Kansas Statutes 40-2,123. Insurers authorized to discontinue certain business in state, when; enforcement
Terms Used In Kansas Statutes 40-2,123
- Commissioner: means the commissioner of insurance of this state;
(b) "company" means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the commissioner;
(c) "department" means the department of insurance of this state;
(d) "examiner" means any individual or firm having been authorized by the commissioner to conduct an examination under this act;
(e) "insurer" shall have the meaning ascribed to the term "insurance company" by Kan. See Kansas Statutes 40-222f
- Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company. See Kansas Statutes 40-2,130
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) From and after January 1, 1989, an insurer may cease to transact insurance in this state, or discontinue the writing or renewal of one or more kinds of property or casualty insurance specified in Kan. Stat. Ann. §§ 40-901 and 40-1102, and amendments thereto, or classes of property or casualty insurance risks which were actively solicited or written:
(1) After 60 days’ notice to the commissioner;
(2) upon loss of adequate reinsurance;
(3) when deemed to be in hazardous financial condition; or
(4) when deemed to be insolvent or potentially insolvent.
(b) The commissioner is authorized to extend the notice period required by paragraph (1) of subsection (a) by adoption of a rule and regulation establishing such longer period of time, not exceeding 60 additional days, as may be necessary to maintain adequate insurance markets following severe or repetitive wind, hailstorms or other unusual events that affect the insurance environment.
(c) Enforcement of the provisions of this section shall be in accordance with article 24 of chapter 40 of the Kansas Statutes Annotated, and acts amendatory thereof and supplemental thereto.