Title XXV, Business and Financial Institutions

agents, form providers, residual market, and joint underwriting organizations. (1) The commissioner may examine any insurer, pool, advisory organization, statistical agent, form provider, or residual market or joint underwriting mechanism as deemed necessary to ascertain complian…

pools, and residual market mechanisms. (1) Notwithstanding KRS 304.13-131(2)(a), insurers participating in joint underwriting, joint reinsurance pools, or residual market mechanisms may, in connection with such activity, cooperate with each other in the making of rates, rating sy…

commissioner -- Notification of review rights to workers' compensation insureds. (1) Every insurer or advisory organization shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard on written request to rev…

In addition to other activities not prohibited, any statistical agent is authorized, on behalf of its members and subscribers, to: (1) Develop statistical plans including territorial and class definitions; (2) Collect historical data from members, subscribers, or any other source…

(1) Every advisory organization shall file with the commissioner every statistical plan, all prospective loss costs, provisions for special assessments, and all supplementary rating information, and every change or amendment or modification of any of the foregoing proposed for us…

experience rating systems -- Reporting -- Subclassifications, rating plans, and other variations from manual rules -- Credit for drug-free workplace program. (1) Every workers' compensation insurer shall adhere to a uniform classification system and uniform experience rating syst…

No person shall willfully withhold information which will affect the rates or premiums chargeable under this subtitle from, or knowingly give false or misleading information to, the commissioner, any statistical agent, any advisory organization, or any insurer.

for prior approval. (1) Any policy fee as related to underwriting expenses for a property or casualty insurance contract, issued or renewed on or after July 14, 2000, by an agent licensed under KRS 304.9-085, shall be deemed fully earned. The fee shall only be collected if covera…

(1) The commissioner may suspend the license of any advisory organization or insurer which fails to comply with an order of the commissioner within the time limited by the order, or any extension thereof which the commissioner may grant. The commissioner shall not suspend the lic…

Rates for professional, commercial, and governmental liability insurance shall be based on Kentucky experience when actuarially credible. This section shall not apply to rates for motor vehicle liability insurance, workers' compensation insurance, and employers' liability insuran…

insureds to Employers' Mutual Insurance Authority. The Workers' Compensation Insurance Plan (KWCIP), a workers' compensation residual market mechanism, in existence by virtue of this subtitle, shall not write new policies or renew policies after September 1, 1995. The board of di…

compliance -- Premium discount or rate reduction -- Administrative regulations. (1) (a) All insurance companies writing property insurance for wind or hail coverage of any property located in Kentucky that has been certified as complying with the most recent version of any applic…

FORTIFIED single-family dwellings. (1) As used in this section: (a) "Cost to upgrade the single-family dwelling" means the cost required to upgrade the roof structure of the single-family dwelling to meet or exceed the most recent version of the FORTIFIED Home roof structure cons…

The commissioner shall review, approve, and hear appeals on the assignment, reassignment, or modification of any fire protection classification of any fire protection district, municipality, or locality in the state which is made by any lawful insurer, advisory organization, or a…

Any fire protection district, municipality, or locality in the state which is assigned a fire protection classification by any lawful advisory organization or insurer which makes its own rates, operating in the Commonwealth, may appeal to the commissioner for modification or reas…

(1) The commissioner shall make such investigation as he or she deems necessary or convenient for proper determination regarding an appeal. (2) The books, accounts, papers and records of every fire protection classification advisory organization or insurer which makes its own rat…

(1) Within thirty (30) days of the filing of an appeal, the commissioner shall hold an administrative hearing to be conducted in accordance with KRS 304.2-310. Whenever the commissioner determines that a fire protection classification is unreasonable, he or she shall by final ord…

appeal period or until approval by the board of the classification assigned. (1) No insurer may increase premiums for fire insurance based on a fire protection classification until the expiration of the thirty (30) day period for appeal by the fire protection district, municipali…

sent to commissioner. (1) Each fire department operating within the Commonwealth, whether paid or volunteer, shall complete a report each time it responds to a fire call. The report shall be made on a form, similar to the National Fire Protection Association's standard fire repor…

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…

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…