40-4355. Captive insurance companies; redomestication.

382 words·~2 min read·/ks/chapter-40/40-4355

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A foreign or alien insurer may become a domestic captive insurance company by complying with all of the requirements of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, relating to the organization and licensing of a domestic captive insurance company of the same type, with the approval of the commissioner. A company redomesticating to this state pursuant to this section may be organized under any lawful corporate form permitted by chapter 40 of the Kansas Statutes Annotated, and amendments thereto.

(b)A redomestication pursuant to this section shall be authorized for insurance companies domiciled in foreign or alien jurisdictions that authorize the redomestication of insurance companies if, as a result of the actions taken by the company pursuant to this section to redomesticate to this state, such insurance company will no longer be a domestic legal entity of foreign or alien jurisdiction. A company wishing to redomesticate pursuant to this section shall provide evidence that the applicable regulatory authority of its domicile consents to the redomestication.

(c)An insurance company wishing to redomesticate under this section shall file organizational documents with the secretary of state that comply with article 43 of chapter 40 and chapters 17 and 56a of the Kansas Statutes Annotated, and amendments thereto, as applicable, or any other applicable provision governing formation of such type of entity.

(d)The insurance company shall file a copy of the secretary of state's acknowledgement letter with the commissioner, who shall then issue a certificate of authority, pursuant to K.S.A. 40-4302 , and amendments thereto.

(e)Upon the completion of a redomestication under this section, the captive insurance company shall be subject to the laws of this state and considered domiciled in this state. Such captive insurance company shall be deemed to have a formation date corresponding to its original formation date in the foreign or alien domicile.

(f)For the purposes of the financial examination required pursuant to K.S.A. 40-4308 , and amendments thereto, any examination conducted by the foreign or alien domicile that is substantially similar to an examination that would have been done in this state had the company been domiciled in this state shall be recognized for the purposes of establishing the period of time when the next examination is due.