44-584.Same; certificate ofauthority, renewal, suspension, revocation; examinations.(a) The application for a new certificateshall be signed by the trustees of the trust fundcreated by the pool. Any application for a renewal of an existing certificateshall meet at least the standards established in subsections (a)(6) through(a)(14) of K.S.A.44-582 and amendmentsthereto. After evaluatingthe application the commissioner shall notify the applicant that the plansubmitted is approved or conversely,if the plan submitted is inadequate, the commissioner shall then fully explainto the applicant what additional requirements must be met. If the applicationis denied, the applicant shall have 15 days to make an application for hearingby the commissioner after service of the denial notice. The hearing shall beconducted inaccordance with the provisions of the Kansas administrative procedure act.
(b) An approved certificate of authority shall remain in full force andeffect until such certificate is suspended or revoked by the commissioner. Anexisting pool operating under an approved certificate of authority must filewith the commissioner, within 120 days following the close of the pool's fiscalyear, a current financial statement on a form approved by the commissionershowing the financial ability of the pool to meet its obligations under theworker compensation act and confirmation of specific and aggregate excessinsurance as required by law for the pool. If an existing pool's certificate ofauthority is suspended or revoked, such pool shall have the same rights to ahearing by the commissioner as for applicants for new certificates of authorityas set forth in subsection (a) above.
(c) Whenever the commissioner shall deem it necessary the commissionermay make, or direct to be made, an examination of the affairs and financialcondition of any pool in accordance with K.S.A. 40-222 and40-223 and amendments thereto, except that once every five years thecommissionershall conduct an examination of the affairs and financial condition of eachpool. Each pool shall submit a certified independent audited financialstatement no later than 90 days after theend of the pool's fiscal year. The financial statement shallinclude outstanding reserves for claims and for claims incurred but notreported. Each pool shall file payroll records, accident experience andcompensation reports and such other reports and statements at such timesand in such manner as the commissioner shall require. Whenever it appearsto the commissioner from such examination or other satisfactoryevidence that the solvency of any such pool is impaired, or that it is doingbusiness in violation of any of the laws of this state, or that its affairsare in an unsound condition so as to endanger its ability to pay or causeto be paid the compensation in the amount, manner and time due as providedfor in the Kansas workers compensation act, the commissionershall, beforefiling such report or making the same public, grant such pool upon reasonablenotice a hearing in accordance with the provisions ofthe Kansas administrative procedure act, and, if on such hearing thereport be confirmed, the commissionershall suspend the certificate of authority for such pool until its solvencyshall have been fully restored and the laws of the state fully compliedwith. The commissioner may, if there is an unreasonable delay in restoringthe solvency of such pool and in complying with the law, revoke the certificateof authority of such pool to do business in this state. Upon revoking anysuch certificate the commissioner shall communicate the fact to the attorneygeneral, whose duty it shall be to commence and prosecute an action in theproper court to dissolve suchpool or to enjoin the same from doing or transacting business in this state.The commissioner of insurance may call a hearing under K.S.A. 40-222b, andamendments thereto, and the provisions shall apply to groupworkers compensation pools.
44-584.Same; certificate ofauthority, renewal, suspension, revocation; examinations.(a) The application for a new certificateshall be signed by the trustees of the trust fundcreated by the pool. Any application for a renewal of an existing certificateshall meet at least the standards established in subsections (a)(6) through(a)(14) of K.S.A.44-582 and amendmentsthereto. After evaluatingthe application the commissioner shall notify the applicant that the plansubmitted is approved or conversely,if the plan submitted is inadequate, the commissioner shall then fully explainto the applicant what additional requirements must be met. If the applicationis denied, the applicant shall have 15 days to make an application for hearingby the commissioner after service of the denial notice. The hearing shall beconducted inaccordance with the provisions of the Kansas administrative procedure act.
(b) An approved certificate of authority shall remain in full force andeffect until such certificate is suspended or revoked by the commissioner. Anexisting pool operating under an approved certificate of authority must filewith the commissioner, within 120 days following the close of the pool's fiscalyear, a current financial statement on a form approved by the commissionershowing the financial ability of the pool to meet its obligations under theworker compensation act and confirmation of specific and aggregate excessinsurance as required by law for the pool. If an existing pool's certificate ofauthority is suspended or revoked, such pool shall have the same rights to ahearing by the commissioner as for applicants for new certificates of authorityas set forth in subsection (a) above.
(c) Whenever the commissioner shall deem it necessary the commissionermay make, or direct to be made, an examination of the affairs and financialcondition of any pool in accordance with K.S.A. 40-222 and40-223 and amendments thereto, except that once every five years thecommissionershall conduct an examination of the affairs and financial condition of eachpool. Each pool shall submit a certified independent audited financialstatement no later than 90 days after theend of the pool's fiscal year. The financial statement shallinclude outstanding reserves for claims and for claims incurred but notreported. Each pool shall file payroll records, accident experience andcompensation reports and such other reports and statements at such timesand in such manner as the commissioner shall require. Whenever it appearsto the commissioner from such examination or other satisfactoryevidence that the solvency of any such pool is impaired, or that it is doingbusiness in violation of any of the laws of this state, or that its affairsare in an unsound condition so as to endanger its ability to pay or causeto be paid the compensation in the amount, manner and time due as providedfor in the Kansas workers compensation act, the commissionershall, beforefiling such report or making the same public, grant such pool upon reasonablenotice a hearing in accordance with the provisions ofthe Kansas administrative procedure act, and, if on such hearing thereport be confirmed, the commissionershall suspend the certificate of authority for such pool until its solvencyshall have been fully restored and the laws of the state fully compliedwith. The commissioner may, if there is an unreasonable delay in restoringthe solvency of such pool and in complying with the law, revoke the certificateof authority of such pool to do business in this state. Upon revoking anysuch certificate the commissioner shall communicate the fact to the attorneygeneral, whose duty it shall be to commence and prosecute an action in theproper court to dissolve suchpool or to enjoin the same from doing or transacting business in this state.The commissioner of insurance may call a hearing under K.S.A. 40-222b, andamendments thereto, and the provisions shall apply to groupworkers compensation pools.
44-584.Same; certificate ofauthority, renewal, suspension, revocation; examinations.(a) The application for a new certificateshall be signed by the trustees of the trust fundcreated by the pool. Any application for a renewal of an existing certificateshall meet at least the standards established in subsections (a)(6) through(a)(14) of K.S.A.44-582 and amendmentsthereto. After evaluatingthe application the commissioner shall notify the applicant that the plansubmitted is approved or conversely,if the plan submitted is inadequate, the commissioner shall then fully explainto the applicant what additional requirements must be met. If the applicationis denied, the applicant shall have 15 days to make an application for hearingby the commissioner after service of the denial notice. The hearing shall beconducted inaccordance with the provisions of the Kansas administrative procedure act.
(b) An approved certificate of authority shall remain in full force andeffect until such certificate is suspended or revoked by the commissioner. Anexisting pool operating under an approved certificate of authority must filewith the commissioner, within 120 days following the close of the pool's fiscalyear, a current financial statement on a form approved by the commissionershowing the financial ability of the pool to meet its obligations under theworker compensation act and confirmation of specific and aggregate excessinsurance as required by law for the pool. If an existing pool's certificate ofauthority is suspended or revoked, such pool shall have the same rights to ahearing by the commissioner as for applicants for new certificates of authorityas set forth in subsection (a) above.
(c) Whenever the commissioner shall deem it necessary the commissionermay make, or direct to be made, an examination of the affairs and financialcondition of any pool in accordance with K.S.A. 40-222 and40-223 and amendments thereto, except that once every five years thecommissionershall conduct an examination of the affairs and financial condition of eachpool. Each pool shall submit a certified independent audited financialstatement no later than 90 days after theend of the pool's fiscal year. The financial statement shallinclude outstanding reserves for claims and for claims incurred but notreported. Each pool shall file payroll records, accident experience andcompensation reports and such other reports and statements at such timesand in such manner as the commissioner shall require. Whenever it appearsto the commissioner from such examination or other satisfactoryevidence that the solvency of any such pool is impaired, or that it is doingbusiness in violation of any of the laws of this state, or that its affairsare in an unsound condition so as to endanger its ability to pay or causeto be paid the compensation in the amount, manner and time due as providedfor in the Kansas workers compensation act, the commissionershall, beforefiling such report or making the same public, grant such pool upon reasonablenotice a hearing in accordance with the provisions ofthe Kansas administrative procedure act, and, if on such hearing thereport be confirmed, the commissionershall suspend the certificate of authority for such pool until its solvencyshall have been fully restored and the laws of the state fully compliedwith. The commissioner may, if there is an unreasonable delay in restoringthe solvency of such pool and in complying with the law, revoke the certificateof authority of such pool to do business in this state. Upon revoking anysuch certificate the commissioner shall communicate the fact to the attorneygeneral, whose duty it shall be to commence and prosecute an action in theproper court to dissolve suchpool or to enjoin the same from doing or transacting business in this state.The commissioner of insurance may call a hearing under K.S.A. 40-222b, andamendments thereto, and the provisions shall apply to groupworkers compensation pools.
