Same; issuance of securities

40-4340. Same; issuance of securities. (a) A special purpose insurance captive may issue approved securities, subject to and in accordance with applicable law, its approved plan of operation and its organizational documents. A special purpose insurance captive may enter into and perform all its obligations under any required contract to facilitate the issuance of these securities. (b) The commissioner may approve the use of surplus notes. If the commissioner so approves, the special purpose insurance captive shall: (1) Account for the proceeds of surplus notes as surplus and not debt for purposes of statutory accounting; and (2) submit for prior approval of the commissioner periodic written requests for payments of interest on and repayments of principal of surplus notes. (c) The obligation to repay principal or interest, or both, on the securities issued by the special purpose insurance captive shall reflect the risk associated with the reinsurance obligations assumed by the special purpose insurance captive. History: L. 2018, ch. 50, § 23; 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