KRS 304.15-718: Requirements governing execution of life settlement contracts.

The life settlement provider shall instruct the owner to send the executed documents

required to effect the change in ownership, assignment, or change in beneficiary directly

to the independent escrow agent. Within three (3) business days after the date th e escrow

agent receives the document, or from the date the life settlement provider receives the

documents, if the owner erroneously sends the documents directly to the provider, the life

settlement provider shall pay the proceeds due to the owner to an es crow or trust account

maintained in a state or federally chartered financial institution whose deposits are

insured by the Federal Deposit Insurance Corporation (FDIC). Upon payment of the

settlement proceeds into the escrow account, the escrow agent shall deliver the original

change in ownership, assignment, or change in beneficiary forms to the life settlement

provider or related provider trust. Upon the escrow agent's receipt of the acknowledgment

of the properly completed transfer of ownership, assignme nt, or designation of

beneficiary from the insurance company, the escrow agent shall pay the settlement

proceeds to the owner.