40-4304.   Capital requirements. (a) No pure captive insurance company or industrial insured captive insurance company incorporated as a stock insurer shall be issued a certificate of authority unless it shall possess and thereafter maintain unimpaired paid-in capital of:

      (1)   In the case of a pure captive insurance company, not less than $100,000; and

      (2)   in the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than $200,000.

      (b)   Such capital may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the state of Kansas or the United States comptroller of currency, domiciled in Kansas, and approved by the commissioner.

      History:   L. 1988, ch. 156, § 4; July 1.