40-5201.Assumption reinsurance agreement act;applicability; waiver of requirements, when allowed; exceptions.(a) (1) This act applies to any insurer authorized in thisstatewhich either assumesor transfers the obligations or risks, or both, on contracts of insurancepursuant to an assumptionreinsurance agreement.
(2) At the commissioner's discretion, the commissioner may waive anyrequirement of this act when the transfer of obligations or risks, or both,results from the discontinuance of business pursuant to K.S.A. 40-248, andamendments thereto, by the transferring insurer.
(b) This act does not apply to: (1) Any reinsurance agreement or transactionin which the cedinginsurer continues to remain directly liable for its insurance obligations orrisks, or both, under thecontracts of insurance subject to the reinsurance agreement;
(2) the substitution of one insurer for another upon the expiration ofinsurance coverage pursuantto statutory or contractual requirements and the issuance of a new contract ofinsurance byanother insurer;
(3) the transfer of contracts of insurance pursuant to mergers orconsolidations of two or moreinsurers to the extent that those transactions are regulated by statute;
(4) any insurer subject to a judicial order of liquidation or rehabilitation;
(5) any reinsurance agreement or transaction to which a state insuranceguaranty association is aparty, provided that policyholders do not lose any rights or claims affordedunder their originalpolicies pursuant to K.S.A. 40-2901 et seq., and amendments thereto, orK.S.A. 40-3001 et seq., andamendments thereto; or
(6) the transfer of liabilities from one insurer to another under a singlegroup policy upon therequest of the group policyholder.
History: L. 2004, ch. 128, § 6;L. 2008, ch. 83, § 1; July 1.
40-5201.Assumption reinsurance agreement act;applicability; waiver of requirements, when allowed; exceptions.(a) (1) This act applies to any insurer authorized in thisstatewhich either assumesor transfers the obligations or risks, or both, on contracts of insurancepursuant to an assumptionreinsurance agreement.
(2) At the commissioner's discretion, the commissioner may waive anyrequirement of this act when the transfer of obligations or risks, or both,results from the discontinuance of business pursuant to K.S.A. 40-248, andamendments thereto, by the transferring insurer.
(b) This act does not apply to: (1) Any reinsurance agreement or transactionin which the cedinginsurer continues to remain directly liable for its insurance obligations orrisks, or both, under thecontracts of insurance subject to the reinsurance agreement;
(2) the substitution of one insurer for another upon the expiration ofinsurance coverage pursuantto statutory or contractual requirements and the issuance of a new contract ofinsurance byanother insurer;
(3) the transfer of contracts of insurance pursuant to mergers orconsolidations of two or moreinsurers to the extent that those transactions are regulated by statute;
(4) any insurer subject to a judicial order of liquidation or rehabilitation;
(5) any reinsurance agreement or transaction to which a state insuranceguaranty association is aparty, provided that policyholders do not lose any rights or claims affordedunder their originalpolicies pursuant to K.S.A. 40-2901 et seq., and amendments thereto, orK.S.A. 40-3001 et seq., andamendments thereto; or
(6) the transfer of liabilities from one insurer to another under a singlegroup policy upon therequest of the group policyholder.
History: L. 2004, ch. 128, § 6;L. 2008, ch. 83, § 1; July 1.
40-5201.Assumption reinsurance agreement act;applicability; waiver of requirements, when allowed; exceptions.(a) (1) This act applies to any insurer authorized in thisstatewhich either assumesor transfers the obligations or risks, or both, on contracts of insurancepursuant to an assumptionreinsurance agreement.
(2) At the commissioner's discretion, the commissioner may waive anyrequirement of this act when the transfer of obligations or risks, or both,results from the discontinuance of business pursuant to K.S.A. 40-248, andamendments thereto, by the transferring insurer.
(b) This act does not apply to: (1) Any reinsurance agreement or transactionin which the cedinginsurer continues to remain directly liable for its insurance obligations orrisks, or both, under thecontracts of insurance subject to the reinsurance agreement;
(2) the substitution of one insurer for another upon the expiration ofinsurance coverage pursuantto statutory or contractual requirements and the issuance of a new contract ofinsurance byanother insurer;
(3) the transfer of contracts of insurance pursuant to mergers orconsolidations of two or moreinsurers to the extent that those transactions are regulated by statute;
(4) any insurer subject to a judicial order of liquidation or rehabilitation;
(5) any reinsurance agreement or transaction to which a state insuranceguaranty association is aparty, provided that policyholders do not lose any rights or claims affordedunder their originalpolicies pursuant to K.S.A. 40-2901 et seq., and amendments thereto, orK.S.A. 40-3001 et seq., andamendments thereto; or
(6) the transfer of liabilities from one insurer to another under a singlegroup policy upon therequest of the group policyholder.
History: L. 2004, ch. 128, § 6;L. 2008, ch. 83, § 1; July 1.
