance, when; conditions.
(a) Any rates, rating schedules or rating manuals for the liability, personal injury protection and collision coverages of a motor vehicle insurance policy submitted to or filed with the insurance commissioner shall provide for an appropriate reduction in premium charges as to such coverages for a three-year period after the principal operator of the covered vehicle successfully completes a motor vehicle accident avoidance course, of at least four hours in duration, utilizing a nationally recognized driver training curriculum or a curriculum approved by a state or federal agency. The rates, rating schedule or rating manuals required by this subsection shall be submitted to or filed with the commissioner of insurance at the time of the next regular filing with the commissioner after the effective date of this act. Any premium reduction used by an insurer shall be presumed appropriate unless credible data demonstrates otherwise. Only one premium reduction shall be allowed for the principal operator of a covered vehicle.
(b) The premium reduction required by this section shall be effective for the principal operator of a covered vehicle for a three-year period after successful completion of the approved course, except that the insurer may require, as a condition of providing and maintaining the discount, that the principal operator of a covered vehicle not be involved in an accident for which the operator is at fault, nor be convicted of more than one moving violation for a three-year period after course completion.
(c) Individuals who successfully complete the approved course shall be issued a certificate by the organization offering the course that shall be used to qualify for the premium reduction required by this section.
(d) This section shall not apply in the event the approved course is specified by an administrative order of the director of vehicles or by a court order as a result of a moving traffic violation.
(e) Each principal operator of a covered vehicle shall successfully complete an approved course every three years to continue to be eligible for the premium reduction required by this section.
History:
L. 1992, ch. 310, § 1; L. 1999, ch. 17, § 1; L. 2019, ch. 16, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1119 Same; false or misleading information; penalty.

40-1119.
Same; false or misleading information; penalty.
No person or organization shall willfully withhold information from, or knowingly give false or misleading information to the commissioner, any statistical agency designated by the commissioner, any rating organization, or any insurer, which will affect the rates or premiums chargeable under this act. If the commissioner finds that any person or organization has violated this section, the commissioner, after notice and the opportunity for hearing, may impose a penalty of not more than $500 for each such violation. If the commissioner determines that such violation was willful, the commissioner may impose a penalty of not more than $2,000 for each such violation. Such penalties may be in addition to any other penalty provided by law.
History:
L. 1945, ch. 215, § 9; L. 1965, ch. 303, § 13; L. 1997, ch. 24, § 4; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1126 Reports by insurers of health care providers of any actions to state board of healing arts.

40-1126.
Reports by insurers of health care providers of any actions to state board of healing arts.
(a) Every insurer providing professional liability insurance to a health care provider who is licensed, registered or certified by the state board of healing arts and covered by the health care stabilization fund established pursuant to subsection (a) of K.S.A. 40-3403, and amendments thereto, or entity with whom the insurer contracts for purposes of complying with this act shall report to the state board of healing arts any action for damages for personal injuries or loss claimed to have been caused by error, omission, or negligence in performance of such insured's professional services or based on a claimed performance of professional services without consent, upon final disposition of the action.
(b) Reports of the information required by subsection (a) shall be filed with the state board of healing arts no later than 30 days following the final disposition of the action.
(c) Failure to report the information required by subsection (a) shall constitute a violation of K.S.A. 40-1120, and amendments thereto, and shall be subject to penalties applicable thereto.
History:
L. 1975, ch. 241, § 1; L. 1976, ch. 216, § 1; L. 1977, ch. 160, § 1; L. 1978, ch. 178, § 1; L. 1986, ch. 231, § 3; L. 1988, ch. 246, § 11; L. 1994, ch. 196, § 1; L. 1996, ch. 65, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1127 Same; content of reports.

40-1127.
Same; content of reports.
The reports required by subsection (a) of K.S.A. 40-1126 shall contain: (a) The insured's name and license number issued by the state board of healing arts; (b) date of occurrence which created the action; and (c) the name of the plaintiff and the injured party, if different.
History:
L. 1975, ch. 241, § 2; L. 1976, ch. 216, § 2; L. 1977, ch. 160, § 2; L. 1978, ch. 178, § 2; L. 1994, ch. 196, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1128 Same; disclosure.

40-1128.
Same; disclosure.
The state board of healing arts shall make such reports available to the public in a manner which will not reveal the names of any person or facility involved.
History:
L. 1975, ch. 241, § 3; L. 1976, ch. 216, § 3; L. 1996, ch. 65, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1129 Same; no liability.

40-1129.
Same; no liability.
There shall be no liability on the part of and no cause of action of any nature shall arise against any insurer reporting hereunder or its agents or employees, or the state board of healing arts or the board's employees, for any action taken by them pursuant to this act.
History:
L. 1975, ch. 241, § 4; L. 1996, ch. 65, § 3; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1134 Title insurance companies; policy requirements.

40-1134.
Title insurance companies; policy requirements.
(a) Any title insurance company insuring titles to real estate located within Kansas shall specify in any policy issued when the governing body of a municipal or quasi-municipal corporation in which the property is located has filed with the register of deeds of the county or counties in which such municipal or quasi-municipal corporation is located, a certified copy of any ordinance or resolution creating or establishing any public improvement or special benefit district or any other district having the power to impose special assessments upon taxable tangible real property in the district as required by K.S.A. 12-153, and amendments thereto, provided the municipal or quasi-municipal corporation creating such public improvement or special benefit district has particularly described: (1) The external boundaries of the district by metes and bounds; (2) all platted areas block or parcel in any addition, or subdivision; and (3) in all unplatted areas, every tract or parcel not otherwise specifically identified, which is or will be affected by such public improvement or special benefit district.
(b) No title insurance company shall exempt itself from the provisions of subsection (a) by means of a general exclusion in the title insurance policy.
History:
L. 1983, ch. 151, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1135 Title insurance agencies; purpose.

40-1135.
Title insurance agencies; purpose.
The purpose of K.S.A. 40-1135 through 40-1141 is to provide the state of Kansas with a comprehensive body of law for the effective regulation and supervision of title insurance agencies engaged in settlement and closing of the sale of an interest in real estate.
History:
L. 1999, ch. 95, § 8; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 11 - General Provisions Relative To Casualty, Surety And Fidelity Companies › 40-1136 Same; definitions.

40-1136.
Same; definitions.
As used in this act, unless the context otherwise requires:
(a) "Commissioner" means the commissioner of insurance of the state of Kansas.
(b) "Escrow" means written instruments, money or other items deposited by one party with a depository, escrow agent or escrow for delivery to another party upon the performance of a specified condition or the happening of a certain event.
(c) "Person" means a natural person, partnership, association, cooperative, corporation, trust or other legal entity.
(d) "Qualified financial institution" means an institution that is:
(1) Organized or (in the case of a U.S. branch or agency office of a foreign banking organization) licensed under the laws of the United States or any state and has been granted authority to operate with fiduciary powers;
(2) regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies;
(3) insured by the appropriate federal entity; and
(4) qualified under any additional rules established by the commissioner.
(e) "Title insurance agent" or "agent" means an authorized person, other than a bona fide employee of the title insurer who, on behalf of the title insurer, performs the following acts, in conjunction with the issuance of a title insurance report or policy:
(1) Determines insurability and issues title insurance reports or policies, or both, based upon the performance or review of a search, or an abstract of title;
(2) collects or disburses premiums, escrow or security deposits or other funds;
(3) handles escrow, settlements or closings;
(4) solicits or negotiates title insurance business; or
(5) records closing documents.
(f) "Title insurer" or "insurer" means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-U.S. title insurer licensed in this state to transact the business of title insurance.
(g) "Title insurance policy" or "policy" means a contract insuring or indemnifying owners of, or other persons lawfully interested in, real or personal property or any interest in real property, against loss or damage arising from any or all of the following conditions existing on or before the policy date and not excepted or excluded:
(1) Defects in or liens or encumbrances on the insured title;
(2) unmarketability of the insured title;
(3) invalidity, lack of priority, or unenforceability of liens or encumbrances on the stated property;
(4) lack of legal right of access to the land; or
(5) unenforceability of rights in title to the land.
History:
L. 1999, ch. 95, § 9; July 1.