40-5206. Same; novation of insurance contract, when. If a policyholder consents to the transfer pursuant to K.S.A. 40-5205, and amendments thereto, or if the transfer is effected under K.S.A. 40-5207, and amendments thereto, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks, or both, transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks, or both.
This section shall take effect on and after July 1, 2004.
History: L. 2004, ch. 128, § 11; May 20.
Structure Kansas Statutes
Article 52 - Assumption Reinsurance Agreements
40-5203 Same; notice to policyholders; contents.
40-5204 Same; prior approval by commissioner required; duties of licensed foreign insurer.
40-5205 Same; rights of policyholders.
40-5206 Same; novation of insurance contract, when.
40-5207 Same; effect of similar law in another state.
40-5208 Same; continuation of certain protections.
40-5209 Same; required forms; contents.
40-5210 Same; citation of act; duties of commissioner; rules and regulations.