Kansas Statutes 40-2c24. Commissioner may require foreign insurer to file RBC plan, when
Terms Used In Kansas Statutes 40-2c24
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-2c01
- Foreign insurer: means any insurance company or risk retention group not domiciled in this state that is licensed or registered to do business in this state pursuant to article 41 of chapter 40 of the Kansas Statutes Annotated, and amendments thereto, or Kan. See Kansas Statutes 40-2c01
- RBC: means risk-based capital. See Kansas Statutes 40-2c01
- RBC plan: means a comprehensive financial plan containing the elements specified in Kan. See Kansas Statutes 40-2c01
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Statute: A law passed by a legislature.
In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC provision is in force in that state, under the provisions of this act, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under the RBC statute or, if there are no RBC provisions in force in the state, under Kan. Stat. Ann. § 40-2c05, 40-2c06, 40-2c07, 40-2c08, 40-2c09 and 40-2c10, and amendments thereto, the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In such event, the failure of the foreign insurer to file an RBC plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.