806 KAR 15:090. Notice of rights as an owner of a life insurance policy

Link to law: http://www.lrc.ky.gov/kar/806/015/090.htm
Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
      806

KAR 15:090. Notice of rights as an owner of a life insurance policy.

 

      Relates To: KRS 304.14-120, 304.15-075

      Statutory Authority: KRS

304.2-110, 304.15-075(1)

      NECESSITY,

FUNCTION, AND CONFORMITY: KRS 304.2-110(1) authorizes the Commissioner of Insurance

to promulgate administrative regulations necessary for or as an aid to the

effectuation of any provisions of the Kentucky Insurance Code as defined in KRS

304.1-010. KRS 304.15-075 requires the commissioner to develop a notice to

inform the owner of a policy of life insurance issued in this state of his or

her rights as an owner of a life insurance policy. KRS 304.15-075 also allows

the commissioner to promulgate administrative regulations to establish that the

notice be made only with respect to policies with a net death benefit that is

$100,000 or greater. This administrative regulation establishes the notice that

must be provided to owners of life insurance policies at times specified in KRS

304.15-075(3) and exempts insurers from providing notice to owners whose life

insurance policy has a net death benefit that is less than $100,000.

 

      Section

1. (1) Except as provided in Section 2 of this administrative regulation, an

insurer shall provide the following notice to the owner of an individual life

insurance policy at the times specified in KRS 304.15-075(3):

      (a)

Important Information About Your Life Insurance Policy, Notice 126, 8/2010; or

      (b)

A notice developed by the insurer which shall:

      1.

Meet the requirements of KRS 304.15-075(2); and

      2.

Be filed with and approved by the commissioner in accordance with KRS

304.14-120 and 806 KAR 14:005.

      (2)

An insurer may include specific contact information in the notice required

pursuant to subsection (1)(a) of this section.

 

      Section

2. An insurer shall not be required to provide the notice set forth in Section

1 of this administrative regulation if the net death benefit of the owner’s

life insurance policy, per policy, is less than $100,000.

 

      Section

3. Incorporation by Reference. (1) "Important Information About Your Life

Insurance Policy", Notice 126, 8/2010, is incorporated by reference.

      (2)

This material may be inspected, copied, or obtained, subject to applicable

copyright law, at the Kentucky Department of Insurance, 215 West Main Street, Frankfort, Kentucky 40601, Monday through Friday, 8

a.m. to 4:30 p.m. Forms may also be obtained on the department Web site at http://insurance.ky.gov. (37

Ky.R. 881; eff. 1-3-2010.)