{"data":{"id":"us-ky/krs-304.15-720","jurisdiction":"us-ky","citation":"KRS 304.15-720","heading":"Powers of commissioner.","body":"The commissioner shall have the authority to:\n(1) Promulgate administrative regulations in accordance with KRS Chapter 13A\nimplementing KRS 304.15-020 and 304.15-700 to 304.15-720;\n(2) Establish standards for evaluating reasonableness of payments under life settlement\ncontracts where the insured under the policy which is the subject of a life settlement\ncontract is terminally or chronically ill. This authority includes but is not limited to\nregulation of discount rates used to determine the amount paid in exchange for\nassignment, transfer, sale, devise , or bequest of a benefit under a policy. A life\nsettlement provider, where the insured is not terminally or chronically ill, shall pay\nan amount greater than the cash surrender value or accelerated death benefit then\navailable;\n(3) Establish appropriate licensing requirements and fees for agents and brokers; and\n(4) Promulgate administrative regulations governing the relationship and\nresponsibilities of an insurer and a life settlement provider, life insurance producer,\nand others in the business of life s ettlements during the period of consideration or\neffectuation of a life settlement contract.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17259","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"2fa1eaaff46940b3294a7495c45b69540578660b993553c4892e6e6996fef072","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-719","next":"us-ky/krs-304.15-725"},"notice":"GroundRules: Original legal text. Not legal advice."}