806 KAR 17:010. Refund of unearned premium.
RELATES TO: KRS 304.17-415, KRS 304.12-190
STATUTORY AUTHORITY: KRS 304.2-110
NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Executive Director of Insurance may make reasonable rules and administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. To ensure that there is no irregularity in dealing with insurance premiums by providing for the refund of the unearned premium of an individual health policy when no further liability can be incurred thereunder.
Section 1. Upon request and reasonable proof of the demise of the insured, the pro rata share of any unearned premium on an individual health policy shall be paid by the insurer to the named beneficiary, if any, or otherwise to the estate of the deceased; provided the insured need not make a pro rata refund where the share is less than one (1) dollar. (1 Ky.R. 1083; Am. 2 Ky.R. 27; eff. 7-2-75; TAm eff. 8-9-2007.)