40-248. Discontinuance of business. - Kansas Statutes

40-248

Chapter 40.--INSURANCE Article 2.--GENERAL PROVISIONS

      40-248.   Discontinuance of business.When any insurance company organized under the laws of this state shalldesire to discontinue its business, the commissioner of insurance shall,upon application of such company, give notice of such intention in a paperpublished and having general circulation in the county in which suchcompany or its general agency is located, at least once a week for sixweeks, the expense of publication to be paid by the company. After suchpublication the commissioner of insurance shall authorize the release of thesecurities held under K.S.A. 40-229a,if the commissioner, upon the commissioner's own examination or the examinationofsome competent, disinterested person or persons appointed by the commissioner,is satisfied with the exhibition of the books and papers of the company. Thepresident and the secretary shall affirm that all debts, judgments andliabilities of every kind are satisfied.

      The commissioner of insurance may also from time to timeauthorize the release to such company or its assigns any portion of itssecurities, on beingsatisfied that an equal proportion of the debts and liabilities of everykind that are due or may become due has been satisfied.The amount of securities retained by the commissioner shall be notless than twice theamount of remaining liabilities.

      History:   L. 1927, ch. 231, 40-248;L. 1996, ch. 25, § 3; July 1.