806 Ky. Admin. Regs. 19:060
Current through Register Vol. 51, No. 5, November 1, 2024
Section 806 KAR 19:060 - Joint livesRELATES TO: KRS 288.560, 291.480, 304.19-020, 304.19-080
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 prohibits the insuring of joint lives, unless the spouse of the debtor is a cosigner to the credit or finance transaction.
Section 1. An agent or insurer shall not deliver or issue for delivery in this state any policy of credit life, or health insurance, or any certificate of group insurance, that insures the life or health of more than one (1) individual, unless the spouse of the debtor is cosigner to the credit or finance transaction.Section 2. If a married couple is insured under the exception provided in Section 1 of this administrative regulation, the premium rate charged shall not exceed one hundred fifty (150) percent of the rate permissible in KRS 304.19-080.Section 3. Only one (1) individual credit life insurance policy and one (1) credit health insurance policy shall be issued as security for a single indebtedness.Section 4. This administrative regulation shall not be construed to authorize the insuring of joint lives by credit life or credit health insurance in credit transactions involving a small loan or industrial loan in violation of KRS 288.560(2) or 291.480(1)(b).I-19.06; 1 Ky.R. 1084; 2 Ky.R. 27; eff. 7-2-1975; TAm eff. 8-9-2007; Crt eff. 2-26-2020; 47 Ky.R. 1676, 2396; eff. 8-3-2021.STATUTORY AUTHORITY: KRS 304.2-110