Download as PDF
304.12-090 Rebates prohibited.
(1)
(2)
(3)
No insurer or employee or representative thereof shall knowingly charge,
demand, or receive a premium for any insurance policy except in accordance
with the applicable filing on file with the commissioner. No such insurer,
employee, or representative shall pay, allow, or give, or offer to pay, allow, or
give, directly or indirectly, as an inducement to insurance or after insurance has
been effected, any rebate, discount, abatement, credit or reduction of the
premium named in a policy, or any special favor or advantage in the dividends
or other benefits to accrue thereon, or any valuable consideration or
inducements whatever, or give, sell, or purchase, or offer to give, sell, or
purchase anything of value whatsoever not specified in the policy, except to the
extent provided for in such applicable filing.
No insured named in a policy, nor any employee or representative thereof shall
knowingly receive or accept, directly or indirectly, any such rebate, discount,
abatement or reduction of premium, or any special favor or advantage or
valuable consideration or inducement.
Subsection (1) and (2) of this section shall not apply as to life insurance and
health insurance. Except as expressly provided by law no insurer, employee, or
representative shall knowingly permit or offer to make or make any contract of
life insurance, life annuity or health insurance, or agreement as to such
contract other than as plainly expressed in the contract issued thereon, or pay
or allow, or give or offer to pay, allow or give, directly or indirectly, as
inducement to such insurance, or annuity, any rebate of premiums payable on
the contract, or any special favor or advantage in the dividends or other
benefits thereon, or any valuable consideration or inducement whatever not
expressed in the contract.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1108, effective July 15, 2010. -Created 1970 Ky. Acts ch. 301, subtit. 12, sec. 9, effective June 18, 1970.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.