Kansas Statutes 40-2c25. Mandatory control level event; foreign insurer; liquidation of property
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 40-2c25
- 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
- Property: includes personal and real property. See Kansas Statutes 77-201
- 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 mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the district court as permitted under Kan. Stat. Ann. § 40-3605 et seq., and amendments thereto with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.