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
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.
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):
Important Information About Your Life Insurance Policy, Notice 126, 8/2010; or
A notice developed by the insurer which shall:
Meet the requirements of KRS 304.15-075(2); and
Be filed with and approved by the commissioner in accordance with KRS
304.14-120 and 806 KAR 14:005.
An insurer may include specific contact information in the notice required
pursuant to subsection (1)(a) of this 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.
3. Incorporation by Reference. (1) "Important Information About Your Life
Insurance Policy", Notice 126, 8/2010, is incorporated by reference.
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.)