Kansas § 40-3621 Liquidation of insurer; petition by commissioner; grounds

Kansas Statutes

§ 40-3621 — Liquidation of insurer; petition by commissioner; grounds

Kansas·Ch. 40 INSURANCE·Art. 36 IMPAIRED OR INSOLVENT INSURERS

The commissioner may petition the district court of Shawnee county for an order directing the commissioner to liquidate a domestic insurer on the basis:

(a)Of any grounds for an order of rehabilitation as specified in K.S.A. 40-3616, whether or not there has been a prior order directing the rehabilitation of the insurer;

(b)that the insurer is insolvent; or

(c)that the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.

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The commissioner may petition the district court of Shawnee county for an order directing the commissioner to liquidate a domestic insurer on the basis:
(a) Of any grounds for an order of rehabilitation as specified in K.S.A. 40-3616, whether or not there has been a prior order directing the rehabilitation of the insurer;
(b) that the insurer is insolvent; or
(c) that the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.

Kansas § 40-3621 (Liquidation of insurer; petition by commissioner; grounds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.