Kansas Statutes 40-3006. Kansas life and health insurance guaranty association, creation; members; functions and powers; accounts; under supervision of commissioner and insurance laws of state; meetings or records
(a) There is hereby created a nonprofit legal entity to be known as the Kansas life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Kan. Stat. Ann. § 40-3010, and amendments thereto, and shall exercise its powers through a board of directors established under Kan. Stat. Ann. § 40-3007, and amendments thereto. For purposes of administration and assessment, the association shall maintain three accounts: (1) The health insurance account;
(2) the life insurance account; and
Terms Used In Kansas Statutes 40-3006
- Account: means either of the three accounts created under Kan. See Kansas Statutes 40-3005
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- association: means the Kansas life and health insurance guaranty association created under Kan. See Kansas Statutes 40-3005
- commissioner: means the commissioner of insurance of this state;
(d) "contractual obligation" means any obligation of a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided under Kan. See Kansas Statutes 40-3005
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(3) the annuity account, excluding unallocated annuities.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened upon majority vote of the board of directors of the association.