Memo RM1997-4
Notice of Revocation
Whereas, pursuant to Kansas Statutes Annotated 9-1715(b), the State Bank Commissioner, with the prior approval of the State Banking Board, issued Special Order 1990-1 on June 29, 1990 to empower Kansas state chartered banks to sell fixed rate annuities; and
Whereas, the United States Supreme Court, in NationsBank of North Carolina, N.A. v. Variable Annuities Life Insurance Co., 513 U.S. 251, 115 S. Ct. 810, 130 L. Ed. 2d 740 (1995), ruled that the sale of fixed and variable rate annuities is incidental to the business of banking; and,
Whereas, K.S.A. 9-1101 provides Kansas state chartered banks with statutory authority to exercise all powers incidental to the business of banking; and
Whereas, the State Bank Commissioner has determined that K.S.A. 9-1101 statutorily empowers Kansas state chartered banks to sell fixed and variable rate annuities;
Now, therefore, Special Order 1990-1 is hereby revoked by the State Bank Commissioner. This revocation shall take effect this ______ day of July, 1997.
It is so ordered.
State Bank Commissioner
W. Newton Male
