Kansas Statutes 40-2b27. Medium and lower grade obligations; definitions
Terms Used In Kansas Statutes 40-2b27
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
As used in Kan. Stat. Ann. § 40-2b28:
(a) “Medium grade obligations” means obligations which are designated “3” by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.
(b) “Lower grade obligations” means obligations which are designated “4,” “5” or “6” by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.
(c) “Admitted assets” means the amount shown on the insurer’s last annual report as filed with the state commissioner of insurance or a more recent quarterly financial statement filed with the commissioner.
(d) “Aggregate amount” of medium grade and lower grade obligations means the aggregate statutory statement value thereof.
(e) “Institution” means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or similar entity.
(f) “Insurance company” or “insurer” means any life insurance company organized under the laws of this state.
(g) “NAIC” means the national association of insurance commissioners.
(h) “SVO” means the securities valuation office of the NAIC or any successor office established by the NAIC.