KANSAS
INSURANCE DEPARTMENT
K.A.R. 40-2-14a. Life insurance and annuities;
recommendation standards. (a) In
recommending to a consumer the purchase or surrender of any variable life
insurance or variable annuity product, each insurance producer, or insurer if
no producer if involved, shall have reasonable grounds for believing that the
recommendation is suitable for that consumer based on the facts disclosed by
the consumer about the consumer’s financial situation and needs.
(b) Before recommending to a consumer a
transaction or series of transactions involving the purchase or surrender of
any variable life insurance or variable annuity product, each producer, or
insurer, if no producer is involved, shall make reasonable efforts to obtain
the following from the consumer:
(1) Information concerning the following:
(A) The consumer’s financial status;
(B) the consumer’s tax status; and
(C) the consumer’s investment objectives; and
(2) any other information considered by the
producer or insurer to be a reasonable basis for making each recommendation to
the consumer. The 2002 2004
Supp. 40-2404; effective May 20, 2005; amended P-____________.)