806 KAR 13:020. Excess rates; consent form

Link to law: http://www.lrc.ky.gov/kar/806/013/020.htm
Published: 2015

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      806 KAR 13:020.

Excess rates; consent form.

 

      RELATES TO: KRS

304.13-100

      STATUTORY AUTHORITY:

KRS 304.2-110

      NECESSITY, FUNCTION,

AND CONFORMITY: KRS 304.2-110 provides that the Executive Director of

Insurance may make reasonable rules and administrative regulations necessary

for or as an aid to the effectuation of any provision of the Kentucky Insurance

Code. This administrative regulation requires an insurer and applicant to file

a form showing applicant's consent to the, if any, excess rate charged to him.

 

      Section 1. When an

insurer and an applicant for insurance contemplated by KRS Chapter 304,

Subtitle 13, consent to rates to be charged in any specific instance in excess

of those filed by or on behalf of such insurer, the insurer shall, within ten (10)

days following the effective date of the policy, file with the executive

director in triplicate a writing signed by the applicant which

shall recite the following:

      (1) The policy

number;

      (2) The inception

and expiration dates;

      (3) The name and

address of the agent of record;

      (4) The name of the

insurer;

      (5) The name and

address of the insured;

      (6) The limits of

coverage;

      (7) The total

premium charged;

      (8) The fact that

the rate exceed the filed rate;

      (9) The reasons

therefor; and

      (10) That the

insured has consented thereto.

 

      Section 2. A copy of

such consent to rate shall be furnished to the insured.

 

      Section 3. The executive

director shall take such action as he deems appropriate, as in

the case of all rates filed, and shall return to the agent and to the insurer,

one (1) copy of such consent, with his action indicated thereon. (I-13.05; 1

Ky.R. 864; eff. 5-14-75; TAm eff. 8-9-2007.)