40-2,123.Insurers authorized to discontinue certain business instate, when; enforcement.(a) From and after January 1, 1989, an insurer may cease totransact insurance in this state,or discontinue the writing or renewal of one or more kinds of property orcasualty insurance specified in K.S.A. 40-901 and 40-1102, and amendmentsthereto, or classes of property or casualty insurance risks which wereactively solicited or written:
(1) After 60 days' notice to the commissioner;
(2) upon loss of adequate reinsurance;
(3) when deemed to be in hazardous financial condition; or
(4) when deemedto be insolvent or potentially insolvent.
(b) The commissioner is authorized to extend the notice period required byparagraph (1) of subsection (a) by adoption of a rule and regulationestablishing such longer period of time, not exceeding 60 additional days, asmay be necessary to maintain adequate insurance markets following severe orrepetitive wind, hailstorms or other unusual events that affect the insuranceenvironment.
(c) Enforcement of the provisions of this section shall be in accordancewitharticle 24 of chapter 40 of the Kansas Statutes Annotated, and actsamendatory thereof and supplemental thereto.
History: L. 1988, ch. 155, § 6;L. 1994, ch. 72, § 1; July 1.
40-2,123.Insurers authorized to discontinue certain business instate, when; enforcement.(a) From and after January 1, 1989, an insurer may cease totransact insurance in this state,or discontinue the writing or renewal of one or more kinds of property orcasualty insurance specified in K.S.A. 40-901 and 40-1102, and amendmentsthereto, or classes of property or casualty insurance risks which wereactively solicited or written:
(1) After 60 days' notice to the commissioner;
(2) upon loss of adequate reinsurance;
(3) when deemed to be in hazardous financial condition; or
(4) when deemedto be insolvent or potentially insolvent.
(b) The commissioner is authorized to extend the notice period required byparagraph (1) of subsection (a) by adoption of a rule and regulationestablishing such longer period of time, not exceeding 60 additional days, asmay be necessary to maintain adequate insurance markets following severe orrepetitive wind, hailstorms or other unusual events that affect the insuranceenvironment.
(c) Enforcement of the provisions of this section shall be in accordancewitharticle 24 of chapter 40 of the Kansas Statutes Annotated, and actsamendatory thereof and supplemental thereto.
History: L. 1988, ch. 155, § 6;L. 1994, ch. 72, § 1; July 1.
40-2,123.Insurers authorized to discontinue certain business instate, when; enforcement.(a) From and after January 1, 1989, an insurer may cease totransact insurance in this state,or discontinue the writing or renewal of one or more kinds of property orcasualty insurance specified in K.S.A. 40-901 and 40-1102, and amendmentsthereto, or classes of property or casualty insurance risks which wereactively solicited or written:
(1) After 60 days' notice to the commissioner;
(2) upon loss of adequate reinsurance;
(3) when deemed to be in hazardous financial condition; or
(4) when deemedto be insolvent or potentially insolvent.
(b) The commissioner is authorized to extend the notice period required byparagraph (1) of subsection (a) by adoption of a rule and regulationestablishing such longer period of time, not exceeding 60 additional days, asmay be necessary to maintain adequate insurance markets following severe orrepetitive wind, hailstorms or other unusual events that affect the insuranceenvironment.
(c) Enforcement of the provisions of this section shall be in accordancewitharticle 24 of chapter 40 of the Kansas Statutes Annotated, and actsamendatory thereof and supplemental thereto.
History: L. 1988, ch. 155, § 6;L. 1994, ch. 72, § 1; July 1.
