806 KAR 14:005. Rate and form filing for life insurers.

      RELATES TO: KRS 304.4-010, 304.14-120, 304.14-190

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110(1) authorizes the Executive Director of the Office of Insurance to promulgate administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code, KRS Chapter 304. This administrative regulation establishes rate and form filing procedures for life insurers.

      Section 1. Definitions. (1) "Executive director" is defined in KRS 304.1-050(1).

      (2) "Office" is defined is KRS 304.1-050(2).

      Section 2. Life, annuity, and viatical settlement form filings shall be accompanied by a Life, Annuity, Credit Transmittal Document, Form L-TD.

      Section 3. An entity may include in a filing for a particular insurance company any number of forms or documents, filed together on a particular date, pertaining to a single line of insurance.

      Section 4. The period of time in which the executive director may approve or disapprove the filing shall not begin until both the filing and appropriate fee are received by the office.

      Section 5. A policy or contract form shall not be used in Kentucky until:

      (1) It has been approved; and

      (2) If rates for the form are required by law to be approved, the appropriate rate schedule has been approved.

      Section 6. Each form document, including riders and endorsements, shall be identified by a form number in the lower left-hand corner of each page of the document.

      Section 7. If a filing includes a form which amends, replaces, or supplements a form which has been previously filed and not disapproved, it shall be accompanied by a letter of explanation from the filing entity establishing:

      (1) All changes contained in the newly-filed form;

      (2) Any effect the changes have upon the hazards purported to be assumed by the policy;

      (3) The rates applicable to the policy, if required; and

      (4) A revised form number.

      Section 8. If a filing is disapproved, the form numbers used on each form within this filing shall not be used on any form of a future filing.

      Section 9. (1) Facsimile signatures of company officers, attorneys-in-fact, employees, and representatives shall not be required and shall not be submitted with any filing.

      (2) A change of signature of the executing officer on a policy form shall not, because of this change alone, require a new filing.

      Section 10. (1) Life insurance companies may file their rates and forms in an electronic format established by the National Association of Insurance Commissioners, in the manner prescribed by that format.

      (2) An electronic filing through the National Association of Insurance Commissioners shall substitute for any physical filing.

      (3) The National Association of Insurance Commissioners' electronic filing system is located at ww.naic.org/urtt serff.htm.

      Section 11. Incorporation by Reference. (1) "Life, Annuity, Credit Transmittal Document, Form L-TD, 1/1/06 edition, is incorporated by reference.

      (2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Office of Insurance, 215 West Main Street, Frankfort, Kentucky 40601, Monday through Friday, 8 a.m. to 4:30 p.m. Forms may also be obtained on the office's internet Web site at: http://doi.ppr.ky.gov/kentucky/. (I-14.01; 1 Ky.R. 1081; eff. 7-2-75; Am. 9 Ky.R. 45; eff. 9-8-82; 20 Ky.R. 2370; 2779; eff. 4-11-94; 27 Ky.R. 1342; 1808; eff. 1-15-2001; 29 Ky.R. 562; 954; eff. 10-16-2002; 33 Ky.R. 4258; 34 Ky.R. 740; eff. 11-2-2007.)