Title 806 | Chapter 030 | Regulation 060
806 KAR 30:060.Forms to be approved.
Section 1.
Approval of Forms.(1)
No rate chart, premium finance agreement, advance notice of cancellation, final notice of cancellation, or other form, shall be issued, delivered, or used unless it has been filed in duplicate, and approved by the commissioner. Every such form shall bear thereon a date of issuance and an identifying symbol consisting of numbers or letters or a combination thereof.(2)
No premium finance agreement shall contain any provision by which:(a)
In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder.(b)
A power of attorney is given to confess judgment in this state.(c)
The insured relieves the insurance agent or broker or the premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him.(d)
Prepayment is prohibited.(e)
Attorney's fees are recoverable from the insured.(3)
Service charges shall be inclusive of all charges incident to the premium finance agreement and for the extension of credit provided for therein.(4)
All forms shall comply with applicable "truth in lending" laws.HISTORY: (1 Ky.R. 1087; eff. 7-2-75; TAm eff. 8-9-2007; Crt eff. 2-26-2020; TAm eff. 3-10-2020.)
806 KAR 30:060.Forms to be approved.
Section 1.
Approval of Forms.(1)
No rate chart, premium finance agreement, advance notice of cancellation, final notice of cancellation, or other form, shall be issued, delivered, or used unless it has been filed in duplicate, and approved by the commissioner. Every such form shall bear thereon a date of issuance and an identifying symbol consisting of numbers or letters or a combination thereof.(2)
No premium finance agreement shall contain any provision by which:(a)
In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder.(b)
A power of attorney is given to confess judgment in this state.(c)
The insured relieves the insurance agent or broker or the premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against him.(d)
Prepayment is prohibited.(e)
Attorney's fees are recoverable from the insured.(3)
Service charges shall be inclusive of all charges incident to the premium finance agreement and for the extension of credit provided for therein.(4)
All forms shall comply with applicable "truth in lending" laws.HISTORY: (1 Ky.R. 1087; eff. 7-2-75; TAm eff. 8-9-2007; Crt eff. 2-26-2020; TAm eff. 3-10-2020.)