Kansas SB55 prohibits the assignment of benefits under property and casualty insurance contracts.

Kansas SB55 prohibits the assignment of benefits under property and casualty insurance contracts, defining such assignment as an unfair method of competition and unfair or deceptive act or practice. The bill amends existing law to explicitly state that any assignment of post-loss benefits under a property insurance policy is null and void. It also outlines exceptions, such as assignments to federally insured financial institutions or mortgagees.

Kansas SB55 prohibits the assignment of benefits under property and casualty insurance contracts.

Kansas SB55 prohibits the assignment of benefits under property and casualty insurance contracts, defining such assignment as an unfair method of competition and unfair or deceptive act or practice. The bill amends existing law to explicitly state that any assignment of post-loss benefits under a property insurance policy is null and void. It also outlines exceptions, such as assignments to federally insured financial institutions or mortgagees.