Kansas Statutes 40-6008. Same; penalty
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 40-6008
- Act: means the risk management and own risk and solvency assessment act. See Kansas Statutes 40-6002
- Commissioner: means the state commissioner of insurance. See Kansas Statutes 40-6002
- Insurer: has the meaning ascribed to it in Kan. See Kansas Statutes 40-6002
- ORSA: means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks. See Kansas Statutes 40-6002
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
Any insurer failing, without just cause, to timely file the ORSA summary report as required in this act shall be required, after notice and hearing, to pay a penalty for each day’s delay, to be recovered by the commissioner. The penalty so recovered shall be paid into the state general revenue fund. The maximum penalty under this section is $50,000. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.