Kansas Statutes 40-2,121. Same; nonrenewal; notice required
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Kansas Statutes 40-2,121
- insurance company: shall mean and include all corporations, companies, associations, societies, fraternal benefit societies, reciprocal exchanges, persons or partnerships writing contracts of insurance, indemnity or suretyship in this state upon any type of risk or loss except insurance companies transacting business pursuant to the provisions of Kan. See Kansas Statutes 40-222c
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof. See Kansas Statutes 40-222f
- Property: includes personal and real property. See Kansas Statutes 77-201
Any insurance company that denies renewal or substitution of similar coverage for the same exposures under any property or casualty insurance policy which is used primarily for business or professional needs shall give at least 60 days’ written notice to the named insured at such person‘s last known address of the insurance company’s intention not to renew such policy. The company may satisfy this obligation by causing such notice to be given by a licensed agent.