Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2903.Same; definitions.As used in this act: (a) "Association" means the Kansas insuranceguaranty association created by this act.
(b) "Commissioner" means the commissioner of insurance of thisstate.
(c) "Covered claim" means an unpaid claim, including one forunearned premiums, which arises out of and is within the coverage andnot in excess of the applicable limits of an insurance policy to whichthis act applies issued by an insurer, if such insurer becomes aninsolvent insurer after the effective date of this act and:
(1) Theclaimant or insured is a resident of this state at the time of theinsured event. For entities other than an individual, the residence of aclaimant, insured or policyholder is the state in which the principal place ofbusiness of such claimant, insured or policyholder is located at the time ofthe insured events; or
(2) the claim is a first partyclaim for damage to property that ispermanently located in this state.
"Covered claim" shall not include:
(1) Any amount due any reinsurer, insurer, insurancepool or underwritingassociation, as subrogation recoveries or otherwise;
(2) any amount awarded as punitive or exemplary damages unless suchdamages were covered under the policy of the insolvent insurer;
(3) any claim by an affiliate of the insolventinsurer.
(d) "Domiciliary state" means:
(1) The state in which an insurer is incorporated or organized; or
(2) in the case of an alien insurer, the state of entry of such insurer.
(e) "Insolvent insurer" means:
(1) An insurer licensed by thecommissioner to transact insurance in this state either at the time thepolicy was issued or when the insured event occurred; and
(2) determinedto be insolvent by a court of competent jurisdiction and against whom afinal order of liquidation has been entered by a court of competentjurisdiction in the insurer's domiciliary state.
(f) "Member insurer" means any person who (1) is authorizedto writeany kind of insurance to which this act applies under K.S.A.40-2902, and amendments thereto, including the exchange of reciprocal orinter-insurancecontracts; and
(2) is licensed by the commissioner to transact insurancein this state. This act shall not apply tothose personstransacting business pursuant to the provisions of K.S.A. 40-202, andamendments thereto.
(g) "Net direct written premiums" means first grosspremiums writtenin this state on insurance policies to which this act applies, lessreturn premiums thereon and dividends paid or credited to policyholderson such direct business. "Net direct written premiums" does not includepremiums on contracts between insurers or reinsurers.
(h) "Person" means any individual, corporation,partnership,association or voluntary organization.
(i) The provisions of this section, as amended on July 1, 2006, shallapply to all claims which have not been paid prior to April 14, 2005.
History: L. 1970, ch. 185, § 3;L. 2005, ch. 92, § 1;L. 2006, ch. 122, § 2; July 1.
Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2903.Same; definitions.As used in this act: (a) "Association" means the Kansas insuranceguaranty association created by this act.
(b) "Commissioner" means the commissioner of insurance of thisstate.
(c) "Covered claim" means an unpaid claim, including one forunearned premiums, which arises out of and is within the coverage andnot in excess of the applicable limits of an insurance policy to whichthis act applies issued by an insurer, if such insurer becomes aninsolvent insurer after the effective date of this act and:
(1) Theclaimant or insured is a resident of this state at the time of theinsured event. For entities other than an individual, the residence of aclaimant, insured or policyholder is the state in which the principal place ofbusiness of such claimant, insured or policyholder is located at the time ofthe insured events; or
(2) the claim is a first partyclaim for damage to property that ispermanently located in this state.
"Covered claim" shall not include:
(1) Any amount due any reinsurer, insurer, insurancepool or underwritingassociation, as subrogation recoveries or otherwise;
(2) any amount awarded as punitive or exemplary damages unless suchdamages were covered under the policy of the insolvent insurer;
(3) any claim by an affiliate of the insolventinsurer.
(d) "Domiciliary state" means:
(1) The state in which an insurer is incorporated or organized; or
(2) in the case of an alien insurer, the state of entry of such insurer.
(e) "Insolvent insurer" means:
(1) An insurer licensed by thecommissioner to transact insurance in this state either at the time thepolicy was issued or when the insured event occurred; and
(2) determinedto be insolvent by a court of competent jurisdiction and against whom afinal order of liquidation has been entered by a court of competentjurisdiction in the insurer's domiciliary state.
(f) "Member insurer" means any person who (1) is authorizedto writeany kind of insurance to which this act applies under K.S.A.40-2902, and amendments thereto, including the exchange of reciprocal orinter-insurancecontracts; and
(2) is licensed by the commissioner to transact insurancein this state. This act shall not apply tothose personstransacting business pursuant to the provisions of K.S.A. 40-202, andamendments thereto.
(g) "Net direct written premiums" means first grosspremiums writtenin this state on insurance policies to which this act applies, lessreturn premiums thereon and dividends paid or credited to policyholderson such direct business. "Net direct written premiums" does not includepremiums on contracts between insurers or reinsurers.
(h) "Person" means any individual, corporation,partnership,association or voluntary organization.
(i) The provisions of this section, as amended on July 1, 2006, shallapply to all claims which have not been paid prior to April 14, 2005.
History: L. 1970, ch. 185, § 3;L. 2005, ch. 92, § 1;L. 2006, ch. 122, § 2; July 1.
Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2903.Same; definitions.As used in this act: (a) "Association" means the Kansas insuranceguaranty association created by this act.
(b) "Commissioner" means the commissioner of insurance of thisstate.
(c) "Covered claim" means an unpaid claim, including one forunearned premiums, which arises out of and is within the coverage andnot in excess of the applicable limits of an insurance policy to whichthis act applies issued by an insurer, if such insurer becomes aninsolvent insurer after the effective date of this act and:
(1) Theclaimant or insured is a resident of this state at the time of theinsured event. For entities other than an individual, the residence of aclaimant, insured or policyholder is the state in which the principal place ofbusiness of such claimant, insured or policyholder is located at the time ofthe insured events; or
(2) the claim is a first partyclaim for damage to property that ispermanently located in this state.
"Covered claim" shall not include:
(1) Any amount due any reinsurer, insurer, insurancepool or underwritingassociation, as subrogation recoveries or otherwise;
(2) any amount awarded as punitive or exemplary damages unless suchdamages were covered under the policy of the insolvent insurer;
(3) any claim by an affiliate of the insolventinsurer.
(d) "Domiciliary state" means:
(1) The state in which an insurer is incorporated or organized; or
(2) in the case of an alien insurer, the state of entry of such insurer.
(e) "Insolvent insurer" means:
(1) An insurer licensed by thecommissioner to transact insurance in this state either at the time thepolicy was issued or when the insured event occurred; and
(2) determinedto be insolvent by a court of competent jurisdiction and against whom afinal order of liquidation has been entered by a court of competentjurisdiction in the insurer's domiciliary state.
(f) "Member insurer" means any person who (1) is authorizedto writeany kind of insurance to which this act applies under K.S.A.40-2902, and amendments thereto, including the exchange of reciprocal orinter-insurancecontracts; and
(2) is licensed by the commissioner to transact insurancein this state. This act shall not apply tothose personstransacting business pursuant to the provisions of K.S.A. 40-202, andamendments thereto.
(g) "Net direct written premiums" means first grosspremiums writtenin this state on insurance policies to which this act applies, lessreturn premiums thereon and dividends paid or credited to policyholderson such direct business. "Net direct written premiums" does not includepremiums on contracts between insurers or reinsurers.
(h) "Person" means any individual, corporation,partnership,association or voluntary organization.
(i) The provisions of this section, as amended on July 1, 2006, shallapply to all claims which have not been paid prior to April 14, 2005.
History: L. 1970, ch. 185, § 3;L. 2005, ch. 92, § 1;L. 2006, ch. 122, § 2; July 1.
