40-2904. Same; creation of nonprofit association, membership; functions. - Kansas Statutes

40-2904

Chapter 40.--INSURANCE Article 29.--KANSAS INSURANCE GUARANTY ASSOCIATION ACT

      40-2904.   Same; creation of nonprofit association, membership;functions.There is created a nonprofit unincorporated legal entity to be known asthe Kansas insurance guaranty association. All insurers defined asmember insurers in K.S.A. 40-2903(e) shall be andremain members of the association as a condition of their authority totransact insurance in this state. The association shall perform itsfunctions under a plan of operation established and approved underK.S.A. 40-2907 and shall exercise its powers through aboard of directors established under K.S.A. 40-2905.

      History:   L. 1970, ch. 185, § 4; March 27.