Chapter 40 — INSURANCE

40-403. History: L. 1927, ch. 231, 40-403; L. 1933, ch. 70, § 1 (Special Session); L. 1935, ch. 198, § 1; L. 1937, ch. 251, § 1; L. 1945, ch. 213, § 1; L. 1947, ch. 274, § 1; L. 1953, ch. 227, § 1; L. 1957, ch. 277, § 1; L. 1959, ch. 211, § 1; L. 1961, ch. 233, § 1; Repealed, L. …

40-403a. History: L. 1935, ch. 198, § 2; Repealed, L. 1968, ch. 374, § 3; July 1. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents U…

40-403b. Same; foreign companies. Any life insurance company organized under the laws of another country, state, or territory and authorized to do business in the state of Kansas, shall, within the limitations of the powers vested in it by the laws of the state wherein it was inc…

40-403c. History: L. 1968, ch. 374, § 1; L. 1971, ch. 165, § 1; Repealed, L. 1972, ch. 179, § 21; July 1. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived Sc…

40-404. History: L. 1927, ch. 231, 40-404; L. 1937, ch. 252, § 1; L. 1939, ch. 208, § 1; L. 1953, ch. 228, § 1; L. 1957, ch. 278, § 1; L. 1971, ch. 185, § 13; L. 1986, ch. 177, § 1; L. 1987, ch. 162, § 1; Repealed, L. 1996, ch. 25, § 17; July 1. Source or prior law: L. 1909, ch. …

40-404a. History: L. 1933, ch. 201, § 1; L. 1935, ch. 199, § 1; L. 1937, ch. 252, § 2; L. 1947, ch. 275, § 1; L. 1971, ch. 166, § 1; L. 1986, ch. 177, § 2; Repealed, L. 1996, ch. 25, § 17; July 1. Revisor's Note: Later act, see 40-229a. CASE ANNOTATIONS 1. Cited; deed of trust he…

40-404b. History: L. 1933, ch. 201, § 2; Repealed, L. 1937, ch. 252, § 4; March 9. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents …

40-404c. History: L. 1987, ch. 162, § 2; Repealed, L. 1996, ch. 25, § 17; July 1. Revisor's Note: Later act, see 40-229a. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Docum…

40-405. History: L. 1927, ch. 231, 40-405; L. 1945, ch. 214, § 1; L. 1947, ch. 276, § 1; Repealed, L. 1996, ch. 25, § 17; July 1. Source or prior law: L. 1879, ch. 115, § 3; R.S. 1923, 40-306. Revisor's Note: Later act, see 40-229a. CASE ANNOTATIONS 1. Deposit by insurance compan…

40-406. History: L. 1927, ch. 231, 40-406; Repealed, L. 1996, ch. 25, § 17; July 1. Source or prior law: L. 1909, ch. 154, § 3; L. 1919, ch. 214, § 3; R.S. 1923, 40-338, 40-344. Revisor's Note: Later act, see 40-229a. CASE ANNOTATIONS 1. In receivership suit against insolvent com…

40-407. History: L. 1927, ch. 231, 40-407; L. 1937, ch. 252, § 3; L. 1957, ch. 279, § 1; L. 1959, ch. 212, § 1; L. 1965, ch. 301, § 1; Repealed, L. 1972, ch. 180, § 1; July 1. Source or prior law: L. 1909, ch. 154, § 2; L. 1919, ch. 214, § 2; R.S. 1923, 40-337, 40-343. CASE ANNOT…

40-408. History: L. 1927, ch. 231, 40-408; Repealed, L. 1972, ch. 180, § 1; July 1. Source or prior law: L. 1919, ch. 214, § 2; R.S. 1923, 40-343. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUT…

40-409. Valuation of policies; compensation of actuary; standard valuation law; commissioners' reserve valuation method; lapse rates; aggregate reserves; calculations; Kansas companies doing business in another state; annual opinion by actuary on reserves; confidential; valuation…

40-410. Cancellation of policy for nonpayment of premiums; notice, when; policyowner defined. It shall be unlawful for any life insurance company, other than fraternal, doing business in this state within six (6) months after default in payment of any premium or installment of pr…

40-411. Notice of intention to cancel policy for nonpayment of premium; time for payment. Before any such cancellation or forfeiture can be made for the non-payment of any such premium the insurance company shall notify the policyowner of any such policy that the premium thereon,…

40-412. When action to be maintained on insurance contract. No action shall be maintained upon or in respect to any contract of life insurance heretofore or hereafter made, upon which any premium shall remain unpaid after the expiration of the period specified in the policy for t…

40-413. Death of beneficiary in policy; duties of insurance company. In case any life insurance company organized under the laws of this state shall have issued or may hereafter issue any policy of insurance upon the life of any person or persons for another's benefit in which th…

40-414. Exemption of interests in policies; exceptions. (a) If a life insurance company or fraternal benefit society issues any policy of insurance or beneficiary certificates upon the life of an individual and payable at the death of the insured, or in any given number of years,…

40-414a. Trust provisions in contracts; restrictions on alienation; exemptions. When a contract of annuity, a policy of insurance, or other contract of a life insurance company authorized to do business in this state is entered into with any person for the benefit of another, and…

40-415. Insurance to go to estate of insured when beneficiary dies before insured. In all cases of the death of the beneficiary in any insurance policy before the death of the insured, and thereafter the insured dies without having named another beneficiary and without having dis…

40-416. Subsequent agreements. A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon condition that failure to comply with the t…

40-417. Fraud and perjury; penalty. Any solicitor, agent, examining physician or other person who shall knowingly or willfully make any false or fraudulent statement or representation in or with reference to any application for life insurance, or who shall make any such statement…

40-418. Materiality of misrepresentation in obtaining policy. No misrepresentation made in obtaining or securing a policy of insurance on the life or lives of any person or persons, citizens of this state, shall be deemed material or render the policy void unless the matter misre…

40-419. Tender of premiums with defense of misrepresentation. In suits brought upon life policies heretofore or hereafter issued, no defense based upon misrepresentation in obtaining or securing the same shall be valid unless the defendant, at or before the trial, shall deposit i…

40-419a. Refund upon cancellation of individual term policy; calculation. Upon the cancellation of any individual term life insurance policy by the owner thereof, the insurance company shall not refuse to refund unearned premiums for the remainder of the term for which premiums w…

40-420. Contents of insurance policy; exceptions. No life insurance company authorized to transact the business of insurance in this state shall issue or deliver in this state any policy of life insurance other than industrial insurance, annuities and pure endowments with or with…

40-420a. Policy loan interest rates; purpose. The purpose of this act is to permit and set guidelines for life insurers to include in life insurance policies issued after the effective date of this act a provision for periodic adjustment of policy loan interest rates. History: L.…

40-420b. Same; definitions. For purposes of this act the "published monthly average" means: (a) Moody's corporate bond yield average—monthly average corporates as published by Moody's investors service, inc., or any successor thereto; or (b) in the event that Moody's corporate bo…

40-420c. Same; methods to determine interest rates; definitions. (a) Policies issued on or after the effective date of this act shall provide for policy loan interest rates as follows: (i) A provision permitting a maximum interest rate of not more than 8% per annum; or (ii) a pro…

40-420d. Same; applicability to policies. The provisions of this act shall not apply to any insurance contract issued before the effective date of this act, unless the policyholder agrees in writing to the applicability of such provisions. History: L. 1982, ch. 203, § 4; July 1. …

40-421. Provisions insurance policy not to contain. From and after the first day of January, 1928, no policy of life insurance, other than industrial insurance, annuities and pure endowments with or without return of premiums or of premiums and interest, shall be issued or delive…

40-422. Industrial life insurance; definitions. As used in this act "industrial life insurance" means either that form of life insurance under which the premiums are payable weekly, or that under which the premiums are payable monthly or oftener if the face amount of insurance pr…

40-423. Same; contents of industrial life insurance policy; exceptions; surrender. From and after the first day of July, 1947, no policy of industrial life insurance shall be delivered or issued for delivery in this state, unless the same shall contain, in substance, the followin…

40-424. Same; designation of beneficiary; change of; payments. Upon proper written request, a named beneficiary shall be designated in, or be endorsed on a policy of industrial life insurance, to receive the benefits thereof on the death of the insured, and there shall be reserve…

40-425. Same; cash surrender value and value of stipulated form to be equal. The cash surrender value and the value of any stipulated form of insurance granted under subsections (7) and (9) of K.S.A. 40-423, shall be equal provided that the amount of paid-up insurance may be take…

40-426. Same; commissioner may authorize policies more favorable. Any policy of industrial life insurance may be delivered or issued for delivery in this state which in the opinion of the insurance commissioner contains provisions on any one or more of the several foregoing requi…

40-427. Nonforfeiture benefits and cash surrender values in life policies issued prior to the operative date of K.S.A. 40-428. (a) This subsection shall apply only to policies of life insurance (other than industrial life insurance) issued prior to the operative date of K.S.A. 40…

40-428. Standard nonforfeiture law. (a) The term "operative date of the valuation manual" means the January 1 of the first calendar year that the valuation manual as defined in K.S.A. 40-409, and amendments thereto, is effective. (1) In the case of policies issued on or after the…

40-428a. History: L. 1978, ch. 175, § 4; L. 2002, ch. 158, § 20; Repealed, L. 2004, ch. 18, § 14; July 1, 2006. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archi…

40-429. Loan provisions in policies. (a) In the case of those policies issued prior to the operative date of K.S.A. 40-428 (the standard nonforfeiture law) the loan value referred to in subsection (5) of K.S.A. 40-420, shall be the reserve at the end of the current policy year on…

40-430. History: L. 1947, ch. 277, § 8; Repealed, L. 1963, ch. 262, § 1; June 30. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents U…

40-431. Definition of due date for the payment of premiums and of when premium in default. For the purpose of this act the due date for the payment of premiums shall be construed to mean the date specified in the policy when any premium will be due and payable without grace, and …

40-432. Invalidity of part. If any clause, sentence, section, provision, or part of this act shall be adjudged to be unconstitutional or invalid for any reason by any court of competent jurisdiction, such judgment shall not invalidate, impair, or affect the remainder of this act,…

40-433. Group life insurance; types of policies and requirements. No policy of group life insurance shall be delivered in this state unless it conforms to one of the following descriptions: (1) A policy issued by an insurance company organized under the laws of the state of Kansa…

40-433a. Same; provision granting employee right of assignment of benefits. Any policy of group life insurance issued under the authority granted in K.S.A. 40-433 subsection (1) may, at the option of the insurer, contain a provision granting to any employee insured under the poli…

40-434. Same; policy provisions required. No policy of group life insurance shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the commissioner are more favorable to the persons insured, or at least as …

40-435. Same; conversion privileges; notice. If any individual insured under a group life insurance policy delivered in this state becomes entitled under the terms of such policy to have an individual policy of life insurance issued to such insured without evidence of insurabilit…

40-436. Establishment of separate accounts; investment and handling; contracts for benefits in variable amounts; limitation and regulation of issuance; authority of commissioner; rules and regulations. (a) Any domestic life insurance company may after adoption of a resolution by …

40-437. Same; application of other laws; variable life contracts, provisions required; reserve liability requirements. Except for subsections (1), (4), (5), (6), (7), (8), (9) and (11) of K.S.A. 40-420; subsections (1), (2) and (3) of K.S.A. 40-421; K.S.A. 40-427, 40-428, 40-428a…

40-438. Same; severability. If any provision of this act or application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and …