Kentucky Statutes 304.28-030 – Application for license
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Underwriters shall file with the commissioner for an original certificate of authority, an application, signed and sworn to by their duly authorized attorney, setting forth in addition to matters required in KRS § 304.3-150:
(1) The name of the attorney and title under which the business is to be conducted, which title shall contain the name Lloyd’s and shall not be so similar to any name or title in use in this state as to be likely to confuse or deceive;
(2) The names and addresses of all the underwriters proposing to engage in the business;
(3) The number of underwriters, which shall not be less than twenty-five (25), and that each underwriter is worth in his or her own right not less than $20,000 over and above all his or her liabilities;
(4) A copy of each form of policy or contract by which such insurance is to be effected; (5) A copy of the form of power of attorney by virtue of which the attorney is to act for
and bind the several underwriters and a copy of the articles of agreement entered
into between the underwriters themselves and the attorney;
(6) A financial statement showing in detail the assets contributed or accumulated in the hands of the attorney, committee of underwriters, trustees and/or other officers of such underwriters at Lloyd’s, together with the liabilities incurred and outstanding and the income received and disbursements made by the attorney for the underwriters; and
(7) An instrument executed by each and all of the underwriters specially empowering the attorney to accept services of process for each underwriter in any action on any policy or contract of insurance and an instrument from the attorney to the commissioner, delegating the attorney’s powers in this respect to the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1388, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 28, sec. 3, effective June 18, 1970.
(1) The name of the attorney and title under which the business is to be conducted, which title shall contain the name Lloyd’s and shall not be so similar to any name or title in use in this state as to be likely to confuse or deceive;
Terms Used In Kentucky Statutes 304.28-030
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
(2) The names and addresses of all the underwriters proposing to engage in the business;
(3) The number of underwriters, which shall not be less than twenty-five (25), and that each underwriter is worth in his or her own right not less than $20,000 over and above all his or her liabilities;
(4) A copy of each form of policy or contract by which such insurance is to be effected; (5) A copy of the form of power of attorney by virtue of which the attorney is to act for
and bind the several underwriters and a copy of the articles of agreement entered
into between the underwriters themselves and the attorney;
(6) A financial statement showing in detail the assets contributed or accumulated in the hands of the attorney, committee of underwriters, trustees and/or other officers of such underwriters at Lloyd’s, together with the liabilities incurred and outstanding and the income received and disbursements made by the attorney for the underwriters; and
(7) An instrument executed by each and all of the underwriters specially empowering the attorney to accept services of process for each underwriter in any action on any policy or contract of insurance and an instrument from the attorney to the commissioner, delegating the attorney’s powers in this respect to the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1388, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 28, sec. 3, effective June 18, 1970.