40-437. Establishment of separate accounts; application of other laws; variable life contracts, provisions required; reserve liability requirements.
40-437
40-437. Establishment of separate accounts; application of otherlaws; variable life contracts, provisions required; reserve liabilityrequirements.Except for subsections (1), (4), (5), (6), (7), (8), (9) and (11) ofK.S.A. 40-420; subsections (1), (2) and (3) of K.S.A. 40-421;K.S.A. 40-427, 40-428, 40-428a, 40-429 andsubsection (1) of K.S.A. 40-434, and except as otherwise provided inthis act, all pertinent provisions of the insurance laws of this stateshall apply to separate accounts and contracts relating thereto. Anyindividual variable life insurance or annuity contract, delivered orissued for delivery in this state shall contain grace, reinstatement andnonforfeiture provisions appropriate to such a contract. Any groupvariable life insurance contract, delivered or issued for delivery inthis state, shall contain a grace provision appropriate to such acontract. The reserve liability for variable contracts shall beestablished in accordance with actuarial procedures that recognize thevariable nature of the benefits provided and any mortality guarantees.
History: L. 1967, ch. 259, § 2; L. 1968, ch. 382, § 2; L. 1972,ch. 182, § 2; L. 1978, ch. 175, § 3; July 1.