{"data":{"id":"us-ky/krs-304.15-705","jurisdiction":"us-ky","citation":"KRS 304.15-705","heading":"Commissioner's authority to examine -- Retention and inspection of","body":"records.\n(1) The commissioner may, when the commissioner deems it reasonably necessary to\nprotect the interests of the public, examine the business and affairs of any licensee\nor ap plicant for a license. The commissioner shall have the authority to order\ninformation reasonably necessary to ascertain whether the licensee or applicant is\nacting or has acted in violation of the law or otherwise contrary to the interest of the\npublic. Th e reasonable expenses incurred in conducting any examination shall be\npaid by the licensee or applicant.\n(2) Records of all transactions of life settlement contracts shall be subject to the\nfollowing:\n(a) The following records of all transactions of life s ettlement contracts shall be\nmaintained by the licensee for five (5) years after the death of the owner, and\nshall be available to the commissioner for inspection during reasonable\nbusiness hours:\n1. Proposed, offered, or executed settlement contracts, und erwriting\ndocuments, policy forms, and applications from the date of the proposal,\noffer, or execution of the settlement contract, whichever is later; and\n2. All checks, drafts, or other evidence and documentation related to the\npayment, transfer, deposit,  or release of funds from the date of the\ntransaction.\n(b) All other business records shall be kept for a period of five (5) years following\ncreation of records, or the completion of the purpose for which records were\ncreated, whichever shall occur last.\n(c) This section shall not relieve a licensed settlement provider of the obligation\nto produce these documents to the commissioner after the retention period has\nexpired if the settlement provider has retained the documents.\n(d) Records required to be retai ned by this section shall be legible and complete\nand may be retained in paper, photograph, microprocess, magnetic,\nmechanical, or electronic media, or by any process that accurately reproduces\nor forms a durable medium for the reproduction of the record.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17249","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"301f719d1d263a9ea095822b7bb7502166c325e585101058228c1cbb64acb559","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-702","next":"us-ky/krs-304.15-708"},"notice":"GroundRules: Original legal text. Not legal advice."}