40-6002 Same; definitions.
40-6002. Same; definitions. As used in this act: (a) “Act” means the risk management and own risk and solvency assessment act. (b) “Commissioner” means the state commissioner of insurance. (c) “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in K.S.A. 40-3302, and amendments thereto. (d) “Insurer” has […]
40-6003 Same; risk management framework required.
40-6003. Same; risk management framework required. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the […]
40-6004 Same; annual assessment required.
40-6004. Same; annual assessment required. Subject to K.S.A. 40-6006, and amendments thereto, an insurer or the insurance group of which the insurer is a member shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted no less than annually, but also at any time when […]
40-6005 Same; reporting.
40-6005. Same; reporting. (a) Upon the commissioner’s request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer and the insurance group of which it is a […]
40-6006 Same; exemptions.
40-6006. Same; exemptions. (a) An insurer shall be exempt from the requirements of this act if: (1) The insurer has annual written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, less than $500,000,000; and (2) The insurance group of […]
40-6007 Same; confidentiality.
40-6007. Same; confidentiality. (a) Documents, materials or other information, including the ORSA summary report, in the possession or control of the department of insurance that are obtained or created by or disclosed to the commissioner or any other person under this act, are recognized by this state as being proprietary and to contain trade secrets. […]
40-5802 Same; consent required to send electronic notices and documents, exceptions.
40-5802. Same; consent required to send electronic notices and documents, exceptions. (a) This act allows the use of electronic notices and documents in lieu of any other provision of law for the sending of insurance notices and documents. Except as provided in subsection (b), in order to send electronic notices and documents to another party […]
40-6008 Same; penalty.
40-6008. Same; penalty. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this act shall be required, after notice and hearing, to pay a penalty for each day’s delay, to be recovered by the commissioner. The penalty so recovered shall be paid into the state general revenue fund. […]
40-5803 Same; definitions.
40-5803. Same; definitions. For the purposes of this act: (a) “Delivered by electronic means” includes: (1) Delivery to an electronic mail address at which a party has consented to receive notices or documents; or (2) posting on an electronic network or site accessible via the internet, mobile application, computer, mobile device, tablet or any other […]
40-6009 Same; severability.
40-6009. Same; severability. If any provision of this act, or the application thereof to any person or circumstance is held invalid, such determination shall not affect the provisions or applications of this act which can be given effect without the invalid provision or application, and to that end, the provisions of this act are severable. […]