40-3002. Purpose. (a) The purpose of this act is to protect, subject to certain limitations, the persons specified in subsection (a) of K.S.A. 40-3003, and amendments thereto, against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in subsection (b) of K.S.A. 40-3003, and amendments thereto, because of the impairment or insolvency of the member insurer that issued the policies or contracts.
(b) To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited herein, and members of the association are subject to assessment to provide funds to carry out the purpose of this act.
History: L. 1972, ch. 190, § 2; L. 1984, ch. 161, § 3; L. 1986, ch. 180, § 1; July 1.
Structure Kansas Statutes
Article 30 - Life And Health Insurance Guaranty Association
40-3001 Name and citation of act.
40-3003 Persons provided coverage; policies and contracts specified.
40-3007 Board of directors of association; selection; approval; vacancies; compensation.
40-3014 Examination and regulation by commissioner; financial report.
40-3015 Association exempt from certain fees and taxes.
40-3016 Certificates of contributions as assets; percentage offset; refunds, disposition.
40-3017 Liabilities of parties for acts.
40-3018 Stay of proceedings; actions to set aside judgments and defend suits.