Title XXV, Business and Financial Institutions
21 chapters · 2,649 sections in this title.
KRS § 303.100 Commissioner of insurance is agent for process
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A burial association desiring to do business in this state shall file with the commissioner of the Department of Insurance a power of attorney as is required of insurance companies, designating the commissioner as the proper person upon whom process may be served.
KRS § 303.110 Application, constitution or bylaws affecting contract to accompany policy
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(1) All policies issued to persons within this state that contain any reference to the application of the insured or the constitution, bylaws or other rules of the association, either as forming a part of the policy or contract between the parties thereto or having any bearing on…
KRS § 303.121 Burial association benefits must be paid in money
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It shall be unlawful for any burial association or any association engaged in the business of issuing contracts, policies or agreements of burial insurance of any kind or character whatsoever or any contracts of a similar nature to issue or cause to be issued any agreement, polic…
KRS § 303.122 Bond of undertaking concern desiring to perform provisions of burial contract
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contract. (1) Any person, firm, corporation, partnership or undertaking concern, duly and regularly licensed to engage in the undertaking business in the Commonwealth of Kentucky who may desire to perform the provisions of any agreement, policy, contract, bond, assurance or guara…
KRS § 303.123 Contracts or proceeds not transferable
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No agreement, policy, contract, bond, assurance or guarantee of any burial association or association of a similar nature authorized to do business in the Commonwealth of Kentucky is transferable or assignable nor are the benefits or any part thereof transferable or assignable.
KRS § 303.130 Deposit of securities
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Each burial association shall deposit with the custodian of insurance securities to the amount of not less than $100,000, to be held for the benefit of its policyholders. These securities shall be of the kind in which domestic life insurance companies are allowed by law to invest…
KRS § 303.140 Annual statement -- Examination by the commissioner
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(1) All burial associations shall, by March 1 of each year, make and file with the commissioner a report of its affairs and operations during the year ending December 31 immediately preceding. This report shall be upon blank forms furnished by the commissioner and shall be verifi…
KRS § 303.150 Appointment of receiver -- Dissolution of association
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(1) If, upon examination of a burial association by the commissioner or any person designated by him to make the examination, it appears that the liabilities of the association exceed its resources, and it cannot in a reasonable time, not more than three (3) months from the date …
KRS § 303.990 Penalties
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Any burial association that fails to comply with the provisions of KRS 303.100 to 303.110 or KRS 303.130 to 303.150 shall be fined not less than one hundred dollars ($100) nor more than five hundred dollars ($500). Each day it engages in business without complying with such provi…