40-5206. Same; novation of insurance contract, when.
40-5206
40-5206. Same; novation of insurance contract,when.If a policyholder consents to the transfer pursuant toK.S.A. 2009 Supp.40-5205, and amendmentsthereto, or if the transfer is effected underK.S.A. 2009 Supp.40-5207, andamendmentsthereto, there shall be anovation of the contract of insurance subject to the assumption reinsuranceagreement with theresult that the transferring insurer shall thereby be relieved of all insuranceobligations or risks, orboth, transferred under the assumption reinsurance agreement and the assuminginsurer shallbecome directly and solely liable to the policyholder for those insuranceobligations or risks, orboth.
This section shall take effect on and after July 1, 2004.
History: L. 2004, ch. 128, § 11; May 20.