40-2c24. Commissioner may require foreign insurer to file RBC plan, when. - Kansas Statutes

40-2c24

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

      40-2c24.   Commissioner may require foreign insurer tofile RBC plan,when.In the event of a company action level event, regulatoryaction level event or authorized control level event with respect to anyforeign insurer as determined under the RBC statute applicable in the state ofdomicile of the insurer or, if no RBC provision is in force in that state,under the provisions of this act, if the insurance commissioner of the state ofdomicile of the foreign insurer fails to require the foreign insurer to file anRBC plan in the manner specified under the RBC statute or, if there are no RBCprovisions in force in the state, under K.S.A. 40-2c05, 40-2c06,40-2c07, 40-2c08, 40-2c09 and 40-2c10, and amendments thereto, thecommissioner may requirethe foreign insurer to file an RBC plan with the commissioner. In such event,the failure of the foreign insurer to file an RBC plan with the commissionershall be grounds to order the insurer to cease and desist from writing newinsurance business in this state.

      History:   L. 1994, ch. 138, § 24;L. 1996, ch. 134, § 9; July 1.