Kentucky Statutes 304.27-220 – Time limit for assessments
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Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of any assessment, as computed and limited in accordance with this subtitle, if:
(1) While his or her policy is in force or within one (1) year after its termination, he or she is notified by either the attorney or the commissioner of his or her intention to levy such assessment; or
(2) If an order to show cause why a receiver, conservator, rehabilitator or liquidator of the insurer should not be appointed is issued while his or her policy is in force or within one (1) year after its termination.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1383, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 22, effective June 18, 1970.
(1) While his or her policy is in force or within one (1) year after its termination, he or she is notified by either the attorney or the commissioner of his or her intention to levy such assessment; or
Terms Used In Kentucky Statutes 304.27-220
- 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
- Year: means calendar year. See Kentucky Statutes 446.010
(2) If an order to show cause why a receiver, conservator, rehabilitator or liquidator of the insurer should not be appointed is issued while his or her policy is in force or within one (1) year after its termination.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1383, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 22, effective June 18, 1970.