Kansas Statutes 40-5015. Same; rules and regulations
Terms Used In Kansas Statutes 40-5015
- Bequest: Property gifted by will.
- Chronically ill: means :
(1) Being unable to perform at least two activities of daily living including eating, toileting, transferring, bathing, dressing, continence or such other activity as determined by rules and regulations adopted by the commissioner; or
(2) requiring substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment. See Kansas Statutes 40-5002
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-5002
- Devise: To gift property by will.
- Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance affecting the rights of a resident of this state or bearing a reasonable relation to this state, regardless of whether delivered or issued for delivery in this state. See Kansas Statutes 40-5002
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
The commissioner shall have the authority to:
(a) Promulgate rules and regulations necessary to implement the provisions of this act;
(b) establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. Such authority includes, but is not limited to, regulation of discount rates 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 for continued licensure for viatical settlement providers or viatical settlement brokers;
(d) require a bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers; and
(e) adopt rules and regulations governing the relationship and responsibilities of both insurers and viatical settlement providers or viatical settlement brokers during the viatication of a life insurance policy or certificate.