40-235.Misrepresentations regarding policy terms;title insurance policies, search and examination requirements.(a) No insurance company or fraternal benefit society doing business in thisstate, and no officer, director, solicitor or other agent thereof,shall make, issue or circulate, or cause to be issued or circulated, anyestimate, illustration, circular or statement of any sortmisrepresenting the terms of any policy issued or to be issued by it orthe benefits or advantages promised thereby, or the dividends or shareof the surplus to be received thereon, or shall use any name or title ofany policy or class of policies misrepresenting the true nature thereof.No officer, director, solicitor or agent of any insurance company shallmake any misrepresentation to any person insured in any company for thepurpose of inducing or tending to induce a policyholder in any companyto lapse, forfeit or surrender such policyholder's insurance.
(b) No preliminary or final policy or contract of insurance of the classauthorized to be transacted in this state pursuant to paragraph (e) of K.S.A.40-1102, and amendments thereto, and as further defined in subsection (g) ofK.S.A. 40-1136, and amendments thereto, may be written unless and until theinsurancecompany or its agent has caused to be conducted a reasonable search andexamination of the title to the property involved and has caused to be madea determination of insurability of title and the risk in accordance withsound underwriting practices.
(1) For owner's policies of title insurance and loan policies of titleinsurance insuring purchase money mortgages, such search and examination shallbe conducted by a title insuranceagent or an employee of a title insurance company licensed to do business inthis state or an abstracter licensed to do business inthis state. The search and examination shall be based upon a searchof all applicable records of the county,state and federal offices in which the real estate is located, as may pertainto the marketability of title for a minimum period of 25 years, or from thedate of the previously issued title insurance policy, whichever period is less.
(2) For the purposes of this provision, "sound underwriting practices" shallbe defined as underwriting practices promulgated by the underwriter which hasan agency agreement with the licensed title insurance company or which complywith the seventh edition of the title standards promulgated by the Kansas barassociation as copyrighted in 2005.
History: L. 1927, ch. 231, 40-235; L. 1983, ch. 153, § 1;L. 2006, ch. 91, § 1; July 1.
40-235.Misrepresentations regarding policy terms;title insurance policies, search and examination requirements.(a) No insurance company or fraternal benefit society doing business in thisstate, and no officer, director, solicitor or other agent thereof,shall make, issue or circulate, or cause to be issued or circulated, anyestimate, illustration, circular or statement of any sortmisrepresenting the terms of any policy issued or to be issued by it orthe benefits or advantages promised thereby, or the dividends or shareof the surplus to be received thereon, or shall use any name or title ofany policy or class of policies misrepresenting the true nature thereof.No officer, director, solicitor or agent of any insurance company shallmake any misrepresentation to any person insured in any company for thepurpose of inducing or tending to induce a policyholder in any companyto lapse, forfeit or surrender such policyholder's insurance.
(b) No preliminary or final policy or contract of insurance of the classauthorized to be transacted in this state pursuant to paragraph (e) of K.S.A.40-1102, and amendments thereto, and as further defined in subsection (g) ofK.S.A. 40-1136, and amendments thereto, may be written unless and until theinsurancecompany or its agent has caused to be conducted a reasonable search andexamination of the title to the property involved and has caused to be madea determination of insurability of title and the risk in accordance withsound underwriting practices.
(1) For owner's policies of title insurance and loan policies of titleinsurance insuring purchase money mortgages, such search and examination shallbe conducted by a title insuranceagent or an employee of a title insurance company licensed to do business inthis state or an abstracter licensed to do business inthis state. The search and examination shall be based upon a searchof all applicable records of the county,state and federal offices in which the real estate is located, as may pertainto the marketability of title for a minimum period of 25 years, or from thedate of the previously issued title insurance policy, whichever period is less.
(2) For the purposes of this provision, "sound underwriting practices" shallbe defined as underwriting practices promulgated by the underwriter which hasan agency agreement with the licensed title insurance company or which complywith the seventh edition of the title standards promulgated by the Kansas barassociation as copyrighted in 2005.
History: L. 1927, ch. 231, 40-235; L. 1983, ch. 153, § 1;L. 2006, ch. 91, § 1; July 1.
40-235.Misrepresentations regarding policy terms;title insurance policies, search and examination requirements.(a) No insurance company or fraternal benefit society doing business in thisstate, and no officer, director, solicitor or other agent thereof,shall make, issue or circulate, or cause to be issued or circulated, anyestimate, illustration, circular or statement of any sortmisrepresenting the terms of any policy issued or to be issued by it orthe benefits or advantages promised thereby, or the dividends or shareof the surplus to be received thereon, or shall use any name or title ofany policy or class of policies misrepresenting the true nature thereof.No officer, director, solicitor or agent of any insurance company shallmake any misrepresentation to any person insured in any company for thepurpose of inducing or tending to induce a policyholder in any companyto lapse, forfeit or surrender such policyholder's insurance.
(b) No preliminary or final policy or contract of insurance of the classauthorized to be transacted in this state pursuant to paragraph (e) of K.S.A.40-1102, and amendments thereto, and as further defined in subsection (g) ofK.S.A. 40-1136, and amendments thereto, may be written unless and until theinsurancecompany or its agent has caused to be conducted a reasonable search andexamination of the title to the property involved and has caused to be madea determination of insurability of title and the risk in accordance withsound underwriting practices.
(1) For owner's policies of title insurance and loan policies of titleinsurance insuring purchase money mortgages, such search and examination shallbe conducted by a title insuranceagent or an employee of a title insurance company licensed to do business inthis state or an abstracter licensed to do business inthis state. The search and examination shall be based upon a searchof all applicable records of the county,state and federal offices in which the real estate is located, as may pertainto the marketability of title for a minimum period of 25 years, or from thedate of the previously issued title insurance policy, whichever period is less.
(2) For the purposes of this provision, "sound underwriting practices" shallbe defined as underwriting practices promulgated by the underwriter which hasan agency agreement with the licensed title insurance company or which complywith the seventh edition of the title standards promulgated by the Kansas barassociation as copyrighted in 2005.
History: L. 1927, ch. 231, 40-235; L. 1983, ch. 153, § 1;L. 2006, ch. 91, § 1; July 1.
