Title XXV, Business and Financial Institutions

Notification to commissioner -- Penalty. If the state fire marshal gives notice to the Department of Insurance that any authorized insurer has failed to comply with the provisions of KRS 227.250, the commissioner may take appropriate action up to and including revoking or suspend…

(1) Each insurer, including those participating in a residual market mechanism, authorized to write workers' compensation insurance in the Commonwealth shall offer, as a part of the policy or as an optional endorsement to the policy, deductibles optional to the employer policyhol…

(1) An employer policyholder who selects a deductible workers' compensation policy shall be granted a premium reduction by the insurer. The premium reduction shall be calculated by the insurer in accordance with administrative regulations promulgated by the commissioner and shall…

workplace program at coal mine. (1) Any employer who is also a licensee of a coal mine that has implemented a drug- free workplace program, including an employee assistance program, certified by the Division of Mine Safety shall be eligible to obtain a credit on the licensee's pr…

explanation to workers' compensation policyholders -- Authority for administrative regulations. (1) Every employer that is assigned an experience modification factor for workers' compensation in order to determine its workers' compensation premium shall be furnished without charg…

No insurer shall be required to offer a deductible to an employer policyholder, as provided in KRS 304.13-400, if the insurer determines, subject to review by the commissioner, that the prospective employer policyholder is not financially able to comply with the terms and conditi…

Catchline at repeal: Increase or decrease of capital stock.

Catchline at repeal: Dividends to stockholders.

Catchline at repeal: Participating policies.

Catchline at repeal: Impairment of capital.

Catchline at repeal: Assessment of shares.

This subtitle applies as to all insurance contracts and annuity contracts, other than: (1) Reinsurance. (2) Policies or contracts not issued for delivery in this state nor delivered in this state. (3) Wet marine and transportation insurance.

"Policy" means the written contract of, or written agreement for, or effecting insurance, by whatever name called, and includes all clauses, riders, indorsements and papers which are attached thereto.

"Premium" is the consideration for insurance, by whatever name called. Any "assessment," or any "membership," "policy," "survey," "inspection," "service" or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. In addition to the or…

(1) An employer or the employer's trustee may procure and effect an insurance contract upon the life or body of an employee for the purpose of funding a pension or other benefit plan established for the employee of the employer. Except as provided in subsection (4) of this sectio…

beneficiary. (1) Life insurance contracts may be entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational, or religious institutions, or their agencies, a…

(1) No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. (2) "Insurable interest" as u…

car sharing program -- Construction. (1) As used in this section, the following have the same meaning as in KRS 365.520: (a) "Car sharing period"; (b) "Car sharing program agreement"; (c) "Peer-to-peer car sharing program"; (d) "Shared vehicle"; (e) "Shared vehicle driver"; and (…

(1) Any person of competent legal capacity may contract for insurance. (2) Any minor not less than fifteen (15) years of age may, notwithstanding his minority, contract for or own annuities, or insurance upon his own life, body, health, property, liabilities, or other interests, …

No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or effectuated unless at the time of the making of the contract the individual insured having the power to contract as provide…

pay premiums on life insurance in exchange for ownership in death benefit. Except as provided in KRS 304.14-050, it shall be a violation of insurable interest for any person or entity without insurable interest to provide or arrange for the funding ultimately used to pay premiums…

(1) Any application for insurance in writing by the applicant shall be altered solely by the applicant or by his written consent, except that insertions may be made by the insurer for administrative purposes only in such manner as to indicate clearly that such insertions are not …

(1) No application for the issuance of any life insurance policy shall be admissible in evidence in any action relative to such policy, unless a true copy of the application was attached to or otherwise made a part of the policy when issued and delivered. A photostatic or other p…

All statements and descriptions in any application for an insurance policy or annuity contract, by or on behalf of the insured or annuitant, shall be deemed to be representations and not warranties. Misrepresentations, omissions, and incorrect statements shall not prevent a recov…

(1) (a) Except as otherwise provided in this section, a basic insurance policy or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or indorsement form or form of renewal certifica…

(1) The commissioner shall disapprove any form filed under KRS 304.14-120, or withdraw any previous approval thereof, only on one (1) or more of the following grounds: (a) If it is in any respect in violation of, or does not comply with, this code. (b) If it contains or incorpora…

(1) The commissioner shall prescribe the following uniform health insurance claim forms which shall be used by all insurers transacting health insurance in this state and by all state agencies that require health insurance claim forms for their records as the sole instrument for …

(1) Insurance contracts shall contain such standard or uniform provisions as are required by the applicable provisions of this code pertaining to contracts of particular kinds of insurance. The commissioner may waive the required use of a particular provision in a particular insu…

(1) Every policy shall specify: (a) The names of the parties to the contract. (b) The subject of the insurance. (c) The risks insured against. (d) The time when the insurance thereunder takes effect and the period during which the insurance is to continue. (e) The premium. (f) Th…

A policy may contain additional provisions not inconsistent with this code and which are: (1) Required to be inserted by the laws of the insurer's domicile; or (2) Necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rights an…

No policy shall contain any provision, purporting to make any portion of the charter, bylaws or other constituent document of the insurer (other than the subscriber's agreement or power of attorney of a reciprocal insurer) a part of the contract unless such portion is set forth i…

benefits. (1) No agreement in conflict with, modifying, or extending any contract of insurance shall be valid unless in writing and made a part of the policy. (2) No insurer or its representative shall make any insurance contract or agreement relative thereto other than as is pla…

(1) Every policy shall be executed in the name of and on behalf of the insurer by its officer, attorney-in-fact, employee, or representative duly authorized by the insurer. (2) A facsimile signature of any such executing officer, attorney-in-fact, employee, or representative may …

(1) Two (2) or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters' policy bearing their names. Any one (1) insurer may issue policies in the name of an underwriter's department and such policies shall plainly show the true na…

(1) A policy hereafter delivered or issued for delivery to any person in this state in violation of this code but otherwise binding on the insurer, shall be held valid, but shall be construed as provided in this code. (2) Any insurance policy, rider, or indorsement hereafter issu…

(1) Binders or other contracts for temporary insurance may be made orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are designated in the binder, except as superse…

(1) Subject to the insurer's requirements as to payment of premium, every policy shall be mailed or otherwise delivered to the insured or to the person entitled thereto within a reasonable period of time after its issuance, except where a condition required by the insurer has not…

Any insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer, upon a currently authorized policy form and at the premium rate then required therefor, for a specific additional per…

Except as provided in KRS 304.17A-265, 304.17C-137, and 304.20-105: (1) A policy may be assignable or not assignable, as provided by its terms; (2) Subject to its terms relating to assignability, a life or health insurance policy, regardless of when it was issued, under the terms…

Whenever the proceeds of or payments under a life or health insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes paym…

An insurer shall furnish upon written request of any person claiming to have a loss under any insurance contract, forms of proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to furnish forms, have any responsibility or liabili…

Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder: (1) Acknowledgment of the receipt of notic…

(1) Every insurer issuing participating policies, shall pay dividends, unused premium refunds or savings distributed on account of any such policy, only to the real party in interest entitled thereto as shown by the insurer's records, or to any person to whom the right thereto ha…

(1) If a policy of insurance whether heretofore or hereafter issued, is effected by any person on his own life, or on another life, in favor of a person other than himself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned…

Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all contracts of health insurance and of provisions providing benefits on account of the insured's disability which are supplemental to life insurance or annuity contracts heretofor…

(1) A policy of group life insurance or group health insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liabi…

(1) The benefits, rights, privileges and options which under any annuity contract heretofore or hereafter issued are due or prospectively due the annuitant, shall not be subject to execution nor shall the annuitant be compelled to exercise any such rights, powers, or options, nor…

(1) Every life insurance policy made payable to or for the benefit of or duly assigned or transferred to a married woman, or to any person in trust for her, shall inure to her separate use and benefit and that of her children, independently of her husband or his creditors or any …

(1) Any life insurer shall have power to hold the proceeds of any life or endowment insurance or annuity contract issued by it: (a) Upon such terms and restrictions as to revocation by the insured and control by beneficiaries, (b) With such exemptions from legal process and the c…

Every insurance contract shall be construed according to the entirety of its terms and conditions as set forth in the policy, and as amplified, extended, or modified by any rider, indorsement, or application attached to and made a part of the policy.