40-3302. Definitions.
40-3302
40-3302. Definitions.As used in this act, unless the context otherwise requires:
(a) "Affiliate" of, or person "affiliated" with,a specific person, means a person that directly, or indirectly through oneor more intermediaries, controls, or is controlled by, or is undercommon control with, the person specified.
(b) "Commissioner ofinsurance" means the commissioner of insurance, the commissioner'sdeputies, or the insurance department, as appropriate.
(c) "Control" including the terms"controlling," "controlled by" and "under common control with", meansthe possession, direct or indirect, of the power to direct or cause thedirection of the management and policies of a person, whether throughthe ownership of voting securities, by contract other than a commercialcontract for goods or nonmanagement services, or otherwise, unless thepower is the result of an official position with or corporate officeheld by the person. Control shall be presumed to exist if any person,directly or indirectly, owns, controls, holds with the power to vote, orholds proxies representing 10% or more of the votingsecurities of any other person. This presumption may be rebuttedbya showing made in the manner provided by subsection (k) of K.S.A.40-3305 andamendments thereto, that control does not exist in fact. The commissioner ofinsurance may determine, after a hearing in accordance with the provisions ofthe Kansas administrative procedure act, that control exists in fact,notwithstanding the absence of a presumption to that effect.
(d) "Insurance holding company system" means two or more affiliated persons,one or more of which is an insurer.
(e) "Insurer" means any corporation, company,association, society, fraternal benefit society, health maintenanceorganization, nonprofit medical and hospital servicecorporation,nonprofit dental service corporation, reciprocal exchange,person or partnership writingcontracts of insurance, indemnity or suretyship in this state upon anytype of risk or loss except lodges, societies, persons or associationstransacting business pursuant to the provisions of K.S.A. 40-202 andamendments thereto.
(f) "Person" means an individual, corporation, apartnership, an association, a joint stock company, a trust, anunincorporated organization, any similar entity or any combination ofthe foregoing acting in concert.
(g) "Securityholder" of a specified person meansone who owns any security of such person, including common stock,preferred stock, debt obligations, and any other security convertibleinto or evidencing the right to acquire any of the foregoing.
(h) "Subsidiary" of a specified person means anaffiliate controlled by such person directly, or indirectly, through oneor more intermediaries.
(i) "Voting security" meansany security convertible into or evidencing a right to acquire a votingsecurity.
History: L. 1974, ch. 183, § 2; L. 1976, ch. 217, § 1;L. 1988, ch. 356, § 118;L. 1992, ch. 288, § 1;L. 1996, ch. 169, § 15;L. 1997, ch. 166, § 2; July 1.