Kansas Statutes 40-1107. Maximum amount of one risk or hazard; exceptions
Terms Used In Kansas Statutes 40-1107
- insurance company: as used in this article shall be construed to include any corporation having a capital stock as provided by section 40-1103, and organized for one or more of the purposes set out in section 40-1102. See Kansas Statutes 40-1101
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
No insurance company organized under the laws of this state and transacting business in this state shall, except as otherwise provided in Kan. Stat. Ann. § 40-1107a, expose itself to loss on any one risk or hazard to an amount exceeding ten percent (10%) of its paid-up capital and surplus unless the excess shall be reinsured in some other company duly authorized to transact similar business in this state or as otherwise provided in the insurance code and no insurance company not organized under the laws of this state and transacting business in this state shall, except as otherwise provided in Kan. Stat. Ann. § 40-1107a, expose itself to loss on any one risk or hazard to an amount exceeding ten percent (10%) of its paid-up capital and surplus unless the excess shall be reinsured either in some company duly authorized to transact similar business in this state or as provided by the laws of such company’s domiciliary state.