40-5015. Same; rules and regulations. - Kansas Statutes

40-5015

Chapter 40.--INSURANCE Article 50.--VIATICAL SETTLEMENTS

      40-5015.   Same; rules and regulations.The commissioner shall have the authority to:

      (a)   Promulgate rules and regulations necessary to implement the provisions ofthis act;

      (b)   establish standards for evaluating reasonableness of payments underviatical settlement contracts for persons who are terminally or chronicallyill. Such authority includes, but is not limited to, regulation of discountrates 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 forcontinued licensure for viatical settlement providers or viatical settlementbrokers;

      (d)   require a bond or other mechanism for financial accountability forviatical settlement providers and viatical settlement brokers; and

      (e)   adopt rules and regulations governing the relationship andresponsibilities of both insurers and viatical settlement providers or viaticalsettlement brokers during the viatication of a life insurance policy orcertificate.

      History:   L. 2002, ch. 158, § 15; May 23.