40-3006. Kansas life and health insurance guaranty association, creation; members; functions and powers; accounts; under supervision of commissioner and insurance laws of state; meetings or records. (a) There is hereby created a nonprofit legal entity to be known as the Kansas life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under K.S.A. 40-3010, and amendments thereto, and shall exercise its powers through a board of directors established under K.S.A. 40-3007, and amendments thereto. For purposes of administration and assessment, the association shall maintain three accounts: (1) The health insurance account;
(2) the life insurance account; and
(3) the annuity account, excluding unallocated annuities.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened upon majority vote of the board of directors of the association.
History: L. 1972, ch. 190, § 6; L. 1986, ch. 180, § 4; 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.