Terms Used In Kansas Statutes > Chapter 40 > Article 45 - Regulation of Reinsurance Intermediaries

• Actuary: means a person who is a member in good standing of the American academy of actuaries. See Kansas Statutes 40-4502
• Commissioner: means the commissioner of insurance of this state. See Kansas Statutes 40-4502
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means any person, firm, association or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary. See Kansas Statutes 40-4502
• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Insurer: means any person, firm, association or corporation duly licensed in this state, pursuant tochapter 40 of the Kansas Statutes Annotated, as an insurer. See Kansas Statutes 40-4502
• Licensed producer: means an agent or reinsurance intermediary licensed pursuant to the applicable provision of the Kansas Statutes Annotated. See Kansas Statutes 40-4502
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Property: includes personal and real property. See Kansas Statutes 77-201
• qualified United States financial institution: means an institution that:

  (1) Is organized or, in the case of a United States office of a foreign banking organization licensed, under the laws of the United States or any state thereof;

  (2) is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and

  (3) has been determined by either the commissioner, or the securities valuation office of the national association of insurance commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner. See Kansas Statutes 40-4502

• reinsurance broker: means any person, other than an officer or employee of the ceding insurer, firm, association or corporation who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See Kansas Statutes 40-4502
• Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subsections (f) and (g). See Kansas Statutes 40-4502
• reinsurance manager: means any person, firm, association or corporation who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance manager, manager or other similar term. See Kansas Statutes 40-4502
• Reinsurer: means any person, firm, association or corporation duly licensed in this state pursuant tochapter 40 of the Kansas Statutes Annotated as an insurer with the authority to assume reinsurance. See Kansas Statutes 40-4502
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201