40-5207. Same; effect of similar law in another state. If an insurer domiciled in this state or in a jurisdiction having a substantially similar law is deemed by the domiciliary commissioner to be in hazardous financial condition or an administrative proceeding has been instituted against it for the purpose of reorganizing or conserving the insurer, and the transfer of the contracts of insurance is in the best interest of the policyholders, as determined by the domiciliary commissioner, a transfer and novation may be effected notwithstanding the provisions of this act. This may include a form of implied consent and adequate notification to the policyholder of the circumstances requiring the transfer as approved by the commissioner.
This section shall take effect on and after July 1, 2004.
History: L. 2004, ch. 128, ยง 12; 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.