Title XXV, Business and Financial Institutions

Upon the death of the insured and except as is otherwise expressly provided by the policy, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured's estate, appearing to the insurer to be equitably entitled thereto, sums then …

A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of KRS 304.12-080 or 3…

agreements -- Separate accounts. (1) A domestic life insurer may establish one (1) or more separate accounts, and may allocate thereto, in accordance with the terms of a written contract or agreement, any amounts paid to the insurer in connection with a pension, retirement or pro…

(1) No life insurer shall hereafter deliver or issue for delivery in this state: (a) As part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends, and benefits arising out of any such contract, whi…

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 or annuity which is of such a nature that…

(1) The General Assembly declares the purpose of this section shall be to require recognition of the escheat statute, as found in KRS 393A.130, and to require complete and proper disclosure, transparency, and accountability relating to any method of payment for annuity, retained …

-- Contracts -- Commissioner's approval required -- Forms. (1) No person may act as a life settlement provider without first having obtained a license as a life settlement provider from the commissioner. (2) Except as provided in paragraph (b) or (c) of this subsection, no person…

of premium payments. (1) In addition to other questions an insurer may lawfully pose to a life insurance applicant, insurers may inquire in the application for insurance whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will us…

records. (1) The commissioner may, when the commissioner deems it reasonably necessary to protect the interests of the public, examine the business and affairs of any licensee or applicant for a license. The commissioner shall have the authority to order information reasonably ne…

is endangered -- Fee. (1) When the department finds that a violation presents an immediate danger to the public health, safety, or welfare that requires an immediate final order, it shall issue an emergency cease and desist order reciting with particularity the facts underlying t…

violations. (1) In addition to the penalties and other enforcement provisions of KRS 304.15-020, 304.15-700 to 304.15-720, 304.42-190, and 304.99-126, if any person violates any provision of KRS 304.15-020, 304.15-700 to 304.15-720, 304.42-190, and 304.99- 126, or any administrat…

(1) With each application for a life settlement contract, a life settlement provider or life settlement broker shall provide the owner a copy of the department's consumer guide relating to life settlements. The provider shall provide in writing, in a separate document that is sig…

(1) A broker or provider licensed pursuant to KRS 304.15-700 to 304.15-720 may conduct or participate in advertisements within this state. Such advertisements shall comply with all advertising and marketing laws of this chapter or rules and administrative regulations promulgated …

(1) A life settlement provider entering into a life settlement contract with any person shall first obtain: (a) If the owner is insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter int…

Satisfaction of requirements. (1) It is a violation of this subtitle for a person to enter into a life settlement contract at any time prior to, or at the time of application for, issuance of a policy, or within a two (2) year period commencing with the date of issuance of the po…

Required statement regarding false information -- Furnishing information regarding fraudulent life settlement acts. (1) It is unlawful for any person: (a) To knowingly or intentionally enter into a life settlement contract when the subject life insurance policy was obtained by me…

The life settlement provider shall instruct the owner to send the executed documents required to effect the change in ownership, assignment, or change in beneficiary directly to the independent escrow agent. Within three (3) business days after the date the escrow agent receives …

regulations. Each provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by administrative regulation. In addition to any other requirements, the annual statement of each provid…

The commissioner shall have the authority to: (1) Promulgate administrative regulations in accordance with KRS Chapter 13A implementing KRS 304.15-020 and 304.15-700 to 304.15-720; (2) Establish standards for evaluating reasonableness of payments under life settlement contracts w…

12 of this chapter. The activities regulated by KRS 304.15-020 and KRS 304.15-700 to 304.15-720 shall be deemed the business of insurance and subject to Subtitle 12 of this chapter.

services providers -- Administrative regulations. (1) For purposes of this section: (a) "Long-term care services" means: 1. Home health care; 2. Assisted living; 3. Nursing home care; and 4. Any other service or support deemed a long-term care service pursuant to administrative r…

This subtitle applies only to group life insurance and may be known and cited as the "Group Life Insurance Law."

(1) No contract of life insurance shall be delivered in this state insuring the lives of more than one (1) individual unless to one (1) of the groups as provided for in KRS 304.16-030 to 304.16-090, inclusive, and unless in compliance with the other provisions of those sections. …

The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than…

As used in KRS 304.16-030, the term "employee" may include lawful agents of the employer.

The lives of a group of individuals may be insured under a policy issued to a creditor or its parent holding company, or to a trustee or trustees or agent appointed by two (2) or more creditors, which creditors, holding company, affiliate, trustee, trustees, or agent shall be dee…

The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of such union for the benefit of persons other than the union or any of its officials, representatives or agents, subject to the fo…

The lives of a group of individuals may be insured under a policy issued to the trustees of a fund established by two (2) or more employers in the same industry or in related industries or by one (1) or more labor unions, or by one (1) or more employers and one (1) or more labor …

(1) As used in this section, "employees" means employees of the United States government, or any state, or of any political subdivision or instrumentality of any of them, together with elective or appointed officers. (2) The lives of a group of individuals may be insured under a …

(1) A policy may be issued to an association of employers, to an association (other than an association of public employees to whom KRS 304.16-070 is applicable) whose members are in the same industry, occupation or profession, or to a trust or to the trustees of a fund establish…

(1) Insurance under any group life insurance policy issued pursuant to KRS 304.16-030 (employee groups), KRS 304.16-050 (labor union groups), KRS 304.16-060 (trustee groups), KRS 304.16-070 (public employee groups), KRS 304.16-080 (association groups), and KRS 304.16-115 of this …

The lives of a group of individuals may be insured under a policy issued to a credit union, or to a trustee or trustees or agent designated by two (2) or more credit unions, which shall be deemed the policyholder, to insure eligible members of the credit union or credit unions fo…

No policy of group life insurance shall be delivered in this state unless it contains in substance the standard provisions as required by KRS 304.16-120 to 304.16-210, inclusive, or provisions which in the opinion of the commissioner are more favorable to the individuals insured,…

Group life insurance offered to a resident of this state under a group life insurance policy issued to a group, other than one described in KRS 304.16-030, 304.16-040, 304.16-050, 304.16-060, 304.16-070, or 304.16-080, shall be subject to the following requirements: (1) No group …

In all group life policies there shall be a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyho…

There shall be a provision that the validity of the policy shall not be contested, except for nonpayment of premiums, after it has been in force for two (2) years from its date of issue; and that no statement made by an individual insured under the policy relating to his insurabi…

contract. There shall be a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued; that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties; and that no sta…

There shall be a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his coverage.

There shall be a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used.

(1) There shall be a provision that any sum becoming due by reason of the death of the individual insured shall be payable to the beneficiary designated by such individual, subject to the provisions of the policy in the event there is no designated beneficiary, as to all or any p…

The group life policy shall contain a provision that the insurer will issue to the policyholder, for delivery to each person insured an individual certificate, setting forth a statement as to the insurance protection to which he is entitled to whom the insurance benefits are paya…

There shall be a provision that if the insurance, or any portion of it, on an individual covered under the policy, ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such individual shall be entitled to hav…

There shall be a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured individuals, every individual insured thereunder at the date of termination, whose insurance terminates, including the insured dependent of a cove…

There shall be a provision that if a person insured under the group policy dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with KRS 304.16-190 and 304.16-200, and before such an individual policy shall have …

A policy issued to a creditor to insure debtors of such creditor shall contain a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a form which will contain a statement that the life of the debtor is insured under the…

If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued for the first or any subsequent year of insurance under any policy of group life insurance heretofore or hereafter issued to any policyholder, the excess, if any, of the aggregate div…