40-2c25. Mandatory control level event; foreign insurer; liquidation of property. - Kansas Statutes

40-2c25

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

      40-2c25.   Mandatory control level event; foreigninsurer; liquidation ofproperty.In the event of a mandatory control level event with respectto any foreign insurer, if no domiciliary receiver has been appointed withrespect to the foreign insurer under the rehabilitation and liquidation statuteapplicable in the state of domicile of the foreign insurer, the commissionermay make application to the district court as permitted underK.S.A. 40-3605 et seq. and amendments thereto with respect to theliquidation of propertyofforeign insurers found in this state, and the occurrence of the mandatorycontrol level event shall be considered adequate grounds for the application.

      History:   L. 1994, ch. 138, § 25; July 1.