806 KAR 14:006. Property and casualty insurance form filings

Link to law: http://www.lrc.ky.gov/kar/806/014/006.htm
Published: 2015

      806 KAR 14:006. Property and

casualty insurance form filings.

 

      RELATES TO: KRS 304.1-050, 304.4-010,

304.14-120, 304.14-190, 304.21-010, 304.13-051, 304.22-020, 304.23-010

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS

304.2-110 authorizes the executive director to promulgate reasonable 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. This administrative

regulation provides form filing procedures for property, casualty, surety,

title, and mortgage guaranty insurance.

 

      Section 1. Definitions. (1) "Executive

director" is defined in KRS 304.1-050(1).

      (2) "Office" is defined in KRS

304.1-050(2).

 

      Section 2. (1) Every insurer, other than

life or health insurers, required by law or licensed advisory organization or

form provider permitted by law to file policy forms or endorsements, advertising

and sales materials, or other documents other than those pertaining to rates

shall file with these documents a completed and signed Form PC TD-1, "Property

& Casualty Transmittal Document" using the appropriate guidance

incorporated by reference in 806 KAR 13:150, Section 12(1)(f) through (nn).

      (2) If the filling is being made by a

third party, a signed letter of authorization from the insurer shall be

submitted.

 

      Section 3. (1) All paper filings shall

include two (2) full sets of documents on 8 1/2 in x 11 in white paper, with

three (3) copies of Form PC TD-1, Property & Casualty Transmittal Document"

and a self-addressed stamped envelope.

      (2)(a) A property and casualty insurance

company, advisory organization, or form provider may file a form in an

electronic format established by the National Association of Insurance

Commissioners.

      (b) An electronic filing shall be in lieu

of a paper filing.

 

      Section 4. (1) A filing may include any

number of documents, filed together on a particular date, pertaining to a

single type of insurance from the "Uniform Property & Casualty Product

Coding Matrix".

      (2) Forms shall be filed separately from

rates and rules.

 

      Section 5. All form filings shall be

accompanied by a Form PC FFS 1, "Form Filing Schedule"

 

      Section 6. (1) A policy or form shall not

be used in Kentucky until it has been approved.

      (2) If the rates pertaining to a form are

required by law to be filed or approved, the form shall not be used until the

appropriate rates have been filed or approved as required in accordance with

KRS 304.14-120 and 304.13-051.

 

      Section 7. (1) A property and casualty

form filing may include forms for a particular insurance company or group of

insurance companies.

      (2) If the filing is made for a group of

insurance companies, Form PC TD-1, "Property & Casualty Transmittal

Document" shall identify all companies included in the filing.

 

      Section 8. (1) Filing fees shall be paid

on a per-company basis.

      (2) The period of time in which the

executive director may approve or disapprove the filing shall not begin to run

until both the complete filing and appropriate fee, in accordance with KRS

304.4-010 and 806 KAR 4:010, are received by the office.

 

      Section 9. (1) Insurers that are members,

subscribers, or service purchasers of an advisory organization or form provider

permitted by law to file policy forms or endorsements, advertising and sales materials,

or other documents other than those pertaining to rates may choose to adopt all

or some of the forms of that advisory organization or form provider.

      (2) If an insurer chooses to adopt only a

specific filing of an advisory organization or form provider, it shall do so in

accordance with the procedures set forth in this administrative regulation, and

shall clearly identify which filing of the advisory organization or form provider

it is adopting.

      (3)(a) (If) an insurer chooses to adopt

all of the policy forms or endorsements, advertising and sales materials, or

other documents other than those pertaining to rates of an advisory organization

or form provider, it shall:

      1.

Provide written authorization to the advisory organization or form provider to

file those materials on the insurer’s behalf; or

      2. File written notice with the executive

director that it is adopting by reference all the current and future policy

forms or endorsements, advertising and sales materials, or other documents

other than those pertaining to rates that the advisory organization or form provider

files.

      (b)1. The advisory organization or form

provider shall file the written notice of authorization referred to in

paragraph (a)1 of this subsection with the executive director and shall pay the

appropriate fee, in accordance with KRS 304.4-010 and 806 KAR 4:010.

      2. The fee shall be paid for each company

sending the written authorization and on the basis of each line of insurance.

      (c)1. If an insurer that previously

authorized an advisory organization or forms provider to file on its behalf as

referred to in paragraph (a)1 of this subsection, or an insurer that filed

written notice with the executive director to adopt by reference as referred to

in paragraph (a)2 of this subsection chooses not to adopt certain policy forms

or endorsements, advertising and sales materials, or other documents other than

those pertaining to rates as filed by the advisory organization or form

provider, the insurer shall file a notice of the nonadoption with the executive

director and shall pay the appropriate filing fee, in accordance with KRS

304.4-010 and 806 KAR 4:010.

      2.a. If an insurer chooses to delay the

effective date of its adoption of an advisory organization or forms provider

filing, it shall submit a letter requesting the revised date upon which it shall

adopt the filing.

      b. The delayed adoption date shall be

within six (6) months of the original effective date.

      c. If additional time is needed, a second

letter shall be submitted to the office, requesting a revised delayed adoption

date.

      d. All revised delayed adoption dates

shall be within one (1) year of the original effective date as filed by the

advisory organization or forms provider.

      3. If an insurer does not adopt the

advisory organization or forms provider filing within one (1) year of the

original effective date as filed by the advisory organization or forms

provider, the insurer shall submit a nonadoption filing.

 

      Section 10. If a filing includes a form

which amends, replaces, or supplements a form which has been previously filed

and not disapproved, it shall be accompanied by a letter of explanation from

the filer setting forth the following:

      (1) All changes contained in the newly

filed form;

      (2) The effect, if any, the changes have

upon the hazards purported to be assumed by the policy; and

      (3) An explanation as to the effect on

the applicable rates.

 

      Section 11. (1) Facsimile signatures of

company officers, attorneys-in-fact, employees and representatives shall not be

required and shall not be submitted with any filing.

      (2) A change of signature of the

executing officer on a policy form shall not, because of this change alone,

require a new filing.

 

      Section 12. Incorporation by Reference.

(1) The following material is incorporated by reference:

      (a) "Uniform Property & Casualty

Product Coding Matrix", (March 1, 2007);

      (b) Form PC TD-1, "Property & Causality

Transmittal Document", (March 1, 2007); and

      (c) Form PC FFS-1, "Form Filing

Schedule", (March 1, 2007).

      (2) This material may be inspected,

copied, or obtained, subject to applicable copyright law, at the Office of

Insurance, 215 West Main Street, Frankfort, Kentucky 40601, Monday through

Friday, 8 a.m. to 4:30 p.m. This material is also available on the department’s

internet Web site at: www.doi.state.ky.us. or the Web site of

the National Association of Insurance Commissioners at www.naic.org. (27 Ky.R. 1404; Am. 1809; eff. 1-15-2001; 34

Ky.R. 1550; 2289; eff. 5-2-2008.)
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