40-2c16. Authorized control level event; commissioner's duties. - Kansas Statutes

40-2c16

Chapter 40.--INSURANCE Article 2c.--RISK-BASED CAPITAL REQUIREMENTS

      40-2c16.   Authorized control level event;commissioner's duties.In the event of an authorized control level event with respectto an insurer, the commissioner shall:

      (a)   Take such actions as are required under K.S.A. 40-2c11through 40-2c14regarding an insurer with respect to which a regulatory action level event hasoccurred; or

      (b)   if the commissioner deems it to be in the best interests of thepolicyholders and creditors of the insurer and of the public, take such actionsas are necessary to cause the insurer to be placed under regulatory controlpursuant to K.S.A. 40-3605 et seq. and amendments thereto. In theeventthe commissioner takes such actions, the authorized control level event shallbe deemed sufficient grounds for the commissioner to take action under K.S.A.40-3605 et seq. and amendments thereto, and the commissioner shallhavethe rights, powers and duties with respect to the insurer as are set forth inK.S.A. 40-3605 et seq. and amendments thereto. In the event thecommissioner takes actions under this subsection pursuant to an adjusted RBCreport, the insurer shall be entitled to such protections as are afforded toinsurers under the provisions of K.S.A. 77-601 et seq. andamendmentsthereto pertaining to summary proceedings.

      History:   L. 1994, ch. 138, § 16; July 1.