Kentucky Administrative Regulations
Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE
Chapter 14 - Insurance Contract
Section 806 KAR 14:005 - Rate and form filing procedures for life insurers, life settlement providers, and life settlement brokers

Universal Citation: 806 KY Admin Regs Service 14:005

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

RELATES TO: KRS 304.4-010, 304.14-120, 304.14-190, 304.15-020, 304.15-700

NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 authorizes the Commissioner of Insurance to promulgate 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 establishes rate and form filing procedures for life insurers, life settlement providers, and life settlement brokers.

Section 1. Definitions.

(1) "Commissioner" is defined by KRS 304.1-050(1).

(2) "Department" is defined by KRS 304.1-050(2).

(3) "Life settlement broker" is defined by KRS 304.15-020(16).

(4) "Life settlement provider" is defined by KRS 304.15-020(18).

Section 2. An entity may include any number of forms or documents in a filing for a particular insurance company. These forms or documents shall be filed electronically together on a particular date, pertaining to a single line of insurance.

Section 3. The period of time in which the commissioner may approve or disapprove the filing shall not begin until both the filing and appropriate fee are received by the department.

Section 4. A policy or contract form shall not be used in the Commonwealth of Kentucky until:

(1) It has been approved; and

(2) If rates for the form are required by law to be approved, the appropriate rate schedule has been approved.

Section 5. Each form document, including riders and endorsements, shall be identified by a unique identifying form number in the lower left-hand corner of each page of the document.

Section 6. 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 filing entity establishing:

(1) All changes contained in the newly-filed form;

(2) Any effect the changes have upon the hazards purported to be assumed by the policy;

(3) The rates applicable to the policy, if required; and

(4) A revised form number.

Section 7. If a filing is disapproved, the form numbers used on each form within this filing shall not be used on any form in a future filing.

Section 8.

(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 9.

(1) Life insurance companies, life settlement providers, and life settlement brokers shall file a rate or form electronically through the National Association of Insurance Commissioners' electronic system for rate and form filings via the Web site www.serff.com.

(2) An electronic filing as identified in subsection (1) of this section shall be in lieu of a paper filing.

STATUTORY AUTHORITY: KRS 304.2-110

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