40-463. Same; approval of transfer; required findings. - Kansas Statutes

40-463

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

      40-463.   Same; approval of transfer; requiredfindings.(a) No direct or indirect transfer of structured settlementpayment rightsshall beeffective and no structured settlement obligor or annuity issuer shall berequired to make anypayment directly or indirectly to any transferee of structured settlementpayment rights unless thetransfer has been approved in advance in a final court order or order of aresponsibleadministrative authority based on express findings by such court or responsibleadministrativeauthority that the:

      (1)   Transfer is in the best interest of the payee, taking into accountthe welfare andsupport of the payee's dependents;

      (2)   payee has been advised in writing by the transferee to seek independentprofessionaladvice regarding the transfer and has either received such advice or knowinglywaived suchadvice in writing; and

      (3)   transfer does not contravene any applicable statute or the order of anycourt or othergovernment authority.

      History:   L. 2005, ch. 57, § 3; July 1.