{"data":{"id":"us-ks/k.s.a.-40-4323","jurisdiction":"us-ks","citation":"K.S.A. 40-4323","heading":"Dormant captive insurance companies; certification of; authorization of commissioner to set and publish renewal fee.","body":"(a) As used in this section, unless the context requires otherwise, \"dormant captive insurance company\" means a captive insurance company that has:\n(1) Ceased transacting the business of insurance, including the issuance of insurance policies; and\n(2) no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy under this section.\n(b) A captive insurance company domiciled in Kansas that meets the criteria of subsection (a) may apply to the commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal every five years and shall be forfeited if not renewed within such time.\n(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:\n(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than $25,000;\n(2) prior to March 15 of each year, submit to the commissioner a report of its financial condition, verified by oath by two of its executive officers, in a form as may be prescribed by the commissioner; and\n(3) pay a license renewal fee not to exceed $500. Not later than December 1 of each year, the commissioner shall set and cause to be published in the Kansas register such fee required pursuant to this paragraph.\n(d) A dormant captive insurance company shall not be subject to or liable for the payment of any tax under K.S.A. 40-4314, and amendments thereto, or as provided in article 28 of chapter 40 of the Kansas Statutes Annotated, and amendments thereto.\n(e) A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.\n(f) A certificate of dormancy shall be revoked if a dormant captive insurance company no longer meets the criteria of subsection (a).\n(g) The commissioner may promulgate rules and regulations as necessary to carry out the provisions of this section.","path":["Chapter 40.—INSURANCE","Article 43.—CAPTIVE INSURANCE COMPANIES"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch40/040_043_0023.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-10-15T06:15:41Z","sha256":"6cbd7247236fb3e893c931352a906cbd564f1834f6f8c47bde3c7bd29c8d648b","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-40-4322","next":"us-ks/k.s.a.-40-4324"},"notice":"GroundRules: Original legal text. Not legal advice."}