40-4506. Same; conditions; broker to provide insurer annual statement of financial condition.
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/ks/chapter-40/40-4506A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-4506. Same; conditions; broker to provide insurer annual statement of financial condition.
(a)An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance broker on its behalf unless such person is licensed as required by subsection
(a)of K.S.A. 40-4503 .
(b)An insurer may not employ an individual who is employed by a reinsurance broker with which it transacts business, unless such reinsurance broker is under common control with the insurer and subject to the holding company act.
(c)The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance broker with which it transacts business.