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When is the Kentucky Insurance Disclosure “Notice of Free Choice of Agent and/or Insurer” required? The disclosure references KRS 304.12-150 and 304.9-135. Is it triggered by requiring VSI? Offering credit life insurance? Consumer or business loans? LaserPro does not allow the option of providing the disclosure unless the loan is secured by collateral. We are discontinuing our VSI insurance requirement, and need to clarify if the disclosure is still required, and if so, when?
My interpretation of the KRS is that the disclosure is required when insurance of any kind is required in connection with a loan. Also, if your financial institution sells insurance then you would be required to give the notice anytime you offer or sell insurance in connection with a loan at your FI.
I’m going to run this by the group here to see if they have the same interpretation.
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