Kansas Statutes 40-1616. Same; approval; assumption of policies and business by surviving entity
(a) Armed Forces Cooperative Insuring Association may, with the approval of the commissioner of insurance, merge with Armed Forces Insurance Exchange as provided by this act, the surviving insurance entity to be Armed Forces Insurance Exchange.
(b) By virtue of such merger, all in force policies of Armed Forces Cooperative Insuring Association shall be assumed by Armed Forces Insurance Exchange and may be rewritten in the name of the surviving insurance entity upon expiration.
Terms Used In Kansas Statutes 40-1616
- Armed Forces Cooperative Insuring Association: means the association organized as an unincorporated cooperative association operating within the federal enclave of Ft. See Kansas Statutes 40-1615
- Armed Forces Insurance Exchange: means the unincorporated reciprocal exchange operating in Leavenworth, Kansas, under the laws of the state of Kansas. See Kansas Statutes 40-1615
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-1623
- Insurance entity: means the Armed Forces Cooperative Insuring Association or Armed Forces Insurance Exchange, or both. See Kansas Statutes 40-1615
- Merger: means the union of two or more insurance entities into a single insurance entity which is one of the insurance entities uniting. See Kansas Statutes 40-1615
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) Business assumed in any state or territory of the United States where Armed Forces Insurance Exchange is not legally authorized to do business under the laws of such state or territory shall not violate, for the purposes of this act, the provisions of Kan. Stat. Ann. § 40-214, and amendments thereto, provided such business is not renewed upon its expiration or the entity obtains authorization from such state or territory to transact or continue such business.