KRS 304.15-720: Powers of commissioner.

The commissioner shall have the authority to:

(1) Promulgate administrative regulations in accordance with KRS Chapter 13A

implementing KRS 304.15-020 and 304.15-700 to 304.15-720;

(2) Establish standards for evaluating reasonableness of payments under life settlement

contracts where the insured under the policy which is the subject of a life settlement

contract is terminally or chronically ill. This authority includes but is not limited to

regulation of discount rates used to determine the amount paid in exchange for

assignment, transfer, sale, devise , or bequest of a benefit under a policy. A life

settlement provider, where the insured is not terminally or chronically ill, shall pay

an amount greater than the cash surrender value or accelerated death benefit then

available;

(3) Establish appropriate licensing requirements and fees for agents and brokers; and

(4) Promulgate administrative regulations governing the relationship and

responsibilities of an insurer and a life settlement provider, life insurance producer,

and others in the business of life s ettlements during the period of consideration or

effectuation of a life settlement contract.