Kansas Administrative Regulations

Agency 40. Insurance Department

Article 1. General

40-1-22 Insurance policies; change of name or merger of an insurance company; assumption of risk endorsements; requirements.

(a) The assuming company shall attach to each policy an ``assumption of risk'' endorsement that displays the name and address of the assuming company when any outstanding policy of insurance issued to a resident of Kansas is affected by:

(1)  a change in the name of the issuing company;

(2)  a merger, consolidation or similar transaction involving the issuing company;

(3)  a change of domicile in which policy liability is assumed by another company; or

(4)  an assumption reinsurance agreement.

(b)  The ``assumption of risk'' endorsement shall be approved by the commissioner of insurance before issuance to residents of the state of Kansas.

(c)  An ``assumption of risk'' endorsement originating from an assumption reinsurance agreement shall not:

(1)  require the insured to take affirmative action to reject the substitution of one insurer for another; or

(2)  state that failure to reject such substitution or the continued payment of premium will constitute acceptance of the substitution.

(Authorized by K.S.A. 40-103; implementing K.S.A. 40-221(a), 40-309, 40-510, 40-1220, 40-1221, 40-1222; effective Jan. 1, 1967; amended May 1, 1979; amended May 1, 1986; amended March 28, 1994.)