KRS 304.14-030: "Premium" defined -- "Late charge" authorized.

"Premium" is the consideration for insurance, by whatever name called. Any

"assessment," or any "membership," "policy," "survey," "inspection," "service" or similar

fee or other charge in consideration for an insurance contract is deemed part of the

premium. In addition to the ordinary premium charges there may be imposed a late

charge not to exceed 18 percent per annum on insurance premium accounts once those

accounts remain unpaid for a period of 30 days beyond the date that the original premium

was due and owing. Such charges shall be clearly indicated on all bills and statements of

account.