Kansas Administrative Regulations
Agency 40 - INSURANCE DEPARTMENT
Article 3 - FIRE AND CASUALTY INSURANCE
Section 40-3-7 - Fire and casualty insurance; mutual insurers; reciprocal interinsurance exchanges; capital stock insurers issuing participating policies; dividends; requirements
Universal Citation: KS Admin Regs 40-3-7
Current through Register Vol. 43, No. 39, September 26, 2024
(a) Each fire and casualty insurance contract issued in Kansas by a mutual insurer or reciprocal interinsurance exchange, and each participating fire and casualty insurance contract issued in Kansas by a capital stock insurer, shall contain a provision stating that dividends may be paid on the policy.
(b) A capital stock insurer shall not issue participating policies in Kansas unless:
(1)
Issuance authority exists in its charter or articles of incorporation;
(2) The supreme court of its state
of domicile has held that a domestic capital stock insurer has inherent
authority to issue participating policies; or
(3) The attorney general or chief legal
official of its state of domicile has ruled that a domestic capital stock
insurer has inherent authority to issue participating policies.
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