Kansas Statutes 40-2,120. Business or professional property or casualty insurance; cancellation, when
Terms Used In Kansas Statutes 40-2,120
- 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
No policy of property or casualty insurance, other than accident and sickness, used primarily for business or professional needs that has been in effect for 90 days or more may be canceled except for one of the following reasons:
(a) Nonpayment of premium;
(b) the policy was issued because of a material misrepresentation;
(c) any insured violated any of the material terms and conditions of the policy;
(d) unfavorable underwriting factors, specific to the insured, exist that were not present at the inception of the policy;
(e) a determination by the commissioner that continuation of coverage could place the insurer in a hazardous financial condition or in violation of the laws of this state; or
(f) a determination by the commissioner that the insurer no longer has adequate reinsurance to meet the insurer’s needs.