40-2c21. Comparison of insurer's total adjusted capital to RBC levels, prohibited generally. - Kansas Statutes

40-2c21

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

      40-2c21.   Comparison of insurer's total adjusted capital to RBC levels,prohibited generally.The comparison of an insurer's total adjusted capital to anyof its RBC levels is a regulatory tool, and shall not be used to rank insurersgenerally. Therefore, except as otherwise required under the provisions ofthis act, the making, publishing, disseminating, circulating or placing beforethe public, or causing, directly or indirectly to be made, published,disseminated, circulated or placed before the public, in a newspaper, magazineor other publication, or in the form of a notice, circular, pamphlet, letter orposter, or over any radio or television station, or in any other way, anadvertisement, announcement or statement containing an assertion,representation or statement with regard to the RBC levels of any insurer, or ofany component derived in the calculation, by any insurer, agent, broker orother person engaged in any manner in the insurance business is prohibited. Notwithstanding the foregoing, if any materially false statement with respecttothe comparison regarding an insurer's total adjusted capital to any of its RBClevels or an inappropriate comparison of any other amount to the insurer's RBClevels is published in any written publication and the insurer is able todemonstrate to the commissioner with substantial proof the falsity ormisrepresentative nature of such statement,the insurer may publish a rebuttal if the sole purpose of such publication isto rebut the materially false or improper statement.

      History:   L. 1994, ch. 138, § 21; July 1.