40-5015. Same; rules and regulations. The commissioner shall have the authority to:
(a) Promulgate rules and regulations necessary to implement the provisions of this act;
(b) establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. Such authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy;
(c) establish appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers or viatical settlement brokers;
(d) require a bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers; and
(e) adopt rules and regulations governing the relationship and responsibilities of both insurers and viatical settlement providers or viatical settlement brokers during the viatication of a life insurance policy or certificate.
History: L. 2002, ch. 158, ยง 15; May 23.
Structure Kansas Statutes
Article 50 - Viatical Settlements
40-5001 Viatical settlements act of 2002; citation.
40-5003 Same; license applications, renewal, fee, information required, powers of commissioner.
40-5005 Same; approval of forms.
40-5006 Same; annual statements of licensee; identity of viator confidential; exceptions.
40-5007a Same; examinations; record keeping requirements; powers of commissioner.
40-5008 Same; required disclosures.
40-5010 Same; two year prohibition on entering into viatical settlement; exceptions.
40-5011 Same; requirements on advertising.
40-5014 Same; violation of act also unfair or deceptive trade practice.
40-5015 Same; rules and regulations.
40-5016 Same; continuation of preexisting viatical settlement business.