2006 Kentucky Revised Statutes - .110   Provisions required in group contracts.

304.16-110 Provisions required in group contracts. No policy of group life insurance shall be delivered in this state unless it contains in substance the standard provisions as required by KRS 304.16-120 to 304.16-210, inclusive, or provisions which in the opinion of the executive director are more favorable to the individuals insured, or at least as favorable to such individuals and more favorable to the policyholders; except, that: (1)  Provisions set forth in KRS 304.16-170 to 304.16-210, inclusive, shall not apply to policies issued to a creditor to insure its debtors. (2)  If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the executive director is or are equitable to the insured persons and to the policyholder, but such nonforfeiture benefits are not required to be the same as those required for individual life insurance policies. (3)  The standard provisions required for individual life insurance policies shall not apply to group life insurance policies. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 16, sec. 11, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.