Kentucky Governor Steven L. Beshear (D) has signed a new law requiring life insurers in the state to notify policy owners of life settlements as an alternative to lapsing or surrendering their life policy.

Under provisions of the law, HB126, notifications of policy holder options are required for policies having a net death benefit of at least $100,000.

The bill, HB126, had been introduced by state Senator Ed Worley (D). It passed the Senate by a vote of 36-0 and the House by 97-2.