{"data":{"id":"us-ks/k.s.a.-40-2a28","jurisdiction":"us-ks","citation":"K.S.A. 40-2a28","heading":"Investment in asset-backed securities; conditions; definitions.","body":"(a) Any insurance company other than life organized under any law of this state may invest, by loans or otherwise, with the direction or approval of a majority of its board of directors or authorized committee thereof, any of its funds, or any part thereof, in asset-backed securities, subject to the following:\n(1) To be an admitted asset under this section, an asset-backed security must, at the time of acquisition, be designated \"1\" or \"2\" by the SVO or its equivalent rating by a nationally recognized statistical rating organization recognized by the SVO;\n(2) the investment in any one issue of asset-backed securities shall not exceed 2% of the admitted assets of the investing insurance company as shown by its last annual report or a more recent quarterly financial statement filed with the commissioner. Each issue designated as provided in paragraph (1) shall constitute a single issue regardless of any other obligations or securities issued by the same or any affiliated issuer.\n(b) As used in this section:\n(1) \"Asset-backed security\" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a business entity of any type or form, which has as its primary business activity the acquisition and holding of financial assets, directly or through a trustee, for the benefit of such business entity's debt or equity holders;\n(2) \"financial asset\" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets;\n(3) \"NAIC\" means the national association of insurance commissioners; and\n(4) \"SVO\" means the securities valuation office of the NAIC or any successor office established by the NAIC.","path":["Chapter 40.—INSURANCE","Article 2a.—INVESTMENTS BY OTHER THAN LIFE INSURANCE COMPANIES"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch40/040_002a_0028.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-09-04T15:11:56Z","sha256":"dbb5e356df509cee02bf0b26ea37357622fdc6f23e1e1662dbcb871fa3926f11","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-40-2a27","next":"us-ks/k.s.a.-40-2b01"},"notice":"GroundRules: Original legal text. Not legal advice."}