Kentucky SB118 regulates credit personal property insurance, including premium rates, coverage, and insurer requirements.
Kentucky SB118 introduces regulations for credit personal property insurance, ensuring insurers comply with specific guidelines. The bill mandates that insurers cannot issue certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders without filing them with the commissioner. It sets premium rates for credit life and health insurance, prohibiting rates exceeding specified limits. The bill also requires creditors to deliver disclosure documents to debtors when credit personal property insurance is involved.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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