806 KAR 9:320. Life settlement provider license

Link to law: http://www.lrc.ky.gov/kar/806/009/320.htm
Published: 2015

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      806 KAR 9:320. Life settlement provider

license.

 

      RELATES TO: KRS 304.15-020,

304.15-700-304.15-725

      STATUTORY AUTHORITY: KRS 304.2-110(1),

304.15-720

      NECESSITY, FUNCTION, AND CONFORMITY: EO

2008-507, signed June 6, 2008, and effective June 16, 2008, created the

Department of Insurance, headed by the Commissioner of Insurance. KRS

304.2-110(1) authorizes the Executive Director of Insurance to promulgate

administrative regulations necessary for or as an aid to the effectuation of

any provision of the Kentucky Insurance Code as defined in KRS 304.1-010. KRS

304.15-720 authorizes the executive director to promulgate administrative

regulations to implement KRS 304.15-700 to 304.15-720 and to establish

appropriate requirements and fees for a life

settlement provider license. This administrative regulation establishes the

information to be included in the application for, the requirements for the

issuance and continuation of, and the fees for a viatical settlement provider

license.

 

      Section 1. Definitions (1) "Commissioner"

means the Commissioner of the Department of Insurance.

      (2) Life settlement provider" is

defined in KRS 304.15-020(10).

 

      Section 2. Individual Applicant. (1) An

individual may be issued a life settlement provider license if the commissioner determines that the applicant

is at least twenty-one (21) years of age.

      (2) An individual applying for a life

settlement provider license shall:

      (a) Submit completed Form 8301 and

8301-BGC, incorporated by reference in 806 KAR 9:430;

      (b) Remit the nonrefundable fee of $500;

      (c) Provide proof of financial

responsibility in the amounts established in KRS 304.15-700(5) and in

accordance with 806 KAR 9:210; and

      (d) Provide the following documentation,

as applicable:

      1. Documentation supporting the applicant’s

answers on the application; and

      2. If using an assumed name, certified

copies of certificates required in accordance with KRS 365.015.

 

      Section 3. Business Entity Applicant. (1)

A business entity may be issued a life

settlement provider license if the executive director determines the applicant

has designated only individuals acting for, or authorized to act for, the

business entity in accordance with KRS 304.9-133.

      (2) A business entity applying for a life

settlement provider license shall:

      (a) Submit completed Form 8301-BE;

      (b) Remit the nonrefundable fee of

$1,500;

      (c) Provide proof of financial

responsibility in the amounts established in KRS 304.15-700(5) and in

accordance with 806 KAR 9:210;

      (d) Provide the following documentation,

as applicable:

      1.

Certificate of authority from the Kentucky Secretary of State;

      2. Documentation supporting the

applicant’s answers on the application; and

      3. If using an assumed name, certified

copies of certificates required in accordance with KRS 365.015;

      (e) Provide a list of all officers,

directors, or general partners, as applicable, including their names, titles,

addresses, Social Security numbers, and Kentucky Department of Insurance

identification numbers; and

      (f) Submit Form 8305, incorporated by reference

in 806 KAR 9:340.

 

      Section 4. Renewal and Continuation of

License. (1) Each life settlement

provider license shall continue in force and renew in accordance with KRS

304.9-260.

      (2) The

renewal fee shall be nonrefundable and in the amount as follows:

      (a) $500 for an individual licensee; or

      (b) $1,500 for a business entity

licensee.

      (3) The licensed life settlement provider shall notify the Department of Insurance

in writing within thirty (30) days of change to the information in the

application or in the documents required to be submitted in accordance with

Section 2 or 3 of this administrative regulation. (27 Ky.R. 3192; Am. 28 Ky.R.

82; eff. 7-16-2001; 29 Ky.R. 1366; 1795; eff. 1-16-2003; 32 Ky.R. 325; 883;

eff. 12-2-05; 35 Ky.R. 1914; eff. 5-1-09.)