40-2,120. Business or professional property or casualty insurance; cancellation, when. - Kansas Statutes

40-2,120

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

      40-2,120.   Business or professional property or casualty insurance;cancellation, when.No policy of property or casualty insurance, other thanaccident and sickness, used primarily for business or professional needsthat has been in effect for 90 days or more may be canceled except for oneof the following reasons:

      (a)   Nonpayment of premium;

      (b)   the policy was issued because of a material misrepresentation;

      (c)   any insured violated any of the material terms and conditions of thepolicy;

      (d)   unfavorable underwriting factors, specific to the insured, existthat were not present at the inception of the policy;

      (e)   a determination by the commissioner that continuation of coveragecould place the insurer in a hazardous financial condition or in violationof the laws of this state; or

      (f)   a determination by the commissioner that the insurer no longer hasadequate reinsurance to meet the insurer's needs.

      History:   L. 1986, ch. 168, § 1; July 1.