Title XXV, Business and Financial Institutions

liability insurance pursuant to this subtitle. (1) A risk retention group shall, pursuant to the provisions of this chapter, be chartered and licensed to write only liability insurance pursuant to this subtitle, and, except as otherwise provided in this subtitle, shall comply wit…

provider -- Audit committee composed of independent directors -- Governance standards -- Code of business conduct and ethics -- Notification of noncompliance. (1) (a) 1. The board of directors of a risk retention group shall have a majority of independent directors. 2. No directo…

Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state shall observe and abide by the laws of this state as follows: (1) Before offering insurance in this state, a risk retention group shall …

insurance. A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt from any law regarding liability insurance for the purchasing group that would: (1) Prohibit…

(1) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall: (a) Identify the state in which the purchasing group is domiciled; (b) Specify the kinds and classification of liability insurance whi…

groups. (1) A risk retention group: (a) Shall not be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in this state, nor shall any risk retention group, its insureds, or claimants against its insureds receive a…

(1) All risk retention groups and insurers providing liability insurance to purchasing groups shall be subject to taxation and shall be deemed to be insurers for the purpose of assessing and collecting taxes on premiums. All risk retention groups and insurers issuing liability in…

A policy of insurance issued to a risk retention group or any member of a risk retention group shall not be required to be countersigned as provided in KRS 304.3-250.

regulations -- Commissioner to enforce. (1) A risk retention group doing business in this state shall be subject to all applicable unfair claims settlement practices laws and regulations as provided in KRS 304.3- 200, 304.12-220, and 304.12-230. (2) The commissioner is authorized…

Any order issued by any United States District Court enjoining a risk retention group from soliciting or selling insurance or operating in any state, in all states, or any territory or possession of the United States upon a finding that such group is in a hazardous financial cond…

group or purchasing group. (1) No person shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless such person is licensed as an insurance agent in accordance with Subtitle 9 of this chapter. (a) H…

The commissioner shall apply the fees set forth in KRS 304.4-010 to risk retention groups. Subtitle 4 of this chapter applies to this subtitle.

The commissioner may promulgate reasonable regulations necessary for, or as an aid to the effectuation of, this subtitle.

Catchline at repeal: Time limit for disposal of other ineligible property and securities; penalty; excess investments.

Catchline at repeal: Investments of foreign, alien insurer.

Catchline at repeal: Designation of property acquired by insurer as necessary for conduct of legitimate business.

Catchline at expiration: Definitions.

Catchline at expiration: Formation of voluntary risk sharing or market assistance plan authorized -- Establishment of Kentucky commercial insurance association authorized -- Plan of operation.

Catchline at expiration: Board of directors -- Reimbursement -- Plan of operation.

Catchline at expiration: Required participation -- Optional participation.

Catchline at expiration: Basis and conditions of participation -- Information to person seeking coverage.

Catchline at expiration: Provisions of plan of operation.

Catchline at expiration: Stabilization reserve fund.

Catchline at expiration: Powers and authority of association.

Catchline at expiration: Non-liability of association.

Catchline at expiration: Tax exemption.

Catchline at expiration: Voluntary risk sharing or market assistance plans.

Catchline at expiration: Expiration of Subtitle 46.

Catchline at repeal: Filing, license and miscellaneous fees.

Catchline at repeal: Disposition of funds accruing under KRS 304.460.

Catchline at repeal: Tax as to unauthorized reinsurance.

Catchline at repeal: Revocation of authority for failure to pay.

As used in this subtitle, unless the context requires otherwise: (1) "Criminal syndicate" means five (5) or more persons collaborating to promote or engage in any fraudulent insurance act, as set forth in KRS 304.47-020(1), on a continuing basis; (2) "Division" means the Division…

Compensatory damages -- Concurrent jurisdiction of Attorney General -- Reporting of fraudulent acts -- Application of section. (1) For the purposes of this subtitle, a person or entity commits a "fraudulent insurance act" if he or she engages in any of the following, including bu…

insurance act -- Penalties. (1) Any person who has been convicted of any felony offense involving dishonesty or a breach of trust, or who has been convicted of a fraudulent insurance act under this subtitle, and who knowingly engages or participates in the business of insurance i…

(1) All applications shall contain a statement in a form approved by the Department of Insurance that clearly states in substance the following: "Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance containin…

Resisting arrest or interfering with investigation. (1) There is created within the Department of Insurance a Division of Insurance Fraud Investigation. (2) (a) The commissioner shall appoint qualified persons to serve as special investigators for the Division of Insurance Fraud …

Notification of prosecutor -- Immunity from civil liability. (1) Any person, other than those specified in subsection (2) of this section, having knowledge or believing that a fraudulent insurance act or any other act or practice which, upon conviction, constitutes a felony or mi…

commissioner. (1) Documents, materials, or other information in the possession or control of the commissioner that is provided according to this subtitle shall be confidential by law and privileged, and shall not be subject to the Kentucky Open Records Act, KRS 61.872 to KRS 61.8…

Notwithstanding KRS 304.47-055, the commissioner shall publish for public distribution on the department's website an annual insurance fraud report that includes but is not limited to the following for the previous calendar year: (1) The number of insurance fraud reports made to …

(1) In the absence of malice, fraud, or gross negligence, a person shall not be subject to civil liability for libel, slander, or any other relevant tort by virtue of filing reports or furnishing other information required by this chapter or requested by the division or its autho…

division as costs or fines. All costs of administration and operation of the division shall be borne by the Department of Insurance. Any money or other property that is awarded to the division as costs of investigation or as a fine shall be credited to the Department of Insurance…

(1) Every insurer admitted to do business in the Commonwealth shall maintain effective procedures and resources to deter and investigate fraudulent insurance acts prohibited by this subtitle, including a unit that will investigate suspected fraudulent insurance acts. For the purp…

Catchline at repeal: Deposits of insurers.

Catchline at repeal: Deposits to be for benefit of policyholders, creditors and states.

Catchline at repeal: Assets eligible for deposit.

Catchline at repeal: Home office real property as deposit.

Catchline at repeal: Other real property as deposit.

The purpose of this subtitle is to establish minimum standards for liability self-insurance groups to assure that such groups are providing adequate coverage for professional or public liability risks. Except as specifically provided in this subtitle no other provision of KRS Cha…

(1) "Administrator" means an individual, partnership, corporation, association, or other legal entity engaged by a liability self-insurance group's board of trustees to carry out the policies established by the group's board of trustees and to provide day-to- day management of th…