(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.
L. 1988, ch. 156, § 4; July 1.