40-462. Same; disclosure statement, contents. - Kansas Statutes

40-462

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

      40-462.   Same; disclosure statement,contents.The transferee shall provide to the payee a separatedisclosurestatement not less thanthree days prior to the date on which a payee signs a transfer agreement. Suchdisclosure statementshall set forth in bold type no smaller than 14 points:

      (a)   The amounts and due dates of the structured settlement payments to betransferred.

      (b)   The aggregate amount of such payments.

      (c)   The discounted present value of the payments to be transferred, whichshall be identified asthe calculation of current value of the transferred structured settlementpayments under federalstandards for valuing annuities, and the amount of the applicable federal rateused in calculatingsuch discounted present value.

      (d)   The gross advance amount.

      (e)   An itemized listing of all applicable transfer expenses, other thanattorneys' fees and relateddisbursements payable in connection with the transferee's application forapproval of thetransfer, and the transferee's best estimate of the amount of any such fees anddisbursements.

      (f)   The net advance amount.

      (g)   The amount of any penalties or liquidated damages payable by the payee inthe event of anybreach of the transfer agreement by the payee.

      (h)   A statement that the payee has the right to cancel the transferagreement, without penalty orfurther obligation, not later than the third business day after the date theagreement is signed bythe payee.

      History:   L. 2005, ch. 57, § 2; July 1.