40-2b12. Collateral loans. Any life insurance company heretofore or hereafter organized under any law of this state may invest by loans or otherwise, 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, mortgages, securities, stock or evidence of indebtedness qualified in K.S.A. 40-2b01 to 40-2b09, inclusive: Provided, That the amount of the loan is not in excess of eighty percent (80%) of the market value of the securities: And provided further, That all restrictions placed on any security authorized within K.S.A. 40-2b01 to 40-2b09, inclusive, shall apply to the collateral securities pledged to the payment of loans authorized in this section. |
