40-37a02. Definitions.
40-37a02
40-37a02. Definitions.As used in this act:
(a) "Accredited state" means a state in which the insurance department orregulatory agency has qualified as meeting the minimum financial regulatorystandards promulgated and established from time to time by the nationalassociation of insurancecommissioners.
(b) "Captive insurer" meansan insurance company owned by another organization whose exclusive purpose isto insure risks of the parent organization and affiliated companies or, in thecase of groups and associations, an insurance organization owned by theinsureds whose exclusive purpose is to insure risks to member organizations orgroup members, or both, and their affiliates.
(c) "Control" or"controlled" has the meaning ascribed in subsection (c) ofK.S.A. 40-3302 and amendments thereto.
(d) "Controlled insurer" means a licensed insurer which iscontrolled,directly or indirectly by a producer.
(e) "Controllingproducer" means a producer who, directly orindirectly,controls an insurer.
(f) "Licensed insurer" or "insurer" means any person, firm,association orcorporation duly licensed to transact a property or casualty insurance businessin this state. The following, inter alia, are not licensed insurers for thepurposes of this act:
(1) All risk retention groups as defined in the superfund amendmentsreauthorization act of 1986, public law 99-499, 100Stat. 1613 (1986); the riskretention act, 15 U.S.C. 3901 et seq. (1982 & Supp. 1986);and K.S.A.40-4101 et seq. and amendments thereto;
(2) all residual market pools and joint underwriting authorities orassociations; and
(3) all captive insurers.
(g) "Producer" hasthemeaning ascribed to it inK.S.A. 2009 Supp.40-4902, and amendments thereto.Producer includes any otherperson, firm,association or corporation, when, for any compensation, commission or otherthing of value, such person, firm, association or corporation acts or aids inany manner in soliciting, negotiating or procuring the making of any insurancecontract on behalf of an insured other than the person, firm, association orcorporation.
History: L. 1992, ch. 14, § 2;L. 2005, ch. 163, § 3; July 1.