40-2106. Same; demand for examination; specification of mismanagement; hearing; powers and duties of commissioner.

40-2106

Chapter 40.--INSURANCE
Article 21.--MISCELLANEOUS PROVISIONS

      40-2106.   Same; demand forexamination; specification of mismanagement; hearing; powers and duties ofcommissioner.Any member or stockholder of any stock or mutual life, stock fire orstock casualty insurance company organized under the laws of this state maymake demand to examine the membership records or records pertaining tostock issued and outstanding and the holders thereof of such company byfiling a verified application with the commissioner of insurance of thisstate setting forth specification of mismanagement on the part of theofficers of such company. Upon the filing of such application, thecommissioner of insurance shall conduct a hearing thereon in accordance withthe provisions of the Kansas administrative procedure act. Unless thecommissionerfinds from the evidence produced at such hearing that there is reasonablecause to believe that the officers of such company have mismanaged theaffairs of such company, such application shall be denied; otherwise, suchcommissioner shall make such order as the commissioner deemssuitable for the protectionof the policyholders, members and stockholders as to permitting suchinspection or a modified or limited inspection as will best safeguard theinterests of all concerned and will avoid injury or damage to such companyor its members or stockholders.

      History:   L. 1957, ch. 288, § 2;L. 1988, ch. 356, § 104; July 1, 1989.