40-3648.Foreign insurers; conservation of property; grounds; notice;terms and filing of court order; liquidation; termination of conservation.(a) If a domiciliary liquidator has not been appointed, thecommissioner may apply to the district court of Shawnee county by verifiedpetition for an order directing the commissioner to act as conservator toconserve theproperty of a foreign insurer on any one or more of the following grounds:
(1) Any of the grounds in K.S.A. 40-3616;
(2) that any of its property has been sequestered by official action in itsdomiciliary state, or in any other state;
(3) that enough of its property has been sequestered in a foreign country togive reasonable cause to fear that the insurer is or may become insolvent;
(4) (A) that its certificate of authority to do business in this state hasbeen revoked; and
(B) that there are residents of this state with outstanding claims oroutstanding policies.
(b) When an order is sought under subsection (a), the court shall cause theinsurer to be given such notice and time to respond thereto as is reasonableunder the circumstances.
(c) The court may issue the order in whatever terms it shall deemappropriate. The filing or recording of the order with the clerk of the courtor the register of deeds of the county in which the principal business of thecompany is located, shall impart the same notice as a deed, bill of sale orother evidence of title duly filed or recorded with the register of deedswould have imparted.
(d) The conservator may at any time petition for, and the court may grant anorder, under K.S.A. 40-3654 to liquidate assets of a foreign oralien insurer underconservation, or, if appropriate, for an order under K.S.A. 40-3656,to beappointed ancillary receiver.
(e) The conservator may at any time petition the court for an orderterminating conservation of an insurer. If the court finds that theconservation is no longer necessary, such court shall order that the insurer berestored to possession of its property and the control of the insurer'sbusiness. Thecourt may also make such finding and issue such order at any time upon motionof any interested party, but ifsuch motion is denied all costs shall be assessed against such party.
40-3648.Foreign insurers; conservation of property; grounds; notice;terms and filing of court order; liquidation; termination of conservation.(a) If a domiciliary liquidator has not been appointed, thecommissioner may apply to the district court of Shawnee county by verifiedpetition for an order directing the commissioner to act as conservator toconserve theproperty of a foreign insurer on any one or more of the following grounds:
(1) Any of the grounds in K.S.A. 40-3616;
(2) that any of its property has been sequestered by official action in itsdomiciliary state, or in any other state;
(3) that enough of its property has been sequestered in a foreign country togive reasonable cause to fear that the insurer is or may become insolvent;
(4) (A) that its certificate of authority to do business in this state hasbeen revoked; and
(B) that there are residents of this state with outstanding claims oroutstanding policies.
(b) When an order is sought under subsection (a), the court shall cause theinsurer to be given such notice and time to respond thereto as is reasonableunder the circumstances.
(c) The court may issue the order in whatever terms it shall deemappropriate. The filing or recording of the order with the clerk of the courtor the register of deeds of the county in which the principal business of thecompany is located, shall impart the same notice as a deed, bill of sale orother evidence of title duly filed or recorded with the register of deedswould have imparted.
(d) The conservator may at any time petition for, and the court may grant anorder, under K.S.A. 40-3654 to liquidate assets of a foreign oralien insurer underconservation, or, if appropriate, for an order under K.S.A. 40-3656,to beappointed ancillary receiver.
(e) The conservator may at any time petition the court for an orderterminating conservation of an insurer. If the court finds that theconservation is no longer necessary, such court shall order that the insurer berestored to possession of its property and the control of the insurer'sbusiness. Thecourt may also make such finding and issue such order at any time upon motionof any interested party, but ifsuch motion is denied all costs shall be assessed against such party.
40-3648.Foreign insurers; conservation of property; grounds; notice;terms and filing of court order; liquidation; termination of conservation.(a) If a domiciliary liquidator has not been appointed, thecommissioner may apply to the district court of Shawnee county by verifiedpetition for an order directing the commissioner to act as conservator toconserve theproperty of a foreign insurer on any one or more of the following grounds:
(1) Any of the grounds in K.S.A. 40-3616;
(2) that any of its property has been sequestered by official action in itsdomiciliary state, or in any other state;
(3) that enough of its property has been sequestered in a foreign country togive reasonable cause to fear that the insurer is or may become insolvent;
(4) (A) that its certificate of authority to do business in this state hasbeen revoked; and
(B) that there are residents of this state with outstanding claims oroutstanding policies.
(b) When an order is sought under subsection (a), the court shall cause theinsurer to be given such notice and time to respond thereto as is reasonableunder the circumstances.
(c) The court may issue the order in whatever terms it shall deemappropriate. The filing or recording of the order with the clerk of the courtor the register of deeds of the county in which the principal business of thecompany is located, shall impart the same notice as a deed, bill of sale orother evidence of title duly filed or recorded with the register of deedswould have imparted.
(d) The conservator may at any time petition for, and the court may grant anorder, under K.S.A. 40-3654 to liquidate assets of a foreign oralien insurer underconservation, or, if appropriate, for an order under K.S.A. 40-3656,to beappointed ancillary receiver.
(e) The conservator may at any time petition the court for an orderterminating conservation of an insurer. If the court finds that theconservation is no longer necessary, such court shall order that the insurer berestored to possession of its property and the control of the insurer'sbusiness. Thecourt may also make such finding and issue such order at any time upon motionof any interested party, but ifsuch motion is denied all costs shall be assessed against such party.
