Kansas § 40-5206 Same; novation of insurance contract, when

Kansas Statutes

§ 40-5206 — Same; novation of insurance contract, when

Kansas § 40-5206

Ch. 40INSURANCE

Art. 52ASSUMPTION REINSURANCE AGREEMENTS

This text of Kansas § 40-5206 (Same; novation of insurance contract, when) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kan. Stat. Ann. § 40-5206 (2026).

Text

If a policyholder consents to the transfer pursuant to K.S.A. 40-5205, and amendments thereto, or if the transfer is effected under K.S.A. 40-5207, and amendments thereto, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks, or both, transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks, or both.
This section shall take effect on and after July 1, 2004.

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If a policyholder consents to the transfer pursuant to K.S.A. 40-5205, and amendments thereto, or if the transfer is effected under K.S.A. 40-5207, and amendments thereto, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks, or both, transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks, or both.
This section shall take effect on and after July 1, 2004.