§ 40-2908 — Same; powers and duties of commissioner

Kansas § 40-2908

• Jurisdiction: Kansas
• Ch. 40: INSURANCE
• Art. 29: KANSAS INSURANCE GUARANTY ASSOCIATION ACT

Text

(a) The commissioner shall:
(1) Notify the association of the existence of an insolvent insurer not later than three regular business days after the commissioner receives notice of the determination of the insolvency.
(2) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
(b) The commissioner may:
(1) Require that the association notify the insureds of the insolvent insurer and any other interested party of the determination of insolvency and of their rights under this act. Such notification shall be by mail at the insurer's or interested party's last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.
(2) Suspend or revoke, pursuant to the provisions of K.S.A. 40-223, and amendments thereto, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall not exceed 5% of the unpaid assessment per month, except that no fine shall be less than $100 per month.
(3) Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.

Legislative History

L. 1970, ch. 185, § 8; L. 1986, ch. 318, § 41; July 1.