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2012 Statute


40-4309.Suspension or revocation of certificate of authority; grounds. (a) The certificate of authority of a captive insurance company to do an insurance business in this state may be suspended or revoked by the commissioner for any of the following reasons:

(1) Insolvency or impairment of capital or surplus;

(2) failure to meet the requirements of K.S.A. 40-4304 or 40-4305;

(3) refusal or failure to submit the report, required by K.S.A. 40-4307, or any other report or statement required by law or by lawful order of the commissioner;

(4) failure to comply with the provisions of its own articles of incorporation or bylaws;

(5) failure to submit to examination or any legal obligation relative thereto, as required by K.S.A  40-4308;

(6) refusal or failure to pay the cost of examination as required by K.S.A. 40-4308;

(7) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders;

(8) failure otherwise to comply with the laws of this state.

(b) If the commissioner finds, upon examination, hearing or other evidence, that any captive insurance company has committed any of the acts specified in subsection (a), such commissioner may suspend or revoke such license if such commissioner deems it in the best interest of the public and the policyholders of such captive insurance company, notwithstanding any other provision of this act.

History: L. 1988, ch. 156, § 9; July 1.