There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 15. Life Insurance
304.15.718 Requirements governing execution of life settlement contracts.
Download pdfrequired 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 life settlement provider receives the
documents, if the owner erroneously sends the documents directly to the provider, the life
settlement provider shall pay the proceeds due to the owner 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 life 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 owner. Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 32, sec. 22, effective July 15, 2008. -- Amended 2005 Ky. Acts ch. 58, sec. 13, effective June 20, 2005. -- Created 2000 Ky. Acts
ch. 472, sec. 7, effective July 14, 2000.
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