Kansas Statutes 40-2903. Same; definitions
Terms Used In Kansas Statutes 40-2903
- Association: means the Kansas insurance guaranty association created by this act. See Kansas Statutes 40-2903
- Commissioner: means the commissioner of insurance of this state. See Kansas Statutes 40-2903
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Domiciliary state: means :
(1) The state in which an insurer is incorporated or organized; or
(2) in the case of an alien insurer, the state of entry of such insurer. See Kansas Statutes 40-2903
- Insolvent insurer: means :
(1) An insurer licensed by the commissioner to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and
(2) determined to be insolvent by a court of competent jurisdiction and against whom a final order of liquidation has been entered by a court of competent jurisdiction in the insurer's domiciliary state. See Kansas Statutes 40-2903
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, corporation, partnership, association or voluntary organization. See Kansas Statutes 40-2903
- Property: includes personal and real property. See Kansas Statutes 77-201
- Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. 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
As used in this act: (a) “Association” means the Kansas insurance guaranty association created by this act.
(b) “Commissioner” means the commissioner of insurance of this state.
(c) “Covered claim” means an unpaid claim, including one for unearned premiums, which arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this act applies issued by an insurer, if such insurer becomes an insolvent insurer after the effective date of this act and:
(1) The claimant or insured is a resident of this state at the time of the insured event. For entities other than an individual, the residence of a claimant, insured or policyholder is the state in which the principal place of business of such claimant, insured or policyholder is located at the time of the insured events; or
(2) the claim is a first party claim for damage to property that is permanently located in this state.
“Covered claim” shall not include:
(1) Any amount due any reinsurer, insurer, insurance pool or underwriting association, as subrogation recoveries or otherwise;
(2) any amount awarded as punitive or exemplary damages unless such damages were covered under the policy of the insolvent insurer;
(3) any claim by an affiliate of the insolvent insurer.
(d) “Domiciliary state” means:
(1) The state in which an insurer is incorporated or organized; or
(2) in the case of an alien insurer, the state of entry of such insurer.
(e) “Insolvent insurer” means:
(1) An insurer licensed by the commissioner to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and
(2) determined to be insolvent by a court of competent jurisdiction and against whom a final order of liquidation has been entered by a court of competent jurisdiction in the insurer’s domiciliary state.
(f) “Member insurer” means any person who (1) is authorized to write any kind of insurance to which this act applies under Kan. Stat. Ann. § 40-2902, and amendments thereto, including the exchange of reciprocal or inter-insurance contracts; and
(2) is licensed by the commissioner to transact insurance in this state. This act shall not apply to those persons transacting business pursuant to the provisions of Kan. Stat. Ann. § 40-202, and amendments thereto.
(g) “Net direct written premiums” means first gross premiums written in this state on insurance policies to which this act applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Net direct written premiums” does not include premiums on contracts between insurers or reinsurers.
(h) “Person” means any individual, corporation, partnership, association or voluntary organization.
(i) The provisions of this section, as amended on July 1, 2006, shall apply to all claims which have not been paid prior to April 14, 2005.