Kansas § 40-3011 Additional powers of commissioner; revocation of authority; appeals; judicial review; notice of effect of act

Kansas Statutes

§ 40-3011 — Additional powers of commissioner; revocation of authority; appeals; judicial review; notice of effect of act

Kansas·Ch. 40 INSURANCE·Art. 30 LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT

In addition to the duties and powers enumerated in this act:

(a)The commissioner shall:

(1)Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate state for each member insurer;

(2)when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the impaired insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this act;

(3)in any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or

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In addition to the duties and powers enumerated in this act:
(a) The commissioner shall:
(1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate state for each member insurer;
(2) when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the impaired insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this act;
(3) in any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.
(b) The commissioner may suspend or revoke, after notice and hearing in accordance with the provisions of the Kansas administrative procedure act, the certificate of authority to transact insurance business in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the commissioner may levy a forfeiture on any member insurer that fails to pay an assessment when due. Such forfeiture shall not exceed 5% of the unpaid assessment per month, but a forfeiture shall be not less than $100 per month.
(c) Any final action of the board of directors or the association may be appealed to the commissioner by any member insurer if such appeal is taken within 60 days of the final action being appealed. A final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction in accordance with the laws of this state that apply to the actions or orders of the commissioner.
(d) The liquidator, rehabilitator or conservator of any impaired insurer may notify all interested persons of the effect of this act.

Kansas § 40-3011 (Additional powers of commissioner; revocation of authority; appeals; judicial review; notice of effect of act) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.