Kentucky Statutes 304.3-150 – Application for certificate of authority
Current as of: 2024 | Check for updates
|
Other versions
To apply for an original certificate of authority an insurer shall file with the commissioner its written application therefor on forms as prescribed and furnished by the commissioner, accompanied by the applicable fees specified in Subtitle 4, stating under the oath of the president or vice-president or other chief officer and the secretary of the insurer, or of the attorney-in-fact (if a reciprocal insurer or Lloyd’s plan insurer), the insurer’s name, location of its principal office, the kinds of insurance to be transacted, date of organization or incorporation, form of organization, its domicile, and any additional information as the commissioner may reasonably require, together with the following documents, as applicable:
(1) If a corporation, a copy of its charter, together with all amendments thereto, or as restated and amended under the laws of its state or country of incorporation, currently certified by the public official with whom the originals are on file in a state or country.
(2) A copy of its bylaws, certified by the insurer’s secretary.
(3) If a reciprocal insurer, a copy of the power of attorney of its attorney-in-fact, and copy of its subscribers agreement, if any, both certified by the attorney-in-fact; and if a domestic reciprocal insurer, the declaration provided for in KRS § 304.27-060.
(4) If a Lloyd’s plan insurer, the names and addresses of all of the underwriters proposing to engage in the business, along with 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 twenty thousand dollars ($20,000) over and above all his or her liabilities, along with a statement showing a list of all cash and invested assets owned by the associated underwriters and their value, certified and sworn to by their duly authorized attorney-in-fact.
(5) A complete copy of its financial statement as of not earlier than the December 31 next preceding in form as customarily used in the United States by like insurers, sworn to by at least two (2) executive officers of the insurer or certified by the public insurance supervisory official of the insurer’s state or country of domicile.
(6) A copy of the report of last examination of the insurer prior to the filing of the application, certified by the public insurance supervisory official of the insurer’s state or country of domicile.
(7) If a foreign or alien insurer, the name and address of the person to whom the Secretary of State shall forward lawful process served upon him or her. If a domestic reciprocal insurer, the name and address of the attorney designated pursuant to paragraph (e) of subsection (2) of KRS § 304.27-060 shall be deemed to be the person to whom the Secretary of State shall forward lawful process served upon him or her. Any judgment against a domestic reciprocal so served shall be binding upon each of the insurer’s subscribers as their respective contingent liabilities.
(8) If a foreign or alien insurer, a certificate of the public insurance supervisory official of its state or country of domicile showing that it is authorized or qualified for authority to transact in a state or country the kinds of insurance proposed to be
transacted in this state.
(9) If an alien insurer, a certificate as to deposit, if to be tendered pursuant to subsection (4) of KRS § 304.3-140, and a copy of the trust deed, if any, pertaining to a deposit, certified by the trustee.
(10) If a foreign insurer, a certificate as to deposit, if to be tendered pursuant to subsection (4) of KRS § 304.3-140.
(11) If an alien insurer, a copy of the appointment and authority of its United States manager, certified by its officer having custody of its records.
(12) Designation by the insurer of its officers or representatives authorized to appoint and remove its agents in this state.
(13) If to transact surety insurance, the names and addresses of all its attorneys in fact within this state together with the scope of authority of each attorney-in-fact.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 966, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 24, sec. 6, effective July 13, 2004. — Amended 1998 Ky. Acts ch.
483, sec. 7, effective July 15, 1998. — Amended 1982 Ky. Acts ch. 319, sec. 10, effective July 15, 1982. — Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 15, effective June 18, 1970.
(1) If a corporation, a copy of its charter, together with all amendments thereto, or as restated and amended under the laws of its state or country of incorporation, currently certified by the public official with whom the originals are on file in a state or country.
Terms Used In Kentucky Statutes 304.3-150
- 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
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Oath: A promise to tell the truth.
- 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
- Trustee: A person or institution holding and administering property in trust.
(2) A copy of its bylaws, certified by the insurer’s secretary.
(3) If a reciprocal insurer, a copy of the power of attorney of its attorney-in-fact, and copy of its subscribers agreement, if any, both certified by the attorney-in-fact; and if a domestic reciprocal insurer, the declaration provided for in KRS § 304.27-060.
(4) If a Lloyd’s plan insurer, the names and addresses of all of the underwriters proposing to engage in the business, along with 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 twenty thousand dollars ($20,000) over and above all his or her liabilities, along with a statement showing a list of all cash and invested assets owned by the associated underwriters and their value, certified and sworn to by their duly authorized attorney-in-fact.
(5) A complete copy of its financial statement as of not earlier than the December 31 next preceding in form as customarily used in the United States by like insurers, sworn to by at least two (2) executive officers of the insurer or certified by the public insurance supervisory official of the insurer’s state or country of domicile.
(6) A copy of the report of last examination of the insurer prior to the filing of the application, certified by the public insurance supervisory official of the insurer’s state or country of domicile.
(7) If a foreign or alien insurer, the name and address of the person to whom the Secretary of State shall forward lawful process served upon him or her. If a domestic reciprocal insurer, the name and address of the attorney designated pursuant to paragraph (e) of subsection (2) of KRS § 304.27-060 shall be deemed to be the person to whom the Secretary of State shall forward lawful process served upon him or her. Any judgment against a domestic reciprocal so served shall be binding upon each of the insurer’s subscribers as their respective contingent liabilities.
(8) If a foreign or alien insurer, a certificate of the public insurance supervisory official of its state or country of domicile showing that it is authorized or qualified for authority to transact in a state or country the kinds of insurance proposed to be
transacted in this state.
(9) If an alien insurer, a certificate as to deposit, if to be tendered pursuant to subsection (4) of KRS § 304.3-140, and a copy of the trust deed, if any, pertaining to a deposit, certified by the trustee.
(10) If a foreign insurer, a certificate as to deposit, if to be tendered pursuant to subsection (4) of KRS § 304.3-140.
(11) If an alien insurer, a copy of the appointment and authority of its United States manager, certified by its officer having custody of its records.
(12) Designation by the insurer of its officers or representatives authorized to appoint and remove its agents in this state.
(13) If to transact surety insurance, the names and addresses of all its attorneys in fact within this state together with the scope of authority of each attorney-in-fact.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 966, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 24, sec. 6, effective July 13, 2004. — Amended 1998 Ky. Acts ch.
483, sec. 7, effective July 15, 1998. — Amended 1982 Ky. Acts ch. 319, sec. 10, effective July 15, 1982. — Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 15, effective June 18, 1970.