(a) Captive insurance companies shall comply with:

(1) Except for any payment-in-kind assets held by a technology-enabled fiduciary financial institution insurance company, the investment requirements contained in articles 2a and 2b ofchapter 40 of the Kansas Statutes Annotated, and amendments thereto, as applicable; and

(2) such investment requirements as may otherwise be approved by the commissioner upon application by any such captive insurance company.

(b) Investments of association captive insurance companies shall be valued in accordance with the valuation procedures established by the national association of insurance commissioners, except to the extent it is inconsistent with the accounting standards in use by the company and approved by the commissioner.

(c) Insurance companies organized in a jurisdiction other than Kansas and Kansas technology-enabled fiduciary financial institution insurance companies may hold in-kind assets in accordance with Kan. Stat. Ann. 2023 Supp. 40-4354, and amendments thereto, and any such in-kind assets required to be held shall be counted as part of the reserves, capital and surplus of such insurance companies required for the primary and predominant business activity of the writing of insurance or the reinsuring of risks underwritten by technology-enabled fiduciary financial institution insurance companies.

(d) A technology-enabled fiduciary financial institution insurance company shall be permitted to hold equity interests in an affiliated technology-enabled fiduciary financial institution.