Medium and lower grade obligations; definitions

40-2b27. Medium and lower grade obligations; definitions. As used in K.S.A. 40-2b28: (a) "Medium grade obligations" means obligations which are designated "3" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO. (b) "Lower grade obligations" means obligations which are designated "4," "5" or "6" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO. (c) "Admitted assets" means the amount shown on the insurer's last annual report as filed with the state commissioner of insurance or a more recent quarterly financial statement filed with the commissioner. (d) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof. (e) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or similar entity. (f) "Insurance company" or "insurer" means any life insurance company organized under the laws of this state. (g) "NAIC" means the national association of insurance commissioners. (h) "SVO" means the securities valuation office of the NAIC or any successor office established by the NAIC. History: L. 1992, ch. 121, § 3; L. 2015, ch. 7, § 13; July 1. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents USEFUL LINKS Session Laws Kansas Administrative Regulations OTHER LEGISLATIVE SITES Kansas Legislature Administrative Services Division of Post Audit Research Department Contact Us PDF Help www.ksrevisor.gov 2026