Exempting contingent deferred annuities from certain requirements of the standard nonforfeiture law for individual deferred annuities act and authorizing the commissioner of insurance to establish nonforfeiture benefits for such contingent deferred annuities through rules and regulations.

HOUSE BILL No. 2540
AN ACT concerning insurance; relating to the standard nonforfeiture law for individual
deferred annuities; exempting contingent deferred annuities from certain provisions
therefrom; authorizing the commissioner of insurance to regulate such contingent
deferred annuities through the adoption of rules and regulations; amending K.S.A.
40-4,102 and repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 40-4,102 is hereby amended to read as follows:
40-4,102. (a) This act shall not apply to any reinsurance, group annuity
purchased under a retirement plan or plan of deferred compensation
established or maintained by an employer, including a partnership or
sole proprietorship, or by an employee organization, or by both, other
than a plan providing individual retirement accounts or individual
retirement annuities under section 408 of the federal internal revenue
code, premium deposit fund, variable annuity, investment annuity,
immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor shall this act
apply to any contract which that shall be delivered outside this state
through an agent or other representative of the company issuing the
contract.
(b) The provisions of K.S.A. 40-4,103 through 40-4,108, and
amendments thereto, shall not apply to contingent deferred annuities.
Notwithstanding such exemption, the commissioner of insurance shall
have the authority to prescribe, through an adoption of rules and
regulations, nonforfeiture benefits for contingent deferred annuities
that are, in the opinion of the commissioner, equitable to the
policyholder, appropriate given the risks insured and, to the extent
possible, consistent with the general content of the standard
nonforfeiture law for individual deferred annuities act.
Sec. 2. K.S.A. 40-4,102 is hereby repealed.
Sec. 3. This act shall take effect and be in force from and after its
publication in the statute book.
I hereby certify that the above BILL originated in the HOUSE, and passed
that body
Speaker of the House.
Chief Clerk of the House.

Passed the SENATE ______________________________________________________________________________
President of the Senate.
Secretary of the Senate.
APPROVED __________________________________________________________________________________________________
Governor.