KANSAS OFFICE of
  REVISOR of STATUTES

  

Home >> Statutes >> Back


Click to open printable format in new window.Printable Format
 | Next

40-3620. Same; petition for liquidation of insurer, when; defense against petition, payment of costs and expenses; termination of rehabilitation, petition and order; payment of costs and expenses. (a) Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the commissioner may petition the district court of Shawnee county for an order of liquidation. A petition under this subsection shall have the same effect as a petition under K.S.A. 40-3621. The court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition and may order payment from the estate of the insurer of such costs and other expenses of defense as justice may require.

(b) The rehabilitator may at any time petition the court for an order terminating rehabilitation of an insurer. The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition as justice may require. If the court finds that rehabilitation has been accomplished and that grounds for rehabilitation under K.S.A. 40-3616 no longer exist, the court shall order that the insurer be restored to possession of such insurer's property and the control of the business. The court may also make that finding and issue that order at any time upon such court's own motion.

History: L. 1991, ch. 125, ยง 16; July 1.

CASE ANNOTATIONS

1. Federal trial court abstained from exercising jurisdiction to hear garnishment action involving state insurer insolvency law. In re Universe Life Ins. Co., 35 F.Supp.2d 1297, 1299 (1999).


 | Next


LEGISLATIVE COORDINATING COUNCIL
11/16/2022 Meeting Notice Agenda
9/23/2022 Meeting Notice Agenda
6/16/2022 Meeting Notice Agenda
2/23/2022 Meeting Notice Agenda
1/7/2022 Meeting Notice Agenda

LCC Policies

COMMISSION ON INTERSTATE COOPERATION
6/29/2022 Meeting Notice Agenda

REVISOR OF STATUTES
2021 Interim Assignments
2022 Valid Section Numbers
Chapter 72 Statute Transfer List
Kansas School Equity & Enhancement Act
Gannon v. State
Information for Special Session 2021
General Information, Legal Analysis & Research
2022 Amended & Repealed Statutes
2021 Amended & Repealed Statutes
2020 Amended & repealed Statutes
2019 Amended & Repealed Statutes

USEFUL LINKS
Session Laws

 OTHER LEGISLATIVE SITES
Kansas Legislature
Administrative Services
Division of Post Audit
Research Department