Kentucky Administrative Regulations
Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE
Chapter 12 - Trade Practices and Frauds
Section 806 KAR 12:131 - Requirements for disclosure for life insurance and annuity contracts used to fund preneed funeral contracts or prearrangements
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 304.12-020, 304.12-240
NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 authorizes the Executive Director of Insurance to adopt administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. This administrative regulation establishes disclosure requirements for life insurance or annuity contracts which are used to fund preneed funeral contracts or prearrangements.
Section 1. Definitions. As used in this administrative regulation: "Preneed funeral contract or pre-arrangement" shall have the meaning set forth in KRS 304.12-240.
Section 2. Required Disclosure. If a life insurance or annuity contract is to be used to fund a preneed funeral contract or prearrangement, the following information shall be disclosed adequately when an application is made for such life insurance or annuity contract prior to acceptance of the applicant's initial premium or deposit:
STATUTORY AUTHORITY: KRS 304.2-110, 304.12-240