40-1616. Same; approval; assumption of policies and business by surviving entity.
40-1616
40-1616. Same; approval; assumption of policies and business by survivingentity.(a) Armed Forces Cooperative Insuring Association may, withthe approval of the commissioner of insurance, merge with Armed ForcesInsurance Exchange as provided by this act, the surviving insurance entity tobe Armed Forces Insurance Exchange.
(b) By virtue of such merger, all in force policies of Armed ForcesCooperative Insuring Association shall be assumed by Armed Forces InsuranceExchange and may be rewritten in the name of the surviving insurance entityupon expiration.
(c) Business assumed in any state or territory of the United States whereArmed Forces Insurance Exchange is not legally authorized to do business underthe laws of such state or territory shall not violate, for the purposes of thisact, the provisions of K.S.A. 40-214 and amendments thereto provided suchbusiness is not renewed upon its expiration or the entity obtains authorizationfrom such state or territory to transact or continue such business.
History: L. 1992, ch. 72, § 2; May 7.