Title XXV, Business and Financial Institutions

(1) (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto shall become effective u…

In addition to the duties and powers enumerated elsewhere in this subtitle: (1) The commissioner shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states for each member insurer; (b) When an impairment i…

impairments. To aid in the detection and prevention of member insurer insolvencies or impairments: (1) It shall be the duty of the commissioner: (a) To notify the commissioners of all of the other states, territories of the United States and the District of Columbia when he or sh…

(1) A member insurer, other than a nonprofit hospital, medical, surgical, dental, or health service corporation, may offset its tax liability to this state imposed against it under KRS 136.320(3) and (4), 136.330, 136.340, or 136.350, whichever may be applicable, against the asse…

(1) Nothing in this subtitle shall be construed to reduce the liability for unpaid assessments of the insureds on an impaired or insolvent insurer operating under a plan with assessment liability. (2) Records shall be kept of all meetings of the board of directors to discuss the …

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the commissioner and a report o…

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or the commissioner's representati…

All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed sixty (60) days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powe…

No person, including a member insurer, agent, affiliate of a member insurer, life settlement provider, or life settlement broker shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulat…

Catchline at repeal: Insurance stocks.

Catchline at repeal: Common stocks investment by life insurer.

Catchline at repeal: Protective agreements and reorganization securities.

Catchline at repeal: Investments in formation of subsidiaries.

Catchline at repeal: Deposits in banks, savings and loan.

Catchline at repeal: Surplus investments exempt from certain limitations.

Catchline at repeal: Securities of international bank or of management investment companies.

Catchline at repeal: Securities of federal agencies.

Catchline at repeal: Policy loans.

Catchline at repeal: Collateral loans.

Catchline at repeal: Mortgage loans and contracts.

Catchline at repeal: Mortgage limited by property value; renewal or extension of mortgage loan.

Catchline at repeal: "Encumbrance" defined.

Catchline at repeal: Insurance on certain mortgaged property.

Catchline at repeal: Certain chattel mortgages.

Catchline at repeal: Insurer may own certain real property; limitation.

Catchline at repeal: Ownership of real property for home office and branch offices; limitation.

As used in this subtitle, unless the context requires otherwise: (1) "Department" means the Department of Insurance; (2) "Mine subsidence" means the collapse of underground coal mines resulting in direct damage to a structure. It does not include loss caused by earthquake, landsl…

(1) There is hereby established a fund to be known as the "Mine Subsidence Insurance fund." The fund shall be operated pursuant to this subtitle. The commissioner of the department shall determine how the fund shall be administered. In the discretion of the commissioner, the fund…

Administrative regulation -- Reimbursement of living expenses of displaced owner. (1) (a) Every insurance policy issued or renewed insuring on a direct basis a structure located in a county or portion of a county in this state, except for counties exempted pursuant to KRS 304.44-…

An insurer may refuse to provide subsidence coverage on a structure evidencing unrepaired subsidence damage until necessary repairs are made or where the insurer has declined, nonrenewed or canceled all coverage under a policy for underwriting reasons unrelated to mine subsidence…

(1) All insurers writing property insurance covering structures in this state shall enter into a reinsurance agreement with the administrator in which each insurer agrees to cede to the administrator one hundred percent (100%), up to the maximum total insured value established un…

The administrator shall exempt policies to be written or renewed in counties or portions of counties which do not have underground coal bearing strata or underground coal mines or in counties which have not voted, through their fiscal courts, to approve of the availability of min…

The proportion of total subsidence insurance premiums collected by each insurer which shall be retained by the insurer as a ceding commission shall be fixed by the administrator. The remainder of the premiums shall be remitted by the insurer to the administrator. The ceding commi…

The administrator shall pay the insurer all amounts due within ninety (90) days after receiving a loss report. The administrator shall require the loss report to include an itemized statement of the damage, repairs made and the cost of each repair and any other documentation the …

Every insurer shall report at times designated by the administrator the amounts of premiums collected and shall report semiannually on dates established by the administrator an itemized list of all losses paid, including the policy number and location of structures insured pursua…

(1) Except in the case of fraud by an insurer, the administrator does not have any right of recourse against the insurer and the insurer may settle losses in the customary manner; and (2) The administrator may require an insurer to attempt recovery from a policyholder for the amo…

(1) Each insurer issuing mine subsidence insurance policies in this Commonwealth and the administrator shall have the right of subrogation, and in enforcing such right, the insurer or the administrator, as the case may be, shall be deemed the real party in interest and shall purs…

The administrator may invest the mine subsidence insurance fund in the same types of investments which are permitted for authorized insurers under Subtitle 7 of this chapter. All income from investments credited to the mine subsidence insurance fund shall be credited to that fund…

The administrator has the power, duty and responsibility to establish and maintain the fund and supervise in all respects, consistent with the provisions of this subtitle, the operation and management of the mine subsidence insurance program established in this subtitle and to do…

These provisions establishing the mine subsidence insurance fund shall not be implemented until federal money is received by the department for administration costs and a reserve. However, the department may take any preliminary action to prepare for implementation when federal m…

Catchline at repeal: Aggregate limitation on investments in mortgages, real property and bonds.

Catchline at repeal: Prohibited investments.

Catchline at repeal: Life insurer may invest five percent of assets in any manner.

Catchline at repeal: Authorization of investments.

Catchline at repeal: Life insurer may acquire control of life insurance company or burial association; limitations on investment, procedure.

Catchline at repeal: Fees, interest, or guaranty on part of director or officer prohibited.

Catchline at repeal: Time limit for disposal of real property.

(1) The purpose of this subtitle is to regulate the formation or operation of risk retention groups and purchasing groups in the state formed pursuant to the provisions of the Product Liability Risk Retention Act of 1981 (P.L. 97-45) and the Liability Risk Retention Act of 1986 (…

As used in this subtitle: (1) "Board of directors" or "board" means the governing body of a risk retention group elected by its owners to establish policy, elect or appoint officers and committees, and make other governing decisions; (2) "Commissioner" means the commissioner of t…