Kansas Administrative Regulations

Agency 40. Insurance Department

Article 15. Variable Annuities or Separate Accounts

40-15-8 Variable annuity or separate accounts; agents; procedure for obtaining licenses.

(a) Each agent desiring to sell, pursuant to K.S.A. 40-436, individual or group contracts on behalf of a life insurance company regularly admitted to do business in this state, shall apply for a license to sell the contracts on a form designated by the commissioner of insurance.

(b)  An application for a license shall be accepted only from an individual who:

(1)  At the time of application, is licensed to write life insurance on behalf of the company certifying the application;

(2)  submits evidence of passing a security examination defined in K.A.R. 40-15-1; or

(3)  submits evidence of being currently registered with the federal securities and exchange commission as a broker-dealer, or of being currently associated with a broker-dealer and having met qualification requirements with respect to the broker-dealer association.

(c)  A broker-dealer or a person associated with a broker-dealer who is engaged directly or indirectly in the sale of securities, or who supervises, recruits or trains securities sales persons, shall have passed a ``securities examination'' or shall have been continuously engaged in the securities business since July 1, 1963.

(d)  Except as otherwise provided by this regulation, each applicant shall be governed by the provisions of K.A.R. 40-7-1 through K.A.R. 40-7-19.

(Authorized by K.S.A. 40-103, 40-436; implementing K.S.A. 40-241; effective Jan. 1, 1969; amended, E-71-24, July 1, 1971; amended Jan. 1, 1972; amended May 1, 1979; amended May 1, 1986.)