Kansas Administrative Regulations
Agency 40 - INSURANCE DEPARTMENT
Article 1 - GENERAL
Section 40-1-22 - Insurance policies and certificates; change of name or merger of an insurance company; assumption of risk endorsements
Universal Citation: KS Admin Regs 40-1-22
Current through Register Vol. 43, No. 39, September 26, 2024
(a) Each assuming company shall attach to each insurance policy and each certificate of accident and sickness coverage an "assumption of risk" endorsement that displays the name and address of the assuming company when any outstanding insurance policy or certificate of accident and sickness coverage issued to a resident of Kansas is affected by any of the following:
(1) A change in the name
of the issuing company;
(2) a
merger, consolidation, or similar transaction involving the issuing
company;
(3) a change of domicile
in which policy liability is assumed by another company; or
(4) an assumption reinsurance
agreement.
(b) The "assumption of risk" endorsement shall be approved by the commissioner of insurance before issuance to residents of the state of Kansas.
(c) Each "assumption of risk" endorsement originating from an assumption reinsurance agreement shall meet the following requirements:
(1) Not require the insured to
take affirmative action to reject the substitution of one insurer for another;
and
(2) not state that failure to
reject the substitution or the continued payment of premium will constitute
acceptance of the substitution.
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