Kentucky Statutes 304.2-440 – Assessment of insurers
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(1) As used in this section, “insurer” means assessment or cooperative insurers, insurers, fraternal benefit societies, nonprofit hospital, medical-surgical, dental, and health service corporations, health maintenance organizations, and prepaid dental plan organizations.
(2) If the commissioner finds that there are insufficient funds for operations of the department, the commissioner may make an assessment on all insurers not to exceed .000235 of net direct written premium from Kentucky as reported in insurers’ annual statements for the immediately preceding calendar year. In making each assessment, the commissioner may establish a minimum assessment. Assessments made pursuant to this section shall be in addition to all other taxes, assessments, and fees.
(3) Overdue payment of any assessments shall bear interest at the tax interest rate as set forth in KRS § 131.010(6) from the date due until paid. Any unpaid assessment may be recovered in an action brought thereon in the name of the department in the Franklin Circuit Court or in any other court of appropriate jurisdiction. Such interest penalty is separate from other penalties applicable to violations of KRS Chapter 299 and this chapter and such an action is separate from any other means of collecting an assessment under KRS Chapter 299 or this chapter.
(4) All funds derived from assessments made pursuant to this section shall be deposited in the insurance regulatory trust fund. However, funds derived from assessments made pursuant to this section shall not lapse to the general fund, but shall at all times be available to defray expenses of the department in discharge of its administrative and regulatory powers.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 957, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 213, sec. 3, effective July 15, 1998. — Created 1988 Ky. Acts ch.
225, sec. 22, effective July 15, 1988.
(2) If the commissioner finds that there are insufficient funds for operations of the department, the commissioner may make an assessment on all insurers not to exceed .000235 of net direct written premium from Kentucky as reported in insurers’ annual statements for the immediately preceding calendar year. In making each assessment, the commissioner may establish a minimum assessment. Assessments made pursuant to this section shall be in addition to all other taxes, assessments, and fees.
Terms Used In Kentucky Statutes 304.2-440
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Overdue payment of any assessments shall bear interest at the tax interest rate as set forth in KRS § 131.010(6) from the date due until paid. Any unpaid assessment may be recovered in an action brought thereon in the name of the department in the Franklin Circuit Court or in any other court of appropriate jurisdiction. Such interest penalty is separate from other penalties applicable to violations of KRS Chapter 299 and this chapter and such an action is separate from any other means of collecting an assessment under KRS Chapter 299 or this chapter.
(4) All funds derived from assessments made pursuant to this section shall be deposited in the insurance regulatory trust fund. However, funds derived from assessments made pursuant to this section shall not lapse to the general fund, but shall at all times be available to defray expenses of the department in discharge of its administrative and regulatory powers.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 957, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 213, sec. 3, effective July 15, 1998. — Created 1988 Ky. Acts ch.
225, sec. 22, effective July 15, 1988.