2016 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 12 - Trade Practices and Frauds 304.12-240 Regulations relating to payment and disclosure by life insurers when funds are used for preneed funeral contracts or prearrangements.
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304.12-240 Regulations relating to payment and disclosure by life insurers when
funds are used for preneed funeral contracts or prearrangements.
(1)
(2)
(3)
As used in this section, unless the context requires otherwise:
(a) "Preneed funeral contract or prearrangement" means an agreement by or for an
individual before that individual's death relating to the purchase or provision
of specific funeral or cemetery merchandise or services; and
(b) "Agent" has the meaning provided in KRS 367.932.
The commissioner shall adopt regulations requiring life insurers to provide
disclosure to consumers when life insurance or annuities are used to fund preneed
funeral contracts or prearrangements.
Life insurance and annuity benefits used to fund preneed funeral contracts or
prearrangements shall not be paid by a life insurer until the agent has proven the
death of the person for whose service the premiums were paid by furnishing the life
insurer with a verified or certified copy of a record verifying the death, issued by the
state registrar of the Vital Statistics Branch or its successor agency as authorized by
KRS Chapter 213, or a provisional certificate of death as described in KRS
213.076.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1112, effective July 15, 2010. -Amended 2006 Ky. Acts ch. 102, sec. 3, effective July 12, 2006. -- Created 1990 Ky.
Acts ch. 464, sec. 4, effective July 13, 1990.
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