Kansas Statutes 40-1604. Statements filed by attorney-in-fact with commissioner; amount of indemnity
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Terms Used In Kansas Statutes 40-1604
- 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
- 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.
- Reciprocal: means an aggregation of subscribers under a common name. See Kansas Statutes 40-1623
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
There shall be filed with the commissioner of insurance a statement under oath by the attorney-in-fact giving the maximum amount of indemnity upon any single risk, and such attorney-in-fact, whenever and as often as such attorney-in-fact shall be required, shall file with the commissioner of insurance a statement verified by such attorney-in-fact’s oath, to the effect that the reciprocal has not assumed on any one risk an amount greater than 10% of its surplus, unless the excess shall be reinsured (1) in some other insurance company duly authorized to transact similar business in this state or as otherwise provided in the insurance code; or (2) as provided by the laws of the state in which the principal office of the reciprocal is located.