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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.16-115.Discretionary groups; requisite findings of commissioner

Current as of January 01, 2025 | Updated by Findlaw Staff

Group life insurance offered to a resident of this state under a group life insurance policy issued to a group, other than one described in KRS 304.16-030, 304.16-040, 304.16-050, 304.16-060, 304.16-070, or 304.16-080, shall be subject to the following requirements:

(1) No group life insurance policy shall be delivered in this state unless the commissioner finds that:

(a) The issuance of the group policy is not contrary to the best interests of the public;

(b) The issuance of the group policy would result in economies of acquisition or administration; and

(c) The benefits of the group policy are reasonable in relation to the premiums charged;

(2) No group life insurance coverage may be offered in this state by an insurer under a policy issued in another state unless this state or another state having requirements substantially similar to the requirements of subsection (1) of this section has made a determination that the requirements have been met;

(3) The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both; and

(4) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.16-115.Discretionary groups; requisite findings of commissioner - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-16-115/

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