Kansas Statutes 40-1105. Revocation of certificate of authority, when
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Terms Used In Kansas Statutes 40-1105
- Commissioner: means the commissioner of insurance of the state of Kansas. See Kansas Statutes 40-1136
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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. See Kansas Statutes 40-1101
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 Kan. Stat. Ann. § 40-222.