Kansas Statutes 40-1603. Domestic reciprocal; attorney-in-fact; declarations
(a) The attorney-in-fact of a domestic reciprocal shall file with the commissioner of insurance a declaration verified by the oath of such attorney-in-fact, or when such attorney-in-fact is a corporation by the oath of a chief officer thereof, setting forth:
(1) The name of the attorney-in-fact, and the name of the domestic reciprocal.
Terms Used In Kansas Statutes 40-1603
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-in-fact: means the person designated and authorized by subscribers as having authority to obligate them on reciprocal insurance contracts. See Kansas Statutes 40-1623
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-1623
- 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.
- Oath: includes an affirmation in all cases where an affirmation may be substituted for an oath, and in similar cases "swear" includes affirm. See Kansas Statutes 77-201
- Oath: A promise to tell the truth.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Reciprocal: means an aggregation of subscribers under a common name. See Kansas Statutes 40-1623
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Subscriber: means a person obligated under a reciprocal insurance agreement. See Kansas Statutes 40-1623
(2) The kind or kinds of insurance to be effected or exchanged.
(3) A copy of the form of power of attorney and subscriber‘s agreement or other authority of such attorney-in-fact under which such insurance is to be effected or exchanged.
(4) The location of the office or offices from which such contracts or agreements are to be issued.
(5) That except as to the kinds of insurance hereinafter specifically mentioned in this subdivision, applications shall have been made for indemnity upon at least 100 separate risks aggregating not less than $1,500,000, represented by executed contracts or bona fide applications to become concurrently effective. In the case of employers’ liability or workers compensation insurance, applications shall have been made for indemnity upon at least 100 separate risks, covering a total annual payroll of not less than $2,500,000, as represented by executed contracts or bona fide applications to become concurrently effective.
(6) That there is in the possession of such attorney-in-fact, and available for the payment of losses, assets conforming to the requirements of Kan. Stat. Ann. § 40-1605, and amendments thereto.
(7) A financial statement in form prescribed for the annual statement.
(8) An instrument authorizing service of process as provided in this article.
(b) No declaration shall be required under this section for any reciprocal organized in this state as a result of a conversion under the provisions of Kan. Stat. Ann. § 40-1620, and amendments thereto.