Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2908.Same; powers and duties of commissioner.(a) The commissioner shall:
(1) Notify the association of the existenceof an insolvent insurer not later than three regular business daysafter the commissioner receives notice of the determination of the insolvency.
(2) Upon request of the board of directors, provide the associationwith a statement of the net direct written premiums of each memberinsurer.
(b) The commissioner may:
(1) Require that the association notifythe insureds of the insolvent insurer and any other interested partyof the determination of insolvency and of their rights under this act.Such notification shall be by mail at the insurer's orinterested party's last known address, whereavailable, but if sufficient information for notification by mail is notavailable, notice by publication in a newspaper of general circulationshall be sufficient.
(2) Suspend or revoke, pursuant to the provisions of K.S.A.40-223 and amendments thereto, the certificate of authority to transactinsurance in thisstate of any member insurer which fails to pay an assessment when due orfails to comply with the plan of operation. As an alternative, thecommissioner may levy a fine on any member insurer which fails to pay anassessment when due. Such fine shall not exceed 5% of theunpaid assessment per month, except that no fine shall be less than $100 per month.
(3) Revoke the designation of any servicing facility if thecommissioner findsclaims are being handled unsatisfactorily.
History: L. 1970, ch. 185, § 8;L. 1986, ch. 318, § 41; July 1.
Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2908.Same; powers and duties of commissioner.(a) The commissioner shall:
(1) Notify the association of the existenceof an insolvent insurer not later than three regular business daysafter the commissioner receives notice of the determination of the insolvency.
(2) Upon request of the board of directors, provide the associationwith a statement of the net direct written premiums of each memberinsurer.
(b) The commissioner may:
(1) Require that the association notifythe insureds of the insolvent insurer and any other interested partyof the determination of insolvency and of their rights under this act.Such notification shall be by mail at the insurer's orinterested party's last known address, whereavailable, but if sufficient information for notification by mail is notavailable, notice by publication in a newspaper of general circulationshall be sufficient.
(2) Suspend or revoke, pursuant to the provisions of K.S.A.40-223 and amendments thereto, the certificate of authority to transactinsurance in thisstate of any member insurer which fails to pay an assessment when due orfails to comply with the plan of operation. As an alternative, thecommissioner may levy a fine on any member insurer which fails to pay anassessment when due. Such fine shall not exceed 5% of theunpaid assessment per month, except that no fine shall be less than $100 per month.
(3) Revoke the designation of any servicing facility if thecommissioner findsclaims are being handled unsatisfactorily.
History: L. 1970, ch. 185, § 8;L. 1986, ch. 318, § 41; July 1.
Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT
40-2908.Same; powers and duties of commissioner.(a) The commissioner shall:
(1) Notify the association of the existenceof an insolvent insurer not later than three regular business daysafter the commissioner receives notice of the determination of the insolvency.
(2) Upon request of the board of directors, provide the associationwith a statement of the net direct written premiums of each memberinsurer.
(b) The commissioner may:
(1) Require that the association notifythe insureds of the insolvent insurer and any other interested partyof the determination of insolvency and of their rights under this act.Such notification shall be by mail at the insurer's orinterested party's last known address, whereavailable, but if sufficient information for notification by mail is notavailable, notice by publication in a newspaper of general circulationshall be sufficient.
(2) Suspend or revoke, pursuant to the provisions of K.S.A.40-223 and amendments thereto, the certificate of authority to transactinsurance in thisstate of any member insurer which fails to pay an assessment when due orfails to comply with the plan of operation. As an alternative, thecommissioner may levy a fine on any member insurer which fails to pay anassessment when due. Such fine shall not exceed 5% of theunpaid assessment per month, except that no fine shall be less than $100 per month.
(3) Revoke the designation of any servicing facility if thecommissioner findsclaims are being handled unsatisfactorily.
History: L. 1970, ch. 185, § 8;L. 1986, ch. 318, § 41; July 1.
