Kentucky Statutes 304.13-111 – Advisory organization or statistical agent activities prohibited
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No advisory organization or statistical agent shall:
(1) Make an agreement with an insurer or another advisory organization that has the purpose or effect of substantially lessening competition in an insurance market; or
(2) After January 1, 1983, compile or distribute recommendations relating to rates that include profit or expenses, except loss adjustment expenses.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 380, sec. 7, effective July 14, 2000. — Created
1982 Ky. Acts ch. 278, sec. 10, effective July 15, 1982.
(1) Make an agreement with an insurer or another advisory organization that has the purpose or effect of substantially lessening competition in an insurance market; or
Terms Used In Kentucky Statutes 304.13-111
- advisory organization: is a ny entity, including its affiliates or subsidiaries, which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers and which assists insurers in ratemaking related activities. See Kentucky Statutes 304.13-011
- Loss adjustment expenses: means the expenses incurred by the insurer in the course of settling claims. See Kentucky Statutes 304.13-011
- Statistical agent: means an entity that has been licensed by the commissioner to collect statistics from insurers and provide reports developed from these statistics to the commissioner for the purpose of fulfilling the statistical reporting obligations of those insurers under this chapter. See Kentucky Statutes 304.13-011
(2) After January 1, 1983, compile or distribute recommendations relating to rates that include profit or expenses, except loss adjustment expenses.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 380, sec. 7, effective July 14, 2000. — Created
1982 Ky. Acts ch. 278, sec. 10, effective July 15, 1982.