Kansas Statutes 40-4320. Same; actions requiring prior approval of commissioner
Terms Used In Kansas Statutes 40-4320
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The following actions shall not be taken without the prior approval of the commissioner:
(a) The dissolution of a captive insurance company;
(b) the sale, exchange, lease, mortgage, assignment, pledge or other transfer of or granting of a security interest in all or substantially all of the assets of a captive insurance company;
(c) the making of a loan, investment or extension of credit by a captive insurance company, provided each such transaction is equal to or exceeds 3% of the captive insurance company’s admitted assets, except as provided in Kan. Stat. Ann. § 40-430, and amendments thereto;
(d) any distribution or dividend out of the capital and surplus, or otherwise;
(e) any merger or consolidation to which a captive insurance company is a party;
(f) any conversion of a captive insurance company to another business form;
(g) any transfer to or domestication in any jurisdiction by a captive insurance company; or
(h) any amendment of the organizational documents of a captive insurance company.