Supervision over transactions

40-104. Supervision over transactions. The commissioner of insurance shall have supervision of all transactions relating to the organization or reorganization of insurance companies organized under the laws of this state, and shall also supervise the sale of all stock certificates, bonds or other evidences of interest or indebtedness issued by any such companies. The commissioner of insurance shall supervise in this state the sale of stock certificates, bonds or other evidences of interest or indebtedness by companies organized under the laws of any other state or country. History: L. 1927, ch. 231, 40-104; L. 1931, ch. 201, § 1; May 28. CASE ANNOTATIONS 1. Stockholders cannot maintain action for receivership of failing company. Wright v. Federal Reserve Life Ins. Co., 131 Kan. 601, 605, 293 P. 945. 2. History and purpose of code discussed; powers of commissioner. National Mutual Casualty Co. v. Hobbs, 149 Kan. 625, 633, 88 P.2d 1006. 3. Validity of stock issue; court without jurisdiction until commissioner considers question. Morris v. Liberty Life Ins. Co., 154 Kan. 152, 115 P.2d 773. 4. Duties of commissioner under K.S.A. 40-703 ministerial and not administrative. Fidelity Life Ass'n v. Hobbs, 161 Kan. 163, 165, 166 P.2d 1001.