40-3006. Kansas life and health insurance guaranty association, creation; members; functions and powers; accounts; under supervision of commissioner and insurance laws of state; meetings or records. - Kansas Statutes

40-3006

Chapter 40.--INSURANCE Article 30.--LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

      40-3006.   Kansas life and health insurance guaranty association, creation;members; functions and powers; accounts; under supervision of commissionerand insurance lawsof state; meetings or records.(a) There is hereby created a nonprofit legal entity to be known as the Kansaslife and health insurance guaranty association. All member insurersshall be and remain members of the association as a condition of theirauthority to transact insurance in this state. The association shallperform its functions under the plan of operation established andapproved under K.S.A. 40-3010 and amendments thereto and shall exercise its powersthrough a board of directors established under K.S.A. 40-3007 andamendments thereto. Forpurposes of administration and assessment, the association shallmaintain three accounts:(1) The health insurance account;

      (2)   the life insurance account; and

      (3)   the annuity account, excluding unallocated annuities.

      (b)   The association shall come under the immediate supervision ofthe commissioner and shall be subject to the applicable provisions ofthe insurance laws of this state.Meetings or records of the association may be opened upon majority voteof the board of directors of the association.

      History:   L. 1972, ch. 190, § 6;L. 1986, ch. 180, § 4; July 1.