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.
