Kentucky Administrative Regulations
Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE
Chapter 30 - Insurance Premium Finance Companies
Section 806 KAR 30:060 - Forms to be approved
Universal Citation: 806 KY Admin Regs Service 30:060
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 304.30-080, 304.30-120
NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.30-070 authorizes the commissioner to make such reasonable administrative regulations to effectuate Subtitle 30 of the Kentucky Insurance Code and to regulate the manner in which licensed insurance premium finance companies conduct their business. This administrative regulation requires the regulated companies to file forms with the commissioner for his approval as conforming to the code.
Section 1. Approval of Forms.
(1) No
rate chart, premium finance agreement, advance notice of cancellation, final
notice of cancellation, or other form, shall be issued, delivered, or used
unless it has been filed in duplicate, and approved by the commissioner. Every
such form shall bear thereon a date of issuance and an identifying symbol
consisting of numbers or letters or a combination thereof.
(2) No premium finance agreement shall
contain any provision by which:
(a) In the
absence of default of the insured, the premium finance company holding the
agreement may, arbitrarily and without reasonable cause, accelerate the
maturity of any part or all of the amount owing thereunder.
(b) A power of attorney is given to confess
judgment in this state.
(c) The
insured relieves the insurance agent or broker or the premium finance company
holding the agreement from liability for any legal rights or remedies which the
insured may otherwise have against him.
(d) Prepayment is prohibited.
(e) Attorney's fees are recoverable from the
insured.
(3) Service
charges shall be inclusive of all charges incident to the premium finance
agreement and for the extension of credit provided for therein.
(4) All forms shall comply with applicable
"truth in lending" laws.
STATUTORY AUTHORITY: KRS 304.30-070
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