Title XXV, Business and Financial Institutions

Catchline at repeal: Endorsement of contract.

Catchline at repeal: Surplus line insurance valid.

Catchline at repeal: Licensing of surplus line brokers; bond required.

Catchline at repeal: May accept business from agents; commissions.

Catchline at repeal: Solvent insurers required.

Catchline at repeal: Broker to keep records.

Catchline at repeal: Broker's annual report and tax; payment.

Catchline at repeal: Revocation of license; reinstatement.

Catchline at repeal: Legal process against surplus line insurer.

Catchline at repeal: Exemptions concerning placement of insurance with unauthorized insurers; records.

Catchline at repeal: Records of insureds.

As used in this subtitle, unless the context requires otherwise: (1) "Accounting practices and procedures manual" means the accounting practices and procedures manual, as amended, published by the National Association of Insurance Commissioners; and (2) "SSAP" means the statement…

(1) In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: (a) Cash in the possession of the insurer, or in transit under its control, and including the true balance of any…

The following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Good will, trade names, and other like intangible assets, except as expressly permitted and as prescribed by the National Association of Insurance Commissione…

(1) Any member, officer, director, employee, or attorney in fact of any company, association, or exchange licensed to do an insurance business in this state, who on behalf of such company, association, or exchange, borrows, rents, hires, leases, or otherwise engages the use of st…

In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: (1) The amount of its capital stock outstanding, if any, less the amount of shares held by the insurer as treasury stock as provided in sub…

(1) As to property, casualty, surety and mortgage guaranty insurance the insurer shall maintain an unearned premium reserve on all policies in force. (2) Except as provided in KRS 304.6-060 as to marine and transportation risks and in subsection (3) of this section the unearned p…

As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the commissioner shall require the insurer to carry a reserve equal to one hundred percent (100%) of premiums on trip risks written during the month…

For all health insurance policies the insurer shall maintain an active life reserve and an actuarially determined claim reserve for unaccrued benefits which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate …

In addition to an adequate reserve as to outstanding losses as required under KRS 304.6- 040, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows: (1) Ten percent (10%) of the total amount of the risk portion o…

Release. For the protection of the policyholders against loss during periods of extreme economic contraction, each mortgage guaranty insurer shall maintain a liability referred to as a statutory contingency reserve. The statutory contingency reserve shall be a separate fund, in a…

(1) As to casualty insurance transacted by it, each insurer shall maintain at all times reserves in an amount estimated in the aggregate to provide for payment of all losses and claims incurred, whether reported or unreported, which are unpaid and for which the insurer may be lia…

The case basis method shall be used to determine mortgage guaranty loss reserves, which shall include a reserve for claims reported and unpaid and a reserve for claims incurred but not reported.

KRS 304.6-130 to 304.6-180, inclusive, shall be known as the "Standard Valuation Law."

valuation. (1) (a) For policies and contracts issued prior to the operative date of the valuation manual, the commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity an…

As used in KRS 304.6-130 to 304.6-180, unless the context requires otherwise, the following definitions shall apply on or after the operative date of the valuation manual, as defined in subsection (11) of this section: (1) "Accident and health insurance" means contracts that inco…

(1) For purposes of this section: (a) "Confidential information" means: 1. A memorandum in support of an opinion, submitted pursuant to KRS 304.6-171, and any other documents, materials, and other information, including but not limited to all working papers and copies created, pr…

A company shall submit mortality, morbidity, policyholder behavior, or expense experience, and other data as prescribed in the valuation manual.

A specific product form or product line of a domestic company that is licensed and doing business only in Kentucky shall be exempt from the requirements of KRS 304.6-143 if: (1) The commissioner has in his or her discretion issued an exemption in writing to the company and has no…

(1) This subsection applies only to policies and contracts issued prior to January 1, 1948, or such earlier date after June 13, 1944, as shall have been elected by an insurer as the date on and after which it would comply with the standard nonforfeiture law. Except as otherwise p…

date of the valuation manual -- Application of KRS 304.6-130(2) minimum standard of valuation. (1) For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of…

Application of KRS 304.6-130(2) minimum standard of valuation. (1) For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual shall be the minimum standard of valuation required under KRS 304.6-130(2), except as pro…

(1) The interest rates used in determining the minimum standard for the valuation of: (a) All life insurance policies issued in a particular calendar year, on or after the effective date of KRS 304.15-342; (b) All individual annuity and pure endowment contracts issued in a partic…

(1) Except as otherwise provided in KRS 304.6-141, 304.6-155, and 304.6-180, reserves according to the commissioners reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of unifor…

(1) A company shall establish reserves using a principle-based valuation as specified in the valuation manual that meets the following conditions for policies or contracts: (a) Quantification of the benefits and guarantees, and the funding associated with the contracts and their …

This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship)…

(1) In no event shall an insurer's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, which are subject to subsection (2) of KRS 304.6-140, be less than the aggregate reserves calculated in accordance with the methods set forth…

(1) Reserves for any category of policies, contracts, or benefits as established by the commissioner, which are subject to subsection (2) of KRS 304.6-140, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for suc…

reserves and related items and compliance with state law -- Opinions to be submitted annually -- Form and substance of opinions -- Administrative regulations. (1) Subsections (2) to (5) of this section shall become operative at the end of the first full calendar year following th…

(1) If in any contract year the gross premium charged by any life insurer on any policy or contract, which is subject to subsection (2) of KRS 304.6-140, is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve the…

(1) A mortgage loan shall not be made or acquired by a domestic insurer unless an appraisal has been made by a competent appraiser for the purpose of the investment which meets the following requirements: (a) The appraisal shall be made prior to the date that the insurer commits …

Catchline at repeal: Purpose.

Catchline at repeal: Kinds of insurance and insurers to which KRS 304.601 to 304.617 shall apply; coverage by other laws; designation as to which law to apply.

Catchline at repeal: Making and use of rates; provisions and considerations governing; uniformity not required.

Catchline at repeal: Filing of rate plans, manuals or schedules; public hearing, notice.

Catchline at repeal: Disapproval of filings; hearing; application by person aggrieved by filings.

Catchline at repeal: Rating organizations; licensing; fee; suspension or revocation of license; admission of subscribers and furnishing of services; rules; cooperation between organizations.

Catchline at repeal: Adherence to filings made by rating organizations; deviations.

Catchline at repeal: Appeal from action or decision of rating organization.

Catchline at repeal: Furnishing of information as to rates to insured; request for review; appeal; hearing.