Title XXV, Business and Financial Institutions

The commissioner may promulgate administrative regulations establishing loss ratio standards for short-term nursing home insurance policies.

Notice -- Proof of delivery of policy. Short-term nursing home insurance policy applicants shall have the right to return the policy or certificate within thirty (30) days of its delivery from the insurer to the policyowner and to have the premium refunded if, after examination o…

day care facility. (1) Any short-term nursing home insurance policy issued on or after July 15, 2002, which provides coverage for assisted living benefits shall cover services received in any assisted living community which: (a) Meets the requirements of KRS 194A.700 to 194A.729 …

The provisions of this subtitle apply only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.

(1) "Advertisement" means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communication media, including film strips, motion pictures, and videos, publishe…

In construing the provisions of KRS 304.15-310 to 304.15-360, inclusive, "ordinary insurance" or "insurance upon the ordinary plan" shall be considered to be insurance that may be paid for by a single premium, by annual premiums or by semiannual or quarterly or other installments…

Nothing in this subtitle preempts or otherwise limits the provisions of the Securities Act of Kentucky, KRS Chapter 292, or any administrative regulations, orders, policy statements, notices, bulletins, or other interpretations issued by or through the commissioner of the Kentuck…

(1) No policy of life insurance other than pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by KRS 304.15-050 to 304.15…

insurance policy. No college life insurance policy shall be sold or delivered in this Commonwealth unless the following provisions are complied with: (1) A letter of acceptance, on a form approved by the commissioner, is presented to the proposed insured, setting forth the condit…

(1) There shall be a provision relating to the time and place of payment of premiums. (2) There shall be a provision which shall state in substance that the policy may be returned by the policyowner to the company, within a period of not less than ten (10) days after its receipt …

There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than…

There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is indorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all sta…

notice to be given -- Application to policies $100,000 or greater permitted. (1) The commissioner shall develop a notice by promulgation of administrative regulation to inform the owner of a policy of life insurance issued in this state of his or her rights as an owner of a life …

(1) There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than two (2) years after its date of issue, except for nonpayment of premiums, and except, at the insurer's option, as to p…

There shall be a provision that if the age or sex or both of the insured, or of any other person whose age or sex is considered in determining the premium or benefit, has been misstated, all amounts payable under this policy shall be such as the premium paid would have purchased …

(1) There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified …

(1) There shall be a provision that after three (3) full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy a…

(1) As used in this section: (a) "Policy" includes annuity contracts as defined in KRS 304.5-030 which provide for policy loans, and certificates issued by a fraternal benefit society as defined in KRS 304.29-011; (b) "Policyholder" includes the owner of the policy or the person …

In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall, except as otherwise permitted by the commissioner, be a table showing the amounts of the guaranteed installments.

There shall be a provision that, unless the policy has been surrendered for its cash surrender value, or its cash surrender value has been exhausted, the policy will be reinstated at any time within three (3) years (or two (2) years in the case of industrial life insurance polici…

An industrial life insurance policy shall have the name of the beneficiary designated thereon or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the issuance of the policy, unless such benefi…

There shall be a title on the policy, briefly describing the same.

A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which …

(1) No annuity or pure endowment contract, other than reversionary annuities (also called survivorship annuities) or group annuities and except as stated herein, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specifi…

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling du…

If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to KRS 304.15-220, there shall be a provision that the contrac…

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is indorsed upon or attached to the contract…

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable …

If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.

In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has …

(1) Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (a) Any such reversionary annuity contract shall contain the provisions specified in KRS 3…

(1) No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (a) A provision limiting the time within which an action at law or in equity may be commenced on such a policy to less than three (3) years afte…

(1) A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with …

(1) No life insurance policy, other than industrial life insurance, shall be delivered or issued for delivery in this state, if it contains any of the following provisions: (a) A provision by which the policy purports to be issued or to take effect more than one (1) year before t…

The policies of a foreign life insurer may contain any provision which the law of the state, territory, district, or country under which the insurer is organized prescribes shall be in such policies when issued in this state, and the policies of a domestic life insurer may, when …

KRS 304.15-310 to 304.15-360, shall be known as the "Standard Nonforfeiture Law for Life Insurance."

(1) No policy of life insurance, except as stated in KRS 304.15-360 shall be delivered or issued for delivery in this state unless it shall contain, in substance the following provisions, or corresponding provisions which in the opinion of the commissioner are at least as favorab…

The term "operative date of the valuation manual" means January 1 of the first calendar year that the valuation manual is operative, as defined in KRS 304.6-131(11).

(1) Notwithstanding the provisions of KRS 304.15-310(1)(b) and (d), companies which comply with the provisions of KRS 304.15-342 may issue policies of life insurance which differ from their existing or currently filed policies only in that they do not provide for any cash surrend…

(1) This section shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities." (2) This section shall not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (in…

Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by KRS 304.15-310, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future…

Within three (3) months after default of any premium payment on any life insurance policy which has a cash surrender value, the insurer shall notify the insured in writing of the cash surrender value and of the insured's options as to the application of the cash surrender value a…

Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy …

(1) How calculated. This section shall not apply to policies issued on or after the operative date of KRS 304.15-342 as defined therein. Except as provided in subsection (4) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be …

1989. (1) This section shall apply to all policies issued on or after the effective date of this section as defined in subsection (11) of this section. Except as provided in subsection (7) of this section, the adjusted premiums for any policy shall be calculated on an annual basi…

(1) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimu…