As Amended by Senate Committee          

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Session of 2000
          SENATE BILL No. 443           By Committee on Financial Institutions and Insurance           1-19          

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10             AN  ACT concerning insurance companies; relating to accounting pro-
11             cedures and investments; amending K.S.A. 40-12a09 and repealing the
12             existing section; also repealing K.S.A. 40-2a15, 40-2a23, 40-2b14 and
13             40-2b22.
14      
15       Be it enacted by the Legislature of the State of Kansas:
16             Section  1. K.S.A. 40-12a09 is hereby amended to read as follows: 40-
17       12a09. Each company organized pursuant to this act shall file an annual
18       statement each year in accordance with the requirements for domestic
19       insurers writing the same kind of insurance. Any company organized pur-
20       suant to this act may state its liabilities for losses and loss adjustment
21       expenses on a present value basis in any statement or report which the
22       company is required to file so long as the company's surplus as reported
23       upon such basis remains above $1 million, unless the commissioner de-
24       termines the method used by the company to arrive at the present value
25       of its liabilities for losses and loss adjustment expense is based upon un-
26       reasonable assumptions. Any company organized pursuant to this sec-
27       tion which states its liabilities for losses and loss adjustment ex-
28       penses on a present value basis on the effective date of this act shall
29       be allowed a reasonable period of time to discontinue such practice
30       in accordance with a plan approved by the commissioner. 
31       Sec.  2. K.S.A. 40-2a23, 40-2b22 and 40-12a09 are hereby repealed.
32             Sec.  3. On January 1, 2001, K.S.A. 40-2a15 and 40-2b14 are hereby
33       repealed.
34        Sec.  4. This act shall take effect and be in force from and after its
35       publication in the statute book.