Statute 40-1107: Maximum amount of one risk or hazard; exceptions.
No insurance company organized under the laws of this state and
transacting business in this state shall, except as otherwise provided
in
K.S.A. 40-1107a, expose itself to loss on any one
risk or hazard to an amount exceeding ten percent (10%) of its paid-up
capital and surplus unless the excess shall be reinsured in some other
company duly authorized to transact similar business in this state or as
otherwise provided in the insurance code and no insurance company not
organized under the laws of this state and transacting business in this
state shall, except as otherwise provided in
K.S.A. 40-1107a, expose itself
to loss on any one risk or hazard to an amount
exceeding ten percent (10%) of its paid-up capital and surplus unless
the excess shall be reinsured either in some company duly authorized to
transact similar business in this state or as provided by the laws of
such company's domiciliary state.
History: L. 1927, ch. 231, 40-1107; L. 1967, ch. 268, § 1; L. 1971, ch. 168, §
1; July 1.