{"data":{"id":"us-ky/krs-304.19-080","jurisdiction":"us-ky","citation":"KRS 304.19-080","heading":"Filing -- Effectiveness and withdrawal.","body":"(1) All such policies, certificates of insurance, notices of proposed insurance,\napplications for insurance, indorsements and riders delivered or issued for delivery\nin this state and the schedule of premium rates pertaining thereto shall be filed with\nthe commissioner.\n(2) All life insurance and all health insurance in connection with loans or other credit\ntransactions shall be subject to KRS 304.19 -020 to 304.19 -140, except health\ninsurance in connection with a loan or other credit transaction of more than fi ve (5)\nyears' duration or life insurance in connection with a loan or other credit transaction\nof more than ten (10) years' duration; nor shall insurance be subject to KRS 304.19 -\n020 to 304.19 -140 where the issuance of such insurance is an isolated transac tion\non the part of the insurer not relating to an agreement or a plan for insuring debtors\nof the creditor; nor shall insurance issued for an amount in excess of forty thousand\ndollars ($40,000) be subject to KRS 304.19-020 to 304.19-140.\n(3) (a) Credit l ife insurance. The premium rates set forth hereunder, or actuarially\nequivalent, shall not exceed:\n1. For decreasing term credit life insurance, a single premium of sixty\ncents ($0.60) per annum per one hundred dollars ($100) of scheduled\nindebtedness, or sixty-five cents ($0.65) per annum per one hundred\ndollars ($100) of scheduled indebtedness if dismemberment benefits are\nincluded in the policy;\n2. Single premium rates for indebtedness repayable in monthly\ninstallments other than twelve (12) in number sh all not exceed one -\ntwelfth (1/12) of the above premium rate multiplied by the number of\nfull months in the scheduled period;\n3. A premium payable monthly at the rate of ninety -two cents ($0.92) per\none thousand dollars ($1,000) of outstanding unpaid insure d\nindebtedness or one dollar ($1) per one thousand dollars ($1,000) of\noutstanding unpaid insured indebtedness if dismemberment benefits are\nincluded in the policy, will be deemed the actuarial equivalent of the\nforegoing rates; and\n4. For level term credi t life insurance, a single premium of one dollar and\ntwenty cents ($1.20) per annum per one hundred dollars ($100) of\nindebtedness or one dollar and thirty cents ($1.30) per one hundred\ndollars ($100) of indebtedness if dismemberment benefits are included\nin the policy.\n(b) 1. The standards set forth above are applicable to a plan of death benefits\nwith or without requirements for evidence of insurability which contain\nno exclusions except for suicide; other exclusions must receive the\napproval of the commissioner.\n2. Coverage shall be offered to all debtors regardless of age; or to all\ndebtors not older than the applicable age limit which shall be not less\nthan sixty-five (65) at the inception of the indebtedness or sixty -six (66)\nat the scheduled maturity date of the transaction, provided that each\ncompany's right to underwrite risks on an individual basis shall not be\nrestricted by this subparagraph. Appropriate adjustments may be made\nwith the approval of the commissioner if premium rates are determined\naccording to the age of the insured debtor or by age brackets.\n3. Rates for use with forms which are more restrictive in any material\nrespect shall reflect such variations in lower rates. Similarly, forms\nproviding more extensive benefits than set forth above may carry\nappropriately higher charges.\n4. The standards set forth above shall be applicable to contracts which may\ncontain a provision excluding or denying a claim for death, resulting\nfrom pre -existing illness, disease or physical condition for which the\ndebtor r eceived medical advice, consultation or treatment during the\ntwelve (12) month period immediately preceding the effective date of\nthe debtor's coverage and which would ordinarily be expected to affect\nmaterially the debtor's health during the period of cov erage; provided,\nhowever, that after such coverage has been in force for six (6) months\n(twelve (12) months for contracts of more than three (3) years), this pre -\nexisting exclusion clause shall not operate to deny coverage for any\ndeath thereafter. The con tract shall contain no other provision which\nexcludes or restricts liability in the event of death caused in a certain\nspecified manner, except provisions excluding or restricting coverage in\nthe event of intentionally self -inflicted injuries, foreign trav el or\nresidence, flight in nonscheduled aircraft, war or military service.\n(4) (a) Credit health insurance. The following premium rates, or actuarially\nequivalent rates, shall be charged for the coverages set forth hereunder:\nSingle Premium Per $100 of Initial Indebtedness\n---------------------------------------------------------------------------------------------------------\nNonretroactive Basis   Retroactive Basis\nNumber of Monthly  14-Day 30-Day  14-Day 30-Day\nInstallments    Wait Wait  Wait Wait\n---------------------------------------------------------------------------------------------------------\n1-6 months    $ 1.51 $  .69  $2.02 $  .92\n7-12 months   2.02  .91  2.69 1.22\n13-19 months   2.50 1.56  3.33 2.08\n20-24 months   2.93 1.84  3.91 2.45\n25-30 months   3.28 2.34  4.37 3.12\n31-36 months   3.85 2.77  5.14 3.70\n37-48 months   4.77 3.67  6.36 4.89\n49-60 months   5.68 4.58  7.58 6.11\n--------------------------------------------------------------------------------------------------------\n(b) 1. The standards set forth above shall be applicable to contracts which may\ncontain a provision excluding or denying a claim for disability, resulting\nfrom pre -existing illness, disease or physical condition for which the\ndebtor received medical advice, consult ation or treatment during the\ntwelve (12) month period immediately preceding the effective date of\nthe debtor's coverage and which would ordinarily be expected to affect\nmaterially the debtor's health during the period of coverage; provided,\nhowever, that after such coverage has been in force for six (6) months\n(twelve (12) months for contracts of more than three (3) years), this pre -\nexisting exclusion clause shall not operate to deny coverage for any\ndisability commencing thereafter. The contract shall con tain no other\nprovision which excludes or restricts liability in the event of disability\ncaused in a certain specified manner, except provisions excluding or\nrestricting coverage in the event of pregnancy, intentionally self -\ninflicted injuries, foreign tra vel or residence, flight in nonscheduled\naircraft, war or military service.\n2. Coverage shall be offered to all debtors regardless of age, or to all\ndebtors not older than the applicable age limit which shall be not less\nthan sixty-five (65) at the inception of the indebtedness or sixty -six (66)\nat the scheduled maturity date of the transaction, provided that each\ncompany's right to underwrite risks on an individual basis shall not be\nrestricted by this subparagraph. Appropriate adjustments may be made\nwith the approval of the commissioner if premium rates are determined\naccording to the age of the insured debtor or by age brackets.\n3. Rates for use with forms which are more restrictive in any material\nrespect shall reflect such variations in lower rates. Si milarly, forms\nproviding more extensive benefits than set forth above may carry\nappropriately higher charges.\n(5) Statistical reporting. Each insurer writing credit life or credit health insurance\nwithin this state shall keep and maintain statistical data of its experience on these\nkinds of insurance. The insurer shall, on or before May 1 of each year, file with the\ncommissioner its statistical experience data for the year ending December 31\nimmediately preceding. Such experience shall be reported on forms conforming to\nthose now or hereafter from time to time adopted by the National Association of\nInsurance Commissioners.\n(6) If a group policy has been delivered in this state before June 18, 1980, or has been\nor is delivered in another state before or on or after June 18, 1980, the insurer shall\nbe required to file only the group certificate and notice of proposed insu rance\ndelivered or issued for delivery in this state as specified in subsections (2) and (4)\nof KRS 304.19-070, and such forms shall be approved by the commissioner if they\nconform with the requirements specified in such subsections and if the schedules of\npremium rates applicable to the insurance evidenced by such certificate or notice\nare not in excess of the insurer's schedules of premium rates filed with the\ncommissioner. The premium rate in effect on existing group policies may be\ncontinued until the first policy anniversary date following June 18, 1980. After June\n18, 1980, no borrower shall be added to an existing group policy at rates higher\nthan those set forth in subsections (3) and (4) of this section.\n(7) The foregoing rates and procedures are de emed to be legislative prerogatives and\nshall not be subject to administrative or executive change or modification.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57204","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:49Z","sha256":"9448925a5758bed4b503a51eaed08c773723d9be44596a1131d505df3c1eebf0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.19-070","next":"us-ky/krs-304.19-082"},"notice":"GroundRules: Original legal text. Not legal advice."}