Kentucky Statutes 304.13-141 – Examination of insurers, pools, advisory organizations, statistical agents, form providers, residual market, and joint underwriting organizations
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(1) The commissioner may examine any insurer, pool, advisory organization, statistical agent, form provider, or residual market or joint underwriting mechanism as deemed necessary to ascertain compliance with this chapter. Any examination made by the commissioner or by examiners designated by the commissioner shall be at the expense of the organization examined as specified in Subtitle 2 of KRS Chapter
304.
(2) Every insurer, pool, advisory organization, statistical agent, and residual market or joint underwriting mechanism shall maintain reasonable records, adapted to its method of operation, containing its experience or the experience of its members. Records shall include the statistics and other information used by it in its activities. The records shall be available at all reasonable times and at a reasonable location to enable the commissioner to determine whether the activities of an insurer, pool, advisory organization, statistical agent, residual market or joint underwriting mechanism are in compliance with this chapter.
(3) In lieu of an examination, the commissioner may accept the report of an examination by the insurance supervisory official of another state, if the report is made pursuant to the laws of that state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1129, effective July 15, 2010. — Amended 2000 Ky. Acts ch. 380, sec. 14, effective July 14, 2000. — Created 1982
Ky. Acts ch. 278, sec. 13, effective July 15, 1982.
304.
Terms Used In Kentucky Statutes 304.13-141
- 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
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Joint underwriting: is a voluntary arrangement established to provide insurance coverage for a risk pursuant to which two (2) or more insurers jointly contract with the insured at a price and under policy terms agreed on between the insurers. See Kentucky Statutes 304.13-011
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- 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) Every insurer, pool, advisory organization, statistical agent, and residual market or joint underwriting mechanism shall maintain reasonable records, adapted to its method of operation, containing its experience or the experience of its members. Records shall include the statistics and other information used by it in its activities. The records shall be available at all reasonable times and at a reasonable location to enable the commissioner to determine whether the activities of an insurer, pool, advisory organization, statistical agent, residual market or joint underwriting mechanism are in compliance with this chapter.
(3) In lieu of an examination, the commissioner may accept the report of an examination by the insurance supervisory official of another state, if the report is made pursuant to the laws of that state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1129, effective July 15, 2010. — Amended 2000 Ky. Acts ch. 380, sec. 14, effective July 14, 2000. — Created 1982
Ky. Acts ch. 278, sec. 13, effective July 15, 1982.