{"data":{"id":"us-ky/krs-304.15-075","jurisdiction":"us-ky","citation":"KRS 304.15-075","heading":"Notice of policy owner's rights -- Contents -- Conditions requiring","body":"notice to be given -- Application to policies $100,000 or greater permitted.\n(1) The commissioner shall develop a notice by promulgation of administrative\nregulation to inform the owner of a policy of life insurance issued in this state of his\nor her rights as an owner of a life insurance policy. The notice shall be made\navailable free of charge to insurance companies and life insurance producers, and\nshall be written in nontechnical language.\n(2) The notice developed under subsection (1) of this section shall:\n(a) Inform the consumer that life insurance is a critical part of a broader financial\nplan;\n(b) Inform the consumer that alternatives to lapse or surrender of the policy exist;\n(c) Provide the consumer with a general description of life settlements and state\nthat life settlements are a regulated transaction in Kentucky;\n(d) Provide the consumer with a general description of other common products\nand services that may be available to owners of life insurance policies prior to\nlapse or surrender of a policy; and\n(e) Include a statement that advises recipients of the notice that life insurance, life\nsettlements, or any of the products or services described in the notice may or\nmay not be available to the recipient depending on a number of circumstances,\nincluding but not limited to the age and health of the insured or the terms of a\nlife insurance policy. The statement shall also advise recipients that owners of\nlife insurance policies are encouraged to contact their financial advisor, agent,\nor broker to seek further assistance or advice.\n(3) For each policy issued, the life insurance company shall provide the notice required\nby subsection (1) of this section to the owner of an individual life insurance policy:\n(a) When the insured is sixty (60) years of age or older; or\n(b) If the insurer has been notified that the insured person under the policy is\nterminally or chronically ill, upon the occurrence of one (1) of the following:\n1. The life insurance company receives from the owner a request to\nsurrender, in whole or in part, an individual policy;\n2. The life insurance company receives from the owner a request to receive\nan accelerated death benefit under an individual policy;\n3. The life insurance company sends to the owner all notices of lapse of an\nindividual policy; provided, however, that the life insurance company\nshall not be required to include the notice developed pursuant to\nsubsection (1) of this section to the owner of the policy more than one\n(1) time within a twelve (12) month period from the date of the first\nnotice of lapse of the policy; or\n4. The occurrence of any other event as set forth by the commissioner in\nadministrative regulation.\n(4) In addition to the cond itions set forth in subsection (3) of this section, the\ncommissioner may promulgate administrative regulations to establish that the notice\nbe made only with respect to policies with a net death benefit that is one hundred\nthousand dollars ($100,000) or greater, if the commissioner finds that this additional\ncondition is in the best interest of the citizens of the Commonwealth and does not\ndiscriminate against owners of life insurance policies based on other factors such as\nrace, religion, national origin, age, disability, marital status, or economic means.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17203","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"7576022099cf55def2e47142bad254e0531db3fcf4117f1c762ebfc0ceb6f491","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-070","next":"us-ky/krs-304.15-080"},"notice":"GroundRules: Original legal text. Not legal advice."}