Kentucky Statutes 304.15-344 – Commissioner’s approval
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(1) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in KRS § 304.15-310 to KRS § 304.15-340 and in KRS § 304.15-342, then:
(a) The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by KRS § 304.15-310 to KRS § 304.15-360 herein;
(b) The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;
(c) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of KRS § 304.15-310 to KRS § 304.15-360, as determined by regulations promulgated by the commissioner.
(d) Notwithstanding any other provision in the laws of this state, any policy, contract or certificate providing life insurance under any such plan must be affirmatively approved by the commissioner before it can be marketed, issued, delivered or used in this state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1186, effective July 15, 2010. — Created
1982 Ky. Acts ch. 263, sec. 5, effective July 15, 1982.
(a) The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by KRS § 304.15-310 to KRS § 304.15-360 herein;
Terms Used In Kentucky Statutes 304.15-344
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;
(c) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of KRS § 304.15-310 to KRS § 304.15-360, as determined by regulations promulgated by the commissioner.
(d) Notwithstanding any other provision in the laws of this state, any policy, contract or certificate providing life insurance under any such plan must be affirmatively approved by the commissioner before it can be marketed, issued, delivered or used in this state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1186, effective July 15, 2010. — Created
1982 Ky. Acts ch. 263, sec. 5, effective July 15, 1982.