Title XXV, Business and Financial Institutions

Except as herein provided, societies shall be governed by this subtitle and shall be exempt from all other provisions of the insurance laws of this state unless they be expressly designated therein, or unless it is specifically made applicable by this subtitle. Societies shall be…

Every society organized or licensed under this subtitle shall be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax, other than taxes on real estate and office equipment.

(1) Standards of valuation for certificates issued prior to one (1) year after January 1, 1989, shall be those provided by the laws applicable immediately prior to January 1, 1989. (2) The minimum standards of valuation for certificates issued on or after one (1) year from Januar…

(1) Every society transacting business in this state shall annually, on or before the first day of March, file with the commissioner a true statement of its financial condition, transactions and affairs for the preceding calendar year and pay the fee required under KRS 304.4-010 …

Societies which are now authorized to transact business in this state may continue to do business until May 1 next succeeding January 1, 1989. The authority of the societies, and all societies hereafter licensed, may be renewed annually, but in all cases shall terminate on the su…

Societies shall be subject to the provisions of KRS 304.2-210, 304.2-220, 304.2-230, 304.2-240, 304.2-250, 304.2-260, 304.2-270, 304.2-280, 304.2-290, 304.2-300, and Subtitle 2 of this chapter for determining financial condition, market conduct, and business practices.

No foreign or alien society shall transact business in this state without a license issued by the commissioner. Any society desiring admission to this state shall comply substantially with the requirements and limitations of this subtitle applicable to domestic societies. Any soc…

(1) If the commissioner, upon investigation, finds that a domestic society: (a) Has exceeded its powers; (b) Has failed to comply with any provision of this subtitle; (c) Is not fulfilling its contracts in good faith; (d) Has a membership of less than four hundred (400) after an …

(1) If the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (a) Has exceeded its powers; (b) Has failed to comply with any of the provisions of this subtitle; (c) Is not fulfilling its contracts in g…

No application or petition for injunction against any domestic, foreign, or alien society, or lodge thereof, shall be recognized in any court of this state unless made by the Attorney General upon request of the commissioner.

(1) An agent of a fraternal benefit society shall be licensed as an agent in accordance with the provisions of Subtitle 9 of this chapter regulating all aspects of agent licenses. (2) Subsection (1) of this section includes the requirement that the agent shall satisfactorily comp…

practices. Every society authorized to do business in this state shall be subject to the provisions of Subtitle 12 of this chapter relating to unfair trade practices. Nothing in the provisions shall be construed as applying to or affecting the right of any society to determine it…

(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.

Catchline at repeal: Modification of subscribers' agreement or of power of attorney.

Catchline at repeal: Bond of attorney.

Catchline at repeal: Deposit in lieu of bond.

Catchline at repeal: Legal process, service of; judgment.

Catchline at repeal: Contributions to insurer.

Catchline at repeal: Determining financial condition.

Catchline at repeal: Subscribers.

Catchline at repeal: Subscribers' advisory committee.

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…