Kentucky Statutes 304.3-550 – Penalties
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(1) If the commissioner finds that any person has violated any provision of KRS § 304.3-
500 to 304.3-570 or KRS § 304.9-440, the commissioner may order:
(a) For each separate violation, a civil penalty in the amounts set forth in KRS
304.99-020;
(b) Conditions upon, or revocation, or suspension of a license;
(c) The controlling agent to reimburse the insurer, the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused by a violation of KRS § 304.3-500 to KRS § 304.3-570 or KRS § 304.9-440 committed by the controlling agent; or
(d) Any combination of paragraphs (a), (b), or (c) of this subsection.
(2) Appeals from orders issued under subsection (1) of this section shall be taken as provided in Subtitle 2 of this chapter.
(3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties or corrective action provided for under laws administered by the commissioner.
(4) Nothing contained in KRS § 304.3-500 to KRS § 304.3-570 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 986, effective July 15, 2010. — Created
1992 Ky. Acts ch. 139, sec. 6, effective July 14, 1992.
500 to 304.3-570 or KRS § 304.9-440, the commissioner may order:
Terms Used In Kentucky Statutes 304.3-550
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
(a) For each separate violation, a civil penalty in the amounts set forth in KRS
304.99-020;
(b) Conditions upon, or revocation, or suspension of a license;
(c) The controlling agent to reimburse the insurer, the rehabilitator, or the liquidator of the insurer for any losses incurred by the insurer caused by a violation of KRS § 304.3-500 to KRS § 304.3-570 or KRS § 304.9-440 committed by the controlling agent; or
(d) Any combination of paragraphs (a), (b), or (c) of this subsection.
(2) Appeals from orders issued under subsection (1) of this section shall be taken as provided in Subtitle 2 of this chapter.
(3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties or corrective action provided for under laws administered by the commissioner.
(4) Nothing contained in KRS § 304.3-500 to KRS § 304.3-570 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 986, effective July 15, 2010. — Created
1992 Ky. Acts ch. 139, sec. 6, effective July 14, 1992.