Kansas § 40-4001 Conversion authority; review by commissioner; act to be liberally construed

Kansas Statutes

§ 40-4001 — Conversion authority; review by commissioner; act to be liberally construed

Kansas § 40-4001

Ch. 40INSURANCE

Art. 40CONVERSION OF DOMESTIC MUTUAL INSURER INTO DOMESTIC STOCK INSURER

This text of Kansas § 40-4001 (Conversion authority; review by commissioner; act to be liberally construed) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kan. Stat. Ann. § 40-4001 (2026).

Text

A domestic mutual insurer issuing nonassessable policies may be converted into a domestic stock insurer. To that end, it may provide and carry out a plan for such conversion by complying with the requirements of this act. Because it is not possible to anticipate all of the circumstances and considerations which may arise incident to a conversion from a mutual insurer to a stock insurer, the commissioner has broad authority in reviewing such conversion, and the procedures and criteria to be applied by the commissioner are flexible within the parameters of this act. This act shall be liberally construed to effect the legislative intent set forth in this section and shall not be interpreted to limit the powers granted to the commissioner by other provisions of law.

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A domestic mutual insurer issuing nonassessable policies may be converted into a domestic stock insurer. To that end, it may provide and carry out a plan for such conversion by complying with the requirements of this act. Because it is not possible to anticipate all of the circumstances and considerations which may arise incident to a conversion from a mutual insurer to a stock insurer, the commissioner has broad authority in reviewing such conversion, and the procedures and criteria to be applied by the commissioner are flexible within the parameters of this act. This act shall be liberally construed to effect the legislative intent set forth in this section and shall not be interpreted to limit the powers granted to the commissioner by other provisions of law.