Kansas Administrative Regulations
Agency 40 - INSURANCE DEPARTMENT
Article 15b - UNIVERSAL LIFE INSURANCE
Section 40-15b-1 - Universal life insurance; definitions; qualifications; requirements; reports
Current through Register Vol. 43, No. 39, September 26, 2024
The national association of insurance commissioners' universal life insurance model regulation, 1996 edition, is hereby adopted by reference, subject to the following exceptions and additions:
(a) Section 1, Section 2, and Subsections (F) and (I) of Section 3 are not adopted.
(b) Section 4 is hereby amended by striking "Section 25 of the NAIC Model Variable Life Insurance Regulation" and substituting "Kansas Administrative Regulation 40-15a-1."
(c) Section 4 is further amended by adding the following paragraph: "Nothing in this regulation shall be construed as superseding any statutory provision or any Kansas administrative regulation except to the extent this regulation or a provision of it is inconsistent with or contrary to another regulation."
(d) Section 7, Subsection F, second paragraph is not adopted and shall be replaced with the following: "As required by K.S.A. 40-420, a flexible premium policy shall provide for a grace period of at least 30 days after it lapses. Unless otherwise defined in the policy in a way that is more favorable to the insured, lapse shall occur on the date the net cash surrender value first equals zero."
(e) Section 10, Subsection A is hereby amended by deleting the last sentence of the first paragraph.
(f) Section 10, Subsection B, paragraph 3 is hereby amended by the addition of the following paragraph: "Each foreign insurer shall be subject to the same information requirements as domestic insurers unless the required descriptions are filed on a timely basis with the insurer's state of domicile."
(g) Section 10, Subsection B, paragraph 1 is not adopted.
(h) Section 10, Subsection C is not adopted.
