Kan. Admin. Regs. § 40-15-3 - Same; conditions
(a) A domestic
company issuing variable contracts shall establish one or more separate
accounts pursuant to
K.S.A. 40-436.
(b) The investments and liabilities of a
separate account shall be clearly identifiable and distinguishable from the
other investments and liabilities of the corporation. An investment of a
separate account shall not be pledged or transferred as collateral for a loan.
(c) The sale, exchange or other
transfer of assets may not be made by a company between its separate accounts,
or between any other investment account and one or more of its separate
accounts unless:
(1) In case of a transfer
into a separate account, the transfer is made solely to establish the account
or to support the operation of the contracts with respect to the separate
account to which the transfer is made; and
(2) the transfer, whether into or from a
separate account, is made:
(i) by a transfer
of cash; or
(ii) by a transfer of
securities having a valuation which could be readily determined in the
marketplace and the transfer of securities is approved by the commissioner of
insurance. The commissioner may authorize other transfers among accounts if, in
his opinion, the transfers would not be inequitable.
(d) The company shall maintain in
each separate account assets with a value at least equal to the reserves and
other contract liabilities with respect to the account, except as approved by
the commissioner of insurance.
(e)
An officer or director of the company or a member of the committee, board or
body of a separate account shall not receive, directly or indirectly, any
commission or any other compensation with respect to the purchase or sale of
assets of the separate account.
Notes
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