Kentucky Statutes 304.27-100 – Bond of attorney
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(1) Concurrently with the filing of the declaration provided for in KRS § 304.27-060, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in subsection (2) of this section. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the commissioner’s approval.
(2) The bond shall be in the penal sum of one hundred thousand dollars ($100,000), aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands, and that he or she will not withdraw or appropriate to his or her own use from the funds of the insurer, any moneys or property to which he or she is not entitled under the power of attorney.
(3) The bond shall provide that it is not subject to cancellation unless thirty (30) days’ advance notice in writing of cancellation is given both the attorney and the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1377, effective July 15, 2010. — Amended 1982 Ky. Acts ch. 128, sec. 5, effective July 15, 1982. — Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 10, effective June 18, 1970.
(2) The bond shall be in the penal sum of one hundred thousand dollars ($100,000), aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands, and that he or she will not withdraw or appropriate to his or her own use from the funds of the insurer, any moneys or property to which he or she is not entitled under the power of attorney.
Terms Used In Kentucky Statutes 304.27-100
- Attorney: as used in this subtitle , refers to the attorney-in-fact of a reciprocal insurer. See Kentucky Statutes 304.27-050
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) The bond shall provide that it is not subject to cancellation unless thirty (30) days’ advance notice in writing of cancellation is given both the attorney and the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1377, effective July 15, 2010. — Amended 1982 Ky. Acts ch. 128, sec. 5, effective July 15, 1982. — Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 10, effective June 18, 1970.