40-4,111. Same; proration of values; additional benefits. - Kansas Statutes

40-4,111

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

      40-4,111.   Same; proration of values; additionalbenefits.For any annuity contract which provides, within the samecontract by rider orsupplemental contract provision, both annuity benefits and life insurancebenefits that are inexcess of the greater of cash surrender benefits or a return of the grossconsiderations withinterest, the minimum nonforfeiture benefits shall be equal to the sum of theminimumnonforfeiture benefits for the annuity portion and the minimum nonforfeiturebenefits, if any, forthe life insurance portion computed as if each portion were a separatecontract. Notwithstandingthe provisions ofK.S.A. 2009 Supp.40-4,105, 40-4,106, 40-4,107, 40-4,108 and40-4,110, and amendments thereto,additional benefits payablein the event of total and permanent disability, as reversionary annuity ordeferred reversionaryannuity benefits, or as other policy benefits additional to life insurance,endowment and annuitybenefits, and considerations for all such additional benefits, shall bedisregarded in ascertainingthe minimum nonforfeiture amounts, paid-up annuity, cash surrender and deathbenefits that maybe required by this act. The inclusion of such benefits shall not be requiredin any paid-upbenefits, unless the additional benefits separately would require minimumnonforfeiture amounts,paid-up annuity, cash surrender and death benefits.

      History:   L. 2004, ch. 18, § 11; July 1.