40-2a14.   Collateral loans. Any insurance company other than life heretofore or hereafter organized under any law of this state may invest 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 loans secured by collateral consisting of a pledge of bonds, securities, stock or evidences of indebtedness qualified in K.S.A. 40-2a01 to 40-2a08, inclusive: Provided, That the amount of the loan is not in excess of eighty percent (80%) of the market value of the securities: Provided further, That all restrictions placed on any security authorized within K.S.A. 40-2a01 to 40-2a08, inclusive, shall apply to the collateral securities pledged to the payment of loans authorized in this section.

      History:   L. 1972, ch. 173, § 14; July 1.