Title XXV, Business and Financial Institutions

(1) Every society authorized to do business in this state shall appoint in writing the Secretary of State and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree that any …

All decisions and findings of the commissioner made under the provisions of this subtitle shall be subject to review by proper proceedings in any court of competent jurisdiction in this state.

(1) Nothing contained in this chapter shall be so construed as to affect or apply to: (a) Grand or subordinate lodges of societies, orders, or associations now doing business in this state which provide benefits exclusively through local or subordinate lodges; (b) Orders, societi…

Fraternal benefit societies may be assessed pursuant to KRS 304.2-440.

Fraternal benefit societies issuing long-term care insurance shall comply with KRS 304.14-600 to 304.14-625.

A "stock" insurer is an incorporated insurer with its capital divided into shares and owned by its shareholders. Any company chartered by special act of the legislature of its state of domicile prior to June 18, 1970, as a company without capital stock but doing business exclusiv…

A "mutual" insurer is an incorporated insurer without permanent capital stock, and the governing body of which is elected by its policyholders or those policyholders specified in its charter, or by any other reasonable method.

A "combined stock and mutual life" insurer is an incorporated insurer with capital divided into shares owned by its shareholders, but which is controlled by the votes both of its stockholders and of its participating policyholder members to the extent any such rights of membershi…

A "reciprocal" insurer is an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact common to all such persons to provide reciprocal insurance among themselves.

A "Lloyd's Plan" insurer is an unincorporated association of persons or associations of persons, designated as "underwriters" who transact an insurance business as insurers in this state through an attorney-in-fact under the name "Lloyd's" or under a "Lloyd's Plan" of operation.

"Charter" means articles of incorporation, articles of agreement, articles of association, charter granted by legislative act, or other basic constituent document of a corporation, or the power of attorney of the attorney-in-fact of a reciprocal insurer, or underwriter's agreemen…

A certificate of authority shall not be required of an insurer with respect to any of the following: (1) Transactions exempt under Subtitle 11. (2) Investigation, settlement, or litigation of claims under its policies lawfully written, or liquidation of assets and liabilities of …

(1) To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this code and with its charter powers, and must be an incorporated stock or mutual insurer, or a combined stock and mutual life insurer, or a reciprocal insu…

Management. (1) No certificate of authority or license to transact any kind of insurance business in this state shall be issued, renewed or continued in effect to any domestic, foreign, or alien insurance company or other insurance entity which is owned, or financially controlled…

No foreign insurer shall be authorized to transact insurance in Kentucky, which has not been issuing its own policies as an authorized insurer for at least three (3) years in its state or country of domicile, unless the insurer is otherwise qualified for a certificate of authorit…

(1) No insurer shall be formed or authorized to transact insurance in this state which has or uses a name which is the same as or deceptively similar to that of another insurer already so authorized, without the written consent of such other insurer. (2) No life insurer shall be …

An insurer which otherwise qualifies therefor may be authorized to transact any one (1) kind or any combination of kinds of insurance as defined in Subtitle 5 of this chapter, except: (1) A life insurer may transact life insurance and grant annuities, but shall not be authorized …

(1) Except as provided in subsection (2) of this section, to qualify for authority to transact insurance (as defined in Subtitle 5), an insurer shall possess and thereafter maintain unimpaired paid-in capital stock (if a stock insurer) or unimpaired basic surplus (if a foreign mu…

The commissioner is hereby granted authority to adopt administrative regulations, up to the standards prescribed by the National Association of Insurance Commissioners, covering requirements for additional capital and surplus based on the kind, type, volume, and nature of insuran…

(1) The commissioner shall not authorize an insurer to transact insurance in this state, other than an alien insurer or a title insurer, unless it makes and thereafter continuously maintains on deposit in this state, through the commissioner, cash or securities eligible for such …

To apply for an original certificate of authority an insurer shall file with the commissioner its written application therefor on forms as prescribed and furnished by the commissioner, accompanied by the applicable fees specified in Subtitle 4, stating under the oath of the presi…

(1) If upon completion of its application the commissioner finds that the insurer has met the requirements therefor under this code, including KRS 304.3-080, the commissioner may, if he or she deems it advisable, issue to the insurer a certificate of authority; otherwise, the com…

Upon written application therefor by the insurer and due cause shown, the commissioner may amend the certificate of authority of an insurer as required by change of name or to show any change in the kinds of insurance the insurer may thereafter transact and is qualified to transa…

Preparation of audited financial statements. (1) A certificate of authority shall continue in force as long as the insurer is entitled thereto under this code, and until suspended or revoked by the commissioner or terminated at the insurer's request; subject, however, to continua…

grounds. (1) The commissioner shall refuse to continue or shall suspend or revoke an insurer's certificate of authority: (a) If the action is required by any provision of this code; or (b) If a foreign or alien insurer and it no longer meets the requirements for a certificate of …

special grounds. (1) The commissioner may, in his or her discretion, refuse to continue or may suspend or revoke an insurer's certificate of authority if he or she finds after a hearing thereon, or upon waiver of hearing by the insurer, that the insurer has: (a) Willfully violate…

agents' authority. (1) All suspensions or revocations of, or refusal to continue, an insurer's certificate of authority shall be by the commissioner's order given to the insurer. (2) Upon issuance of the order, the commissioner shall forthwith give notice thereof to the insurer's…

- Reinstatement. (1) Suspension of an insurer's certificate of authority shall be for such period as the commissioner specifies in the order of suspension, but not to exceed one (1) year. During the suspension the commissioner may rescind or shorten the suspension by his or her f…

of process. (1) Upon issuance of a certificate of authority to do business in this state, the following shall be deemed to have appointed the Secretary of State as their attorney to receive service of lawful process issued against them in this state: (a) Foreign or alien insurers…

or lead state regulator -- Required information and support -- Annual filing of amended version -- Confidentiality -- Use and sharing of filings and information -- Parties retained to assist commissioner. (1) As used in this section: (a) "Insurance group" means those insurers and…

- Publication of financial statement prepared on a different basis. (1) (a) Each authorized insurer shall annually file with the commissioner a true statement of its financial condition, transactions, and affairs as of December 31 preceding. (b) The statement shall be: 1. Filed e…

statements. The annual statement and quarterly statements required by KRS 304.3-240 shall be completed in accordance with accounting practices and procedures which meet or exceed the accounting practices and procedures established by the National Association of Insurance Commissi…

opinion and supporting documentation -- Opinion to be available for public inspection -- Confidentiality of supporting documentation -- Exemptions to filing requirement. (1) Every insurer authorized to transact property or casualty insurance, unless otherwise exempt in accordance…

(1) The purpose of this section is to aid in the protection of insurers formed under the laws of Kentucky and transacting insurance in other states or countries against discriminatory or onerous requirements under the laws of such states or countries or the administration thereof…

of insured eligible for medical assistance. A certificate of authority shall not be issued to an insurer who has a provision in its insurance contract which has the effect of limiting or excluding its obligation to pay on a claim because the insured is eligible for or is provided…

commissioner. (1) Foreign insurers currently admitted to do the business of life and health insurance in Kentucky and foreign insurers hereafter admitted to do the business of life and health insurance in Kentucky which are domiciled in states which have no life and health insura…

analyst. (1) Loans that are more than ninety (90) days past due shall be reported in writing by a domestic insurer to the early warning analyst created in KRS 304.2-065. (2) Loans in foreclosure shall be reported to the early warning analyst in writing by a domestic insurer when …

As used in KRS 304.3-400 to 304.3-430, unless the context requires otherwise: (1) "Accredited state" means a state in which the insurance regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the Nat…

KRS 304.3-400 to 304.3-430 shall apply to authorized insurers as defined in KRS 304.3- 400, either domiciled in this Commonwealth or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of Subtitle 37 of this chapter, r…

Audit committees -- Reporting requirements. (1) The applicability of this section is as follows: (a) The provisions of this section shall only apply if in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controllin…

and controlled insurer -- Exceptions. The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a sub…

(1) If the commissioner believes that the controlling producer or any other person has not materially complied with KRS 304.3-400 to 304.3-430, or any administrative regulation or order promulgated under KRS 304.3-400 to 304.3-430, the commissioner may: (a) Order the controlling …

Controlled insurers and controlling producers which are not in compliance with KRS 304.3-410 on July 14, 1992, shall have sixty (60) days after July 14, 1992, to comply, and shall comply with KRS 304.3-415 beginning with all policies written or renewed on or after sixty (60) days…

KRS 304.3-400 to 304.3-430 may be cited as the Business Transacted with a Producer- Controlled Property or Casualty Insurer Act.

As used in KRS 304.3-500 to 304.3-570, unless the context requires otherwise: (1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (2) "Insurer" means any person duly authorized as an insurer by the commissioner; (3) "Controlling age…

(1) A person shall not be, act as, or hold himself or herself out as a controlling agent with respect to risks located in Kentucky for an insurer authorized in Kentucky unless the person is licensed as agent by Kentucky. (2) A person shall not be, act as, or hold himself or herse…