{"data":{"id":"us-ks/k.s.a.-40-2b18","jurisdiction":"us-ks","citation":"K.S.A. 40-2b18","heading":"Real estate investment trusts.","body":"Any life insurance company heretofore or hereafter 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 shares of beneficial interest in or obligations issued by a real estate investment trust qualified under sections 856 through 858 of the federal internal revenue code which meet the following qualifications:\n(a) The obligations shown on the last published annual statement of such trust must meet the qualifications specified for corporate obligations in subsections (a) through (d) of K.S.A. 40-2b05;\n(b) cash dividends have been paid during each of the last three (3) years preceding the date of acquisition;\n(c) the shares are registered on a national securities exchange regulated under the securities exchange act of 1934 as amended;\n(d) the trust shall have earnings in three (3) of the last five (5) years preceding date of acquisition;\n(e) no insurance company shall own more than five percent (5%) of the total number of shares of any one such trust, nor invest more than two percent (2%) of its admitted assets in shares of any one such trust.\nShares in each trust which has over one-half (½) of its assets invested in ownership of real estate or which has such ownership as its stated investment objective shall be considered a real estate investment for purposes of conforming with the limitation on real estate ownership imposed in K.S.A. 40-2b10.","path":["Chapter 40.—INSURANCE","Article 2b.—INVESTMENTS BY LIFE INSURANCE COMPANIES"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch40/040_002b_0018.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-09-04T15:11:56Z","sha256":"c8494c03f226aadb2a7eb1cc513d4e178fbf8c0b2d2609744f051ff04ec2037c","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-40-2b17","next":"us-ks/k.s.a.-40-2b19"},"notice":"GroundRules: Original legal text. Not legal advice."}