40-1604. Statements filed by attorney-in-fact with commissioner; amount of indemnity.
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/ks/chapter-40/40-1604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-1604. Statements filed by attorney-in-fact with commissioner; amount of indemnity. There shall be filed with the commissioner of insurance a statement under oath by the attorney-in-fact giving the maximum amount of indemnity upon any single risk, and such attorney-in-fact, whenever and as often as such attorney-in-fact shall be required, shall file with the commissioner of insurance a statement verified by such attorney-in-fact's oath, to the effect that the reciprocal has not assumed on any one risk an amount greater than 10% of its surplus, unless the excess shall be reinsured
(1)in some other insurance company duly authorized to transact similar business in this state or as otherwise provided in the insurance code; or
(2)as provided by the laws of the state in which the principal office of the reciprocal is located.