Kentucky Administrative Regulations
Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE
Chapter 13 - Rates and Rating Organizations
Section 806 KAR 13:090 - Premium financing

Universal Citation: 806 KY Admin Regs Service 13:090

Current through Register Vol. 50, No. 9, March 1, 2024

RELATES TO: KRS 304.13-051, 304.13-071, 304.13-031, 304.30-090

NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Commissioner 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 permits additional charges to be made on insurance premiums when the premiums are made in installments.

Section 1. A property or casualty insurer, after filing with and approved by the Commissioner of Insurance, may charge a different rate for insurance when the premium therefor is payable in installments rather than in cash.

Section 2. Additional charges based on installment payments shall not exceed those permitted to be charged by premium finance companies; nor shall such financing be on terms less favorable to insureds than are permitted in financing by premium finance companies.

Section 3. Gross premiums on any policies, whether arising from cash rate premiums, installment service charges, or any other surcharges approved by the commissioner, shall be used as the basis upon which premium taxes shall be determined.

STATUTORY AUTHORITY: KRS 304.2-110

Disclaimer: These regulations may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.