Kansas Statutes 40-2,130. Same; definitions
As used in this act:
(a) “Actuary” means a person who is a member in good standing of the American academy of actuaries.
Terms Used In Kansas Statutes 40-2,130
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- insurance company: shall mean and include all corporations, companies, associations, societies, fraternal benefit societies, reciprocal exchanges, persons or partnerships writing contracts of insurance, indemnity or suretyship in this state upon any type of risk or loss except insurance companies transacting business pursuant to the provisions of Kan. See Kansas Statutes 40-222c
- Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company. See Kansas Statutes 40-2,130
- person: means any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof. See Kansas Statutes 40-222f
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(b) “Commissioner” means the commissioner of insurance of this state.
(c) “Insurer” means any person, firm, association or corporation duly licensed in this state as an insurance company.
(d) “Managing general agent” or “MGA” means any person, firm, association or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium equal to or more than 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following:
(1) Adjusts or pays claims in excess of an amount determined by the commissioner; or
(2) negotiates reinsurance on behalf of the insurer.
(e) Notwithstanding the above, the following persons shall not be considered as MGAs for the purposes of this act:
(1) An employee of the insurer;
(2) a United States manager of the United States branch of an alien insurer;
(3) an underwriting manager which, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written;
(4) an attorney-in-fact of a reciprocal exchange or inter-insurance exchange as described in Kan. Stat. Ann. § 40-1602, and amendments thereto; and
(5) an administrator registered in accordance with Kan. Stat. Ann. § 40-3810, and amendments thereto.
(f) “Underwrite” means the authority to accept or reject risk on behalf of the insurer.