reglab/statecodes huggingface dataset:
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-246d Same; revocation or suspension of license, when.

40-246d.
Same; revocation or suspension of license, when.
The commissioner may, in the manner prescribed by law, revoke or suspend the license of any agent issued pursuant to either K.S.A. 40-241, and amendments thereto or K.S.A. 40-4906, and amendments thereto, of the Kansas Statutes Annotated when such agent shall engage in any transaction permitted only to licensees under the provisions of K.S.A. 40-246b, and amendments thereto, without first obtaining the license as required by K.S.A. 40-246b, and amendments thereto.
History:
L. 1955, ch. 242, § 3; L. 2005, ch. 145, § 2; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-246g Surplus lines producer; exempt commercial purchaser.

40-246g. Surplus lines producer; exempt commercial purchaser.
(a) A surplus lines producer seeking to place non-admitted insurance for an exempt commercial purchaser is not required to file the signed statement under K.S.A. 40-246b, and amendments thereto, if the surplus lines producer has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight and the exempt commercial purchaser has subsequently requested in writing the surplus lines producer to procure or place such insurance from a nonadmitted insurer.
(b) This section shall take effect on and after January 1, 2016.
History:
L. 2015, ch. 83, § 7; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-246h Commissioner; rules and regulations.

40-246h. Commissioner; rules and regulations.
(a) The commissioner of insurance may adopt such rules and regulations as are reasonable, necessary and incidental to the enforcement and administration of the provisions of K.S.A. 40-246b through 40-246e and 40-246g, and amendments thereto. Such rules and regulations shall be adopted no later than January 1, 2017.
(b) This section shall take effect on and after January 1, 2016.
History:
L. 2015, ch. 83, § 8; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-247 Insurance agent or broker failure to pay premium to company; criminal penalties.

40-247. Insurance agent or broker failure to pay premium to company; criminal penalties.
(a) An insurance agent or broker who acts in negotiating or renewing or continuing a contract of insurance including any type of annuity by an insurance company lawfully doing business in this state, and who receives any money or substitute for money as a premium for such a contract from the insured, whether such agent or broker shall be entitled to an interest in same or otherwise, shall be deemed to hold such premium in trust for the company making the contract. If such agent or broker fails to pay the same over to the company, less such agent's or broker's commission and any deductions, to which by the written consent of the company such agent or broker may be entitled, such failure shall be prima facie evidence that such agent or broker has used or applied the premium for a purpose other than paying the same over to the company.
(b) (1) An agent or broker who violates the provisions of this section shall be guilty of a:
(A) Severity level 7, nonperson felony if the value of the insurance premium is $25,000 or more;
(B) severity level 9, nonperson felony if the value of the insurance premium is at least $1,000 but less than $25,000; or
(C) class A nonperson misdemeanor if the value of the insurance premium is less than $1,000.
(2) If the value of the insurance premium is less than $1,000 and such agent or broker has, within five years immediately preceding commission of the crime, been convicted of violating this section two or more times shall be guilty of a severity level 9, nonperson felony.
History:
L. 1927, ch. 231, 40-247; L. 1992, ch. 288, § 10; L. 1993, ch. 291, § 226; L. 1994, ch. 291, § 73; L. 2006, ch. 194, § 28; L. 2023, ch. 41, § 4; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-248 Discontinuance of business.

40-248.
Discontinuance of business.
When any insurance company organized under the laws of this state shall desire to discontinue its business, the commissioner of insurance shall, upon application of such company, give notice of such intention in a paper published and having general circulation in the county in which such company or its general agency is located, at least once a week for six weeks, the expense of publication to be paid by the company. After such publication the commissioner of insurance shall authorize the release of the securities held under K.S.A. 40-229a, if the commissioner, upon the commissioner's own examination or the examination of some competent, disinterested person or persons appointed by the commissioner, is satisfied with the exhibition of the books and papers of the company. The president and the secretary shall affirm that all debts, judgments and liabilities of every kind are satisfied.
The commissioner of insurance may also from time to time authorize the release to such company or its assigns any portion of its securities, on being satisfied that an equal proportion of the debts and liabilities of every kind that are due or may become due has been satisfied. The amount of securities retained by the commissioner shall be not less than twice the amount of remaining liabilities.
History:
L. 1927, ch. 231, 40-248; L. 1996, ch. 25, § 3; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-249 Policies to be issued within two years.

40-249.
Policies to be issued within two years.
If any insurance company organized under the laws of this state shall not commence to issue policies within two years from the granting of its charter, its corporate powers shall thereby expire and the district court of the county in which the home office of such company is located may, upon petition of the commissioner of insurance, or of any person interested, proceed to wind up its affairs.
History:
L. 1927, ch. 231, 40-249; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-250 Companies subject to act.

40-250.
Companies subject to act.
All the provisions of this code relating to insurance companies organized under the laws of any other state of the United States, or its officers, agents or employees, shall apply to any company organized under the laws of the United States, its officers, agents or employees.
History:
L. 1927, ch. 231, 40-250; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-251 Insurance commissioner; legal representation; judicial review of actions.

40-251.
Insurance commissioner; legal representation; judicial review of actions.
(a) The attorney general shall represent the commissioner of insurance in any action to enforce a rule and regulation or order of the commissioner.
(b) Any action of the commissioner of insurance pursuant to law shall be subject to review in accordance with the Kansas judicial review act. The action for review shall be against the commissioner of insurance, not in the commissioner's individual name but in the commissioner's representative capacity.
(c) The state of Kansas shall represent the commissioner of insurance in any action brought against the commissioner in the commissioner's individual name where such activity was in connection with the performance of the commissioner's official duties.
History:
L. 1927, ch. 231, 40-251; L. 1967, ch. 255, § 1; L. 1986, ch. 318, § 28; L. 2010, ch. 17, § 67; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252a Insurance company tax and fee refund revolving fund; use; duties of commissioner and director of accounts and reports; procedure.

40-252a.
Insurance company tax and fee refund revolving fund; use; duties of commissioner and director of accounts and reports; procedure.
A revolving fund, designated "insurance company tax and fee refund," in an amount not to exceed three thousand dollars ($3,000) shall be set apart and maintained for the insurance commissioner from insurance company tax and fee collections which shall be held by the state treasurer for the payment of all such refunds due an insurance company or companies. If the commissioner of insurance finds that the tax and/or fee paid by such company or companies is in excess of the amount legally due the state, the commissioner shall certify the amount of the overpayment on a voucher to the director of accounts and reports for refund of such tax and/or fee. Upon receipt of such voucher, properly executed, the director of accounts and reports shall issue his warrant to the state treasurer for the payment out of the revolving fund provided for in this section. In the event such fund as established by this section is, at any time, insufficient to provide the amount of tax and fee refunds due the insurance company or companies, then the commissioner shall certify the amount of additional funds required to the director of accounts and reports who shall promptly transfer the said required amount from the state general revenue fund to the insurance company tax and fee revolving fund, and notify the state treasurer, who shall make proper entry on his records. The commissioner shall maintain in his files for a period of five (5) years from its date a duplicate of said voucher and a statement which shall set forth the reasons such refunds have been made.
History:
L. 1963, ch. 263, § 1; March 9.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252b Fees, charges and taxes under K.S.A. 40-252; in lieu of all other license fees and taxes; exceptions.

40-252b.
Fees, charges and taxes under K.S.A. 40-252; in lieu of all other license fees and taxes; exceptions.
For taxable years commencing on and after January 1, 1998, the fees, charges and taxes provided for by K.S.A. 40-252, and amendments thereto, shall be in lieu of all other license fees, premium or occupation taxes, income taxes, intangible property taxes, or other fees levied or assessed upon the basis of income, premiums, gross receipts and intangible property by this state and any municipality, county or other political subdivision of this state, and no municipality, county or other political subdivision of this state shall impose any license fee or privilege, premium, income, intangible property or gross receipts tax or fee upon any insurance company or corporation taxed under the provisions of K.S.A. 40-252, and amendments thereto and organized under the laws of this state or doing business in this state, or upon any of its agents or representatives for the privilege of doing an insurance business therein. This section shall not be construed to prohibit the levy and collection of (a) state, county or municipal taxes upon the real and tangible personal property of such company, (b) tax for the purpose of maintaining the office of the fire marshal of this state as provided in K.S.A. 75-1508, and amendments thereto, (c) the firemen's relief fund tax as provided for in K.S.A. 40-1701 through 40-1707, and amendments thereto, and (d) municipal occupation taxes levied upon any basis other than income, intangible property, premiums or gross receipts.
History:
L. 1970, ch. 183, § 4; L. 1997, ch. 175, § 4; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252c Same; credits; definitions.

40-252c.
Same; credits; definitions.
(a) Every insurance company organized under the laws of this state and required by this act to pay a premium tax or privilege fee pursuant to K.S.A. 40-252, and amendments thereto, shall be entitled to a credit, on the premium taxes or privilege fees imposed by K.S.A. 40-252, and amendments thereto, of 25% of such taxes or fees if at least 30% of such insurance company's admitted assets is invested in Kansas securities.
(b) For the purpose of this section: (1) The term "insurance company" shall mean any insurance company, mutual nonprofit hospital corporation, nonprofit medical service corporation or any corporation, society or association to which K.S.A. 40-252, and amendments thereto, applies;
(2) The term "admitted assets" shall mean the assets treated as admitted assets in the annual statement required to be filed with the commissioner of insurance pursuant to this act and K.S.A. 40-225, and amendments thereto; and
(3) The term "Kansas securities" shall mean real estate in this state, bonds of the state of Kansas, bonds or interest bearing warrants of any county, city, town, school district or municipality or subdivision of the state of Kansas, notes or bonds secured by mortgages or other liens on real estate located in the state of Kansas, cash deposits in regularly established national or state banks in this state on the basis of the average monthly deposits throughout the calendar year, policy loans secured by the legal reserve on policies insuring residents of the state of Kansas, and any other Kansas property or securities in which, by the laws of the state of Kansas, such insurance companies may invest their funds. The provisions of this section shall not be applicable to any taxable year after tax year 1998.
History:
L. 1970, ch. 183, § 5; L. 1997, ch. 175, § 5; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252e Small insurance company credit against premium tax.

40-252e.
Small insurance company credit against premium tax.
For tax years 1998 and thereafter, a foreign or domestic insurance company required to pay a tax on premiums under subsection A, C, D or F of K.S.A. 40-252, and amendments thereto and writing less than $15,000,000 in premiums in all states shall be allowed as a small company credit against such tax the amount computed as follows:
(a) Subtract the total dollar amount of all premiums written by the company in all states from $15,000,000;
(b) Divide the result obtained in (a) by 15,000,000;
(c) Multiply the quotient obtained in (b) by 90,000 with the resulting credit not to exceed $30,000. No credit under this section shall be allowed unless the company has paid salaries for which a salary credit is allowed under K.S.A. 40-252d.
Before taking into account any other credit or offset against the tax on premiums imposed under K.S.A. 40-252, and amendments thereto, the employment credit allowed under K.S.A. 40-252d, and amendments thereto and the small company credit allowed under this section, taken together, may not reduce such tax by more than 1% of premiums taxable under K.S.A. 40-252, and amendments thereto, for tax year 1998 or by more than 1.25% of premiums taxable under K.S.A. 40-252, and amendments thereto, for tax years 1999 and thereafter. For purposes of calculating any tax due under K.S.A. 40-253, and amendments thereto, from a taxpayer not organized under the laws of this state, the credit allowed by this section shall be treated as a tax paid under K.S.A. 40-252, and amendments thereto.
History:
L. 1997, ch. 175, § 8; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252f Credit for insurance companies for certain business investment expenses in qualified business facilities; eligibility; definitions.

40-252f.
Credit for insurance companies for certain business investment expenses in qualified business facilities; eligibility; definitions.
(a) For tax years 2007, and thereafter, a foreign or domestic insurance company required to pay a tax on premiums under subsection (A), (C), (D) or (F) of K.S.A. 40-252, and amendments thereto, shall be allowed credits against such tax in amounts equal to the amount of such credits allowable under K.S.A. 74-50,132, 79-32,153 and 79-32,160a, and amendments thereto, when:
(1) Such credits are earned but not used by a related corporation not required to pay a tax on premiums under K.S.A. 40-252, and amendments thereto;
(2) the value of such credits is made available to the related corporation through a reduction in costs charged to the related corporation by such insurance company or the transfer of funds to the related corporation in an amount equal to the credit claimed by the insurance company; and
(3) when the entity earning the credits is engaged in a contract that is subject to the federal acquisition regulations for services related to the administration of the federal medicare program and has engaged in the investment in a qualified business facility as defined in K.S.A. 79-32,154, and amendments thereto, with respect to the acquisition or retention of a contract to administer the federal medicare program.
(b) In each tax year that the related corporation assigns to an insurance company its right to credits under this section, the related corporation must file and submit a signed waiver to the commissioner of insurance and the secretary of revenue on a form supplied by the secretary of revenue.
(c) "Related corporation" shall mean a corporation or partnership controlled by the insurance company. For the purposes of this act, "controlled by the insurance company" shall mean:
(1) In the case of a corporation, ownership, directly or indirectly, of stock possessing at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of all other classes of stock of the corporation; and
(2) in the case of a partnership ownership of at least 80% of the capital or profits interest in such partnership.
History: L. 2007, ch. 62, § 1; April 5.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-252g Same; expiration of act.

40-252g.
Same; expiration of act.
The provisions of this act shall expire on July 1, 2012, provided that any credits earned under this act prior to such date but unused as of such date may continue to be used until exhausted.
History: L. 2007, ch. 62, § 2; April 5.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-253 Payment of fees and taxes in other states by Kansas companies; retaliatory measures, when.

40-253.
Payment of fees and taxes in other states by Kansas companies; retaliatory measures, when.
Whenever the existing or future laws of any other state or country shall require from insurance companies or fraternal benefit societies organized under the laws of this state, applying to do business in such other state or country, any deposit of securities in such state or country for the protection of policyholders therein or any payment for taxes, fines, penalties, certificates of authority, licenses, fees, or compensation for examination, including taxes or fees based on fire premiums, greater than the amount required for such purpose from insurance companies or agents of other states by the then existing laws of this state, then, and in every case, all companies and agents of any such state or country, doing business in this state shall make the same deposit, for a like purpose, with the commissioner of insurance of this state, and pay to the commissioner of insurance for taxes, fines, penalties, certificates of authority, licenses, fees, or compensation for examination, including taxes or fees based on fire premiums, an amount equal to the amount of such charges and payments imposed by the laws of such other state or country upon the companies of this state and the agents thereof. The provisions of this section shall not apply to special purpose assessments or guaranty association assessments both under the laws of this state and under the laws of any other state or country, and any tax offset or credit for any such assessment shall, for purposes of this section, be treated as a tax paid both under the laws of this state and under the laws of any other state or country.
History: L. 1927, ch. 231, 40-253; L. 1951, ch. 293, § 1; L. 1967, ch. 256, § 1; L. 1997, ch. 175, § 6; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-253a Same; effect of certain tax credits.

40-253a.
Same; effect of certain tax credits.
For purposes of calculating any tax due under K.S.A. 40-253, and amendments thereto, from a taxpayer not organized under the laws of this state, the credits allowed pursuant to K.S.A. 40-2813, 74-50,132, 79-32,153, 79-32,160 and 79-32,196, and amendments thereto, shall be treated as tax paid under K.S.A. 40-252, and amendments thereto.
History: L. 1998, ch. 136, § 9; April 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-256 Attorney fees in actions on insurance policies; exception.

40-256.
Attorney fees in actions on insurance policies; exception.
That in all actions hereafter commenced, in which judgment is rendered against any insurance company as defined in K.S.A. 40-201, and including in addition thereto any fraternal benefit society and any reciprocal or interinsurance exchange on any policy or certificate of any type or kind of insurance, if it appear from the evidence that such company, society or exchange has refused without just cause or excuse to pay the full amount of such loss, the court in rendering such judgment shall allow the plaintiff a reasonable sum as an attorney's fee for services in such action, including proceeding upon appeal, to be recovered and collected as a part of the costs: Provided, however, That when a tender is made by such insurance company, society or exchange before the commencement of the action in which judgment is rendered and the amount recovered is not in excess of such tender no such costs shall be allowed.
History:
L. 1931, ch. 212, § 1; L. 1957, ch. 276, § 1; L. 1967, ch. 257, § 1; L. 1972, ch. 175, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-257 Invalidity of code of 1927.

40-257.
Invalidity of code of 1927.
If any section, subsection, paragraph or provision of this act shall be held to be invalid by any court for any reason, it shall be conclusively presumed that this act would have been passed by the legislature without such invalid section, subsection, paragraph or provision and such finding or construction shall not in any way affect the remainder of this act.
History:
L. 1927, ch. 231, § 2; June 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-258 Actions to recover death benefits based on certain policies; distribution.

40-258.
Actions to recover death benefits based on certain policies; distribution.
Where any person shall die and no personal representative is or has been appointed, a civil action for the recovery of death benefits based on any policy of insurance, wherein the beneficiary is not named or the beneficiary named is the estate of the decedent and where the face amount of the insurance provided in the policy is one thousand dollars or less, may be brought by the widow, or, where there is no widow, by the next of kin of such deceased. The amount recovered in any such action shall inure to the exclusive benefit of the widow and children, if any, or next of kin, to be distributed in the same manner as personal property of the deceased.
History:
L. 1943, ch. 153, § 1; June 28.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-259 Continuity of management of domestic companies in national emergency; declaration of purpose.

40-259.
Continuity of management of domestic companies in national emergency; declaration of purpose.
The legislature declares that it is desirable for the general welfare and in particular for the welfare of insurance beneficiaries, policyholders, injured claimants and others that the business of domestic insurance companies be continued notwithstanding the event of a national emergency.
The specific purpose of this chapter is to facilitate the continued operation of domestic insurance companies in the event that a national emergency is caused by an attack on the United States or by a nuclear, atomic or other disaster which makes it impossible or impracticable for a company to conduct its business in strict accord with applicable provisions of law, its bylaws, or its charter.
History:
L. 1965, ch. 312, § 1; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-260 Same; adoption of emergency bylaws; effect.

40-260.
Same; adoption of emergency bylaws; effect.
The board of directors of any domestic insurance company may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the company, which shall be operative during such a national emergency and which may, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes, or of the company's charter, make any provision that may be reasonably necessary for the operation of the company during the period of such emergency.
History:
L. 1965, ch. 312, § 2; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-261 Same; effective provisions of law if emergency bylaws not adopted at time emergency occurs.

40-261.
Same; effective provisions of law if emergency bylaws not adopted at time emergency occurs.
In the event that the board of directors of a domestic insurance company has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such national emergency:
(1) Three (3) directors shall constitute a quorum for the transaction of business at all meetings of the board.
(2) Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.
(3) If there are no surviving directors, but at least three (3) vice-presidents of the company survive, the three (3) vice-presidents with the longest term of service shall be the directors and shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation. By majority vote such emergency board of directors may elect other directors. If there are not at least three (3) surviving vice-presidents, the commissioner of insurance or duly designated person exercising the powers of commissioner of insurance shall appoint three (3) persons as directors who shall possess all of the powers of the previous board of directors and such powers as are granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
History:
L. 1965, ch. 312, § 3; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-262 Same; succession national emergency lists; basis; conditions.

40-262.
Same; succession national emergency lists; basis; conditions.
At any time the board of directors of a domestic insurance company may, by resolution, provide that in the event of such a national emergency and in the event of the death or incapacity of the president, the secretary or the treasurer of the company such officers, or any of them, shall be succeeded in the office by the person named or described in a succession list adopted by the board of directors. Such list may be on the basis of named persons or position titles, shall establish the order of priority and may prescribe the conditions under which the powers of the office shall be exercised.
History:
L. 1965, ch. 312, § 4; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-263 Same; home or principal office; alternate locations.

40-263.
Same; home or principal office; alternate locations.
At any time the board of directors of a domestic insurance company may, by resolution, provide that in the event of such a national emergency the home office or principal place of business of the company shall be at such location as is named or described in the resolution. Such resolution may provide for alternate locations and establish an order of preference.
History:
L. 1965, ch. 312, § 5; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-264 Statement of ownership of equity shares in domestic stock companies filed with commissioner, when; changes.

40-264.
Statement of ownership of equity shares in domestic stock companies filed with commissioner, when; changes.
Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner of insurance on or before January 31, 1966, or within ten (10) days after he becomes such beneficial owner, director or officer, a statement, in such form as the commissioner may prescribe, of the amount of all equity securities of such company of which he is the beneficial owner, and within ten (10) days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file in the office of the commissioner a statement, in such form as the commissioner may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month.
History:
L. 1965, ch. 309, § 1; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-265 Profits from sale or purchase of equity securities to inure to benefit of company, when; actions for recovery; exemption.

40-265.
Profits from sale or purchase of equity securities to inure to benefit of company, when; actions for recovery; exemption.
For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six (6) months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company if the company shall fail or refuse to bring such suit within sixty (60) days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two (2) years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner by rules and regulations may exempt as not comprehended within the purpose of this section.
History:
L. 1965, ch. 309, § 2; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-266 Unlawful acts in connection with sale of equity securities.

40-266.
Unlawful acts in connection with sale of equity securities.
It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver it against such sale within twenty (20) days thereafter, or does not within five (5) days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
History:
L. 1965, ch. 309, § 3; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-267 Provisions of K.S.A. 40-265, 40-266 inapplicable to certain sales; rules and regulations.

40-267.
Provisions of K.S.A. 40-265, 40-266 inapplicable to certain sales; rules and regulations.
The provisions of K.S.A. 40-265 shall not apply to any purchase and sale, or sale and purchase, and the provisions of K.S.A. 40-266 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market (otherwise than on an exchange as defined in the securities exchange act of 1934) for such security. The commissioner shall, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market to conform to the provisions of K.S.A. 40-265 and 40-266.
History:
L. 1965, ch. 309, § 4; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-268 Provisions of K.S.A. 40-264 through 40-266 inapplicable to arbitrage transactions; exception.

40-268.
Provisions of K.S.A. 40-264 through 40-266 inapplicable to arbitrage transactions; exception.
The provisions of K.S.A. 40-264, 40-265 and 40-266 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of this act.
History:
L. 1965, ch. 309, § 5; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-269 Equity security defined.

40-269.
Equity security defined.
The term "equity security" when used in this act means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right, or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security.
History:
L. 1965, ch. 309, § 6; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-270 Provisions of K.S.A. 40-264 through 40-266 inapplicable to equity securities of domestic companies, when.

40-270.
Provisions of K.S.A. 40-264 through 40-266 inapplicable to equity securities of domestic companies, when.
The provisions of K.S.A. 40-264, 40-265 and 40-266 shall not apply to equity securities of a domestic stock insurance company if (a) such securities shall be registered, or shall be required to be registered, pursuant to section 12* of the securities exchange act of 1934, as amended, or if (b) such domestic stock insurance company shall not have any class of its equity securities held of record by one hundred (100) or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of K.S.A. 40-264, 40-265 and 40-266 except for the provisions of this subsection (b).
History:
L. 1965, ch. 309, § 7; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-271 Rules and regulations by commissioner.

40-271.
Rules and regulations by commissioner.
The commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by K.S.A. 40-264 to 40-270, and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction. No provision of K.S.A. 40-264, 40-265 and 40-266 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
History:
L. 1965, ch. 309, § 8; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-272 Same; proxies, consents or authorization concerning securities of domestic companies.

40-272.
Same; proxies, consents or authorization concerning securities of domestic companies.
The commissioner of insurance shall have specific authority to prescribe rules and regulations regarding proxies, consents or authorizations in respect of securities issued by domestic insurance companies and such rules and regulations shall conform to those prescribed by the national association of insurance commissioners.
History:
L. 1965, ch. 313, § 1; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-273 Joint underwriting and joint reinsurance; filing requirements; changes; prohibitions.

40-273.
Joint underwriting and joint reinsurance; filing requirements; changes; prohibitions.
Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance through such group, association or other organization or by standing agreement among the members thereof, shall file with the commissioner (1) a copy of its constitution, its articles of agreement or association or its articles or certificates of incorporation or other contractual provisions governing the activities of such group, association or other organization and of its bylaws, rules and regulations governing its activities; (2) a list of its members; (3) the name and address of a resident of this state upon whom notices or orders of the commissioner or other process may be served; and (4) an agreement that the commissioner may examine such underwriting group, association or other organization in accordance with 40-222 of the Kansas Statutes Annotated, unless such examination has been made by the state where the principal office of such group, association or other organization of insurers is located and that such examination is made available to the Kansas insurance department. Every such group, association or other organization shall notify the commissioner promptly of every change in its constitution, its articles or certificates of incorporation, agreement or association or other contractual provisions governing the activities of such group, association or other organization and of its bylaws, rules and regulations governing the conduct of its activities; its list of members; and the name and address of the resident of this state upon whom notices or orders of the commissioner or other process may be served.
No such group, association or organization shall engage in any unfair or unreasonable practice with respect to such activities.
History:
L. 1965, ch. 311, § 1; June 30.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-274 Same; solicitation; countersignature requirements.

40-274.
Same; solicitation; countersignature requirements.
Whenever the affiliate companies of any joint underwriting group described in K.S.A. 40-273 issue policies in this state that obligate more than one (1) insurer, severally or jointly, the solicitation of such policies must be accomplished by a licensed resident agent for at least one (1) of the companies assuming direct liability on the risk: Provided, That such policy must be countersigned by a licensed resident agent for each company assuming direct liability as provided in K.S.A. 40-246: Provided further, Such countersignature requirement may be accomplished by means of an endorsement on which the signatures of licensed resident agents of all companies assuming direct liability on the policy are placed.
History:
L. 1967, ch. 248, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-275 Advance or partial payment not admissible as admission against interest or admission of liability; credit; no recovery; limitation of actions.

40-275.
Advance or partial payment not admissible as admission against interest or admission of liability; credit; no recovery; limitation of actions.
No advance payment or partial payment of damages, predicated on possible tort liability, as an accommodation to an injured person, or on his behalf to others, or to the heirs at law or dependents of a deceased person of medical expenses, loss of earnings and other actual out of pocket expenses, because of an injury, death claim, property loss or potential claim against any person, firm, trust or corporation, shall be admissible into evidence as an admission against interest or admission of liability by such party or self insurer, or if paid by an insurer of such party, as the insurer's recognition of such liability with respect to such injured or deceased person, or with respect to any other claim arising from the same accident or event. Any such payments shall, however, constitute a credit and be deductible from any final settlement made or judgment rendered with respect to such injured or deceased person. In the event of a trial involving such a claim, the fact that such payments have been made shall not be brought to the attention of the jury: Provided, If after an advance payment or partial payment is made as herein provided for, and thereafter it shall be determined by final judgment of a court of competent jurisdiction that the person, firm, trust or corporation is not liable for an amount sufficient to satisfy the advance payment or partial payment, such person, firm, trust or corporation shall have no right of action for the recovery of any such a payment: Provided further, That the period fixed for the limitation for the commencement of actions shall commence on the date of the last payment or partial payment made hereunder.
History:
L. 1967, ch. 267, § 1; L. 1969, ch. 232, § 1; July 1.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-276 Cancellation of automobile liability insurance; definitions.

40-276.
Cancellation of automobile liability insurance; definitions.
As used in this act: "Policy of automobile liability insurance" means a policy insuring against the liability of the insured for the death, disability or damages of another and against loss or damage to the property of another, arising from the use of an automobile that is issued to cover the following types of automobiles owned by an individual or by husband and wife, including automobiles hired under a long term contract and written on a specified car basis:
(a) A motor vehicle of the private passenger or station wagon type that is not used as a public or livery conveyance for passengers, nor rented to others;
(b) Any other four-wheel motor vehicle with a load capacity of one thousand five hundred (1,500) pounds or less which is not used in the occupation, profession or business of the named insured, other than farming: Provided, That the term "policy of automobile liability insurance" shall not include policies of automobile liability insurance (1) issued through the Kansas automobile assigned risk plan, (2) insuring more than four automobiles, nor (3) insuring the automobile hazard of garages, automobile sales agencies, repair shops, service stations or public parking places.
History: L. 1967, ch. 271, § 1; January 1, 1968.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-277 Same; limitations on policy conditions for cancellation.

40-277.
Same; limitations on policy conditions for cancellation.
No insurance company shall issue a policy of automobile liability insurance in this state unless the cancellation condition of the policy or endorsement thereon includes the following limitations pertaining to cancellation by the insurance company:
After this policy has been in effect for 60 days, or if the policy is a renewal, effective immediately, the company shall not exercise its right to cancel the insurance afforded under (here insert the appropriate coverage references) solely because of age or unless
1. The named insured fails to discharge when due any obligations in connection with the payment of premium for this policy or any installment thereof whether payable directly or under any premium finance plan; or
2. the insurance was obtained through fraudulent misrepresentation; or
3. the insured violates any of the terms and conditions of the policy; or
4. the named insured or any other operator, either resident in the same household, or who customarily operates an automobile insured under the policy,
(a) has had such person's driver's license suspended or revoked during the policy period, or
(b) is or becomes subject to epilepsy or heart attacks, and such individual cannot produce a certificate from a physician testifying to such person's ability to operate a motor vehicle, or
(c) is or has been convicted during the 36 months immediately preceding the effective date of the policy or during the policy period, for:
(1) Any felony, or
(2) criminal negligence, resulting in death, homicide or assault, arising out of the operation of a motor vehicle, or
(3) operating a motor vehicle while in an intoxicated condition or while under the influence of drugs, or
(4) leaving the scene of an accident without stopping to report, or
(5) theft of a motor vehicle, or
(6) making false statements in an application for a driver's license, or
(7) a third moving violation, committed within a period of 18 months, of (i) any regulation limiting the speed of motor vehicles, (ii) any of the provisions in the motor vehicle laws of any state, the violation of which constitutes a misdemeanor or traffic infraction, or (iii) any ordinance traffic infraction, or ordinance which prohibits the same acts as a misdemeanor statute of the uniform act regulating traffic on highways, whether or not the violations were repetitious of the same offense or were different offenses.
History: L. 1967, ch. 271, § 2; L. 1984, ch. 39, § 47; January 1, 1985.
2023 Kansas Statutes › Chapter 40 - Insurance › Article 2 - General Provisions › 40-278 Cancellation or nonrenewal of automobile liability policy; notice of availability of Kansas automobile insurance plan.

40-278.
Cancellation or nonrenewal of automobile liability policy; notice of availability of Kansas automobile insurance plan.
When a policy of automobile liability insurance as defined in K.S.A. 40-276 is canceled, or nonrenewed other than for nonpayment of premium by an insurance company, such insurer shall notify the named insured of his possible eligibility for such coverage through the Kansas automobile insurance plan. Such notice shall accompany or be included in the notice of cancellation, or nonrenewal, given by the insurer and shall state that such notice of availability of the Kansas automobile insurance plan is given pursuant to the provisions of this act.
History:
L. 1967, ch. 271, § 3; L. 1972, ch. 176, § 2; July 1.