40-3621. Liquidation of insurer; petition by commissioner; grounds.
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/ks/chapter-40/40-3621A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-3621. Liquidation of insurer; petition by commissioner; grounds. The commissioner may petition the district court of Shawnee county for an order directing the commissioner to liquidate a domestic insurer on the basis:
(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 the insurer;
(b)that the insurer is insolvent; or
(c)that the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.