(a) Any insurance company other than life organized under any law of this state, with
the direction or approval of a majority of its board of directors or authorized committee
(1) Adopt a nominee name unique to such insurance company in which such insurance
company's securities may be registered;
(2) designate a state or national bank, a trust company or a federal home loan bank
having trust powers to obtain a nominee name for such insurance company in which such
insurance company's securities may be registered; or
(3) designate a state or national bank or a trust company having trust powers as trustee
to make any investment authorized by this act in the name of such trustee or such
(b) Under the provisions of paragraphs (2) and (3) of subsection (a), the designated
state or national bank, trust company or the federal home loan bank may arrange for
such securities to be held in a clearing corporation. Such arrangement must be in accordance with a written agreement, approved by the
commissioner of insurance, between the insurance company and its designated bank or
trust company and must impose the same degree of responsibility on the bank or trust
company as if such securities were held in definitive form by such bank or trust company.
(c) As used in this section “clearing corporation” means:
(1) A corporation defined in subsection (5) of K.S.A. 84-8-102, and amendments thereto;
(2) any organization or system for clearance and settlement of securities transactions
which is operated or owned by a bank, trust company or other entity that is subject
to regulation by the United States federal reserve board or the United States comptroller
of the currency; or
(3) any clearing agency registered with the securities and exchange commission pursuant
to the securities exchange act of 1934, section 17A.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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