40-3621. Liquidation of insurer; petition by commissioner; grounds. - Kansas Statutes

40-3621

Chapter 40.--INSURANCE Article 36.--IMPAIRED OR INSOLVENT INSURERS

      40-3621.   Liquidation of insurer; petition by commissioner; grounds.The commissioner may petition the district court of Shawneecountyfor an order directing the commissioner to liquidate a domestic insurer on thebasis:

      (a)   Of any grounds for an order of rehabilitation as specified in K.S.A.40-3616,whether or not there has been a prior order directing the rehabilitation of theinsurer;

      (b)   that the insurer is insolvent; or

      (c)   that the insurer is in such condition that the further transaction ofbusiness would be hazardous, financially or otherwise, to its policyholders,its creditors or the public.

      History:   L. 1991, ch. 125, § 17; July 1.