40-4320. Same; actions requiring prior approval of commissioner.
170 words·~1 min read·
/ks/chapter-40/40-4320A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-4320. Same; actions requiring prior approval of commissioner. 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 K.S.A. 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.