Terms Used In Kansas Statutes 40-512

  • Consolidation: means the joining of two (2) or more companies in a manner so that a single new consolidated company results therefrom. See Kansas Statutes 40-508
  • Merger: means the union of two (2) or more companies into a single company which is one of the companies so uniting. See Kansas Statutes 40-508

If a domestic mutual insurer is impaired in that the insurer’s surplus is less than the amount required for authority to transact the kinds of insurance being transacted by the insurer, the commissioner of insurance may approve the agreement of merger or consolidation with a hearing thereon conducted in accordance with the provisions of the Kansas administrative procedure act, and the same may be effectuated without approval of the impaired insurer’s policyholders.