{"data":{"id":"us-ky/krs-304.15-718","jurisdiction":"us-ky","citation":"KRS 304.15-718","heading":"Requirements governing execution of life settlement contracts.","body":"The life settlement provider shall instruct the owner to send the executed documents\nrequired to effect the change in ownership, assignment, or change in beneficiary directly\nto the independent escrow agent. Within three (3) business days after the date th e escrow\nagent receives the document, or from the date the life settlement provider receives the\ndocuments, if the owner erroneously sends the documents directly to the provider, the life\nsettlement provider shall pay the proceeds due to the owner to an es crow or trust account\nmaintained in a state or federally chartered financial institution whose deposits are\ninsured by the Federal Deposit Insurance Corporation (FDIC). Upon payment of the\nsettlement proceeds into the escrow account, the escrow agent shall  deliver the original\nchange in ownership, assignment, or change in beneficiary forms to the life settlement\nprovider or related provider trust. Upon the escrow agent's receipt of the acknowledgment\nof the properly completed transfer of ownership, assignme nt, or designation of\nbeneficiary from the insurance company, the escrow agent shall pay the settlement\nproceeds to the owner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17257","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"71bf581ea5f8129c2e97d7167febab84a68d701126811b3a5fdcdb59d2fc2583","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-717","next":"us-ky/krs-304.15-719"},"notice":"GroundRules: Original legal text. Not legal advice."}