Title 806 | Chapter 019 | Regulation 060
806 KAR 19:060.Joint lives.
Section 1.
An agent or insurer shall not deliver or issue for delivery in this state any policy of credit life, or health insurance, or any certificate of group insurance, that insures the life or health of more than one (1) individual, unless the spouse of the debtor is cosigner to the credit or finance transaction.Section 2.
If a married couple is insured under the exception provided in Section 1 of this administrative regulation, the premium rate charged shall not exceed one hundred fifty (150) percent of the rate permissible in KRS 304.19-080.Section 3.
Only one (1) individual credit life insurance policy and one (1) credit health insurance policy shall be issued as security for a single indebtedness.Section 4.
This administrative regulation shall not be construed to authorize the insuring of joint lives by credit life or credit health insurance in credit transactions involving a small loan or industrial loan in violation of KRS 288.560(2) or 291.480(1)(b).HISTORY: (I-19.06; 1 Ky.R. 1084; 2 Ky.R. 27; eff. 7-2-1975; TAm eff. 8-9-2007; Crt eff. 2-26-2020; 47 Ky.R. 1676, 2396; eff. 8-3-2021.)
806 KAR 19:060.Joint lives.
Section 1.
An agent or insurer shall not deliver or issue for delivery in this state any policy of credit life, or health insurance, or any certificate of group insurance, that insures the life or health of more than one (1) individual, unless the spouse of the debtor is cosigner to the credit or finance transaction.Section 2.
If a married couple is insured under the exception provided in Section 1 of this administrative regulation, the premium rate charged shall not exceed one hundred fifty (150) percent of the rate permissible in KRS 304.19-080.Section 3.
Only one (1) individual credit life insurance policy and one (1) credit health insurance policy shall be issued as security for a single indebtedness.Section 4.
This administrative regulation shall not be construed to authorize the insuring of joint lives by credit life or credit health insurance in credit transactions involving a small loan or industrial loan in violation of KRS 288.560(2) or 291.480(1)(b).HISTORY: (I-19.06; 1 Ky.R. 1084; 2 Ky.R. 27; eff. 7-2-1975; TAm eff. 8-9-2007; Crt eff. 2-26-2020; 47 Ky.R. 1676, 2396; eff. 8-3-2021.)