2006 Kentucky Revised Statutes - .718   Requirements governing execution of viatical settlement contracts.

304.15-718 Requirements governing execution of viatical settlement contracts. The viatical settlement provider shall instruct the viator to send the executed documents required to effect the change in ownership, assignment, or change in beneficiary directly to the independent escrow agent. Within three (3) business days after the date the escrow agent receives the document, or from the date the viatical settlement provider receives the documents, if the viator erroneously sends the documents directly to the provider, the viatical settlement provider shall pay the proceeds due to the viator to an escrow or trust account maintained in a state or federally chartered financial institution whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Upon payment of the settlement proceeds into the escrow account, the escrow agent shall deliver the original change in ownership, assignment, or change in beneficiary forms to the viatical settlement provider or related provider trust. Upon the escrow agent's receipt of the acknowledgment of the properly completed transfer of ownership, assignment, or designation of beneficiary from the insurance company, the escrow agent shall pay the settlement proceeds to the viator. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 58, sec. 13, effective June 20, 2005. -- Created 2000 Ky. Acts ch. 472, sec. 7, effective July 14, 2000. Page 1 of 1