2006 Kentucky Revised Statutes - .720   Powers of executive director.

304.15-720 Powers of executive director. The executive director shall have the authority to: (1)  Promulgate administrative regulations in accordance with KRS Chapter 13A implementing KRS 304.15-020 and 304.15-700 to 304.15-720; (2)  Establish standards for evaluating reasonableness of payments under viatical settlement contracts where the insured under the policy which is the subject of a viatical settlement contract is terminally or chronically ill. This authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a policy. A viatical settlement provider, where the insured is not terminally or chronically ill, shall pay an amount greater than the cash surrender value or accelerated death benefit then available; (3)  Establish appropriate licensing requirements and fees for agents and brokers; and (4)  Promulgate  administrative  regulations  governing  the  relationship  and responsibilities of an insurer and a viatical settlement provider, life insurance producer, and others in the business of viatical settlements during the period of consideration or effectuation of a viatical settlement contract. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 58, sec. 14, effective June 20, 2005. -- Created 1998 Ky. Acts ch. 403, sec. 6, effective July 15, 1998. 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. Page 1 of 1