Kansas Statutes 40-1606. Advancements to company; conditions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Kansas Statutes 40-1606
- 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
If at any time it appears that the amount of funds required in Kan. Stat. Ann. § 40-1605, and amendments thereto, has not been accumulated or maintained, then the attorney-in-fact or any other interested party may advance to a reciprocal any funds required in such reciprocal’s operations. The funds so advanced shall not be treated as a liability of the reciprocal and interest shall not be paid or funds repaid except with the approval of the supervising insurance official of the state in which the reciprocal is domiciled. Any such advance and interest shall be repaid only out of the surplus funds of the reciprocal.