Kentucky Statutes 304.35-010 – Definitions — Organization of FAIR plan and reinsurance association
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(1) As used in this subtitle:
(a) “Casualty insurance” has the meaning set forth in KRS § 304.5-070; and
(b) “Property insurance” has the meaning set forth in KRS § 304.5-050.
(2) All insurers licensed to write property or casualty insurance in this Commonwealth on a direct basis shall, subject to approval and regulation by the commissioner of insurance, establish and maintain a “FAIR” (fair access to insurance requirements) plan and establish and maintain a reinsurance association and formulate and from time to time amend the plan and articles of association and rules and regulations in connection therewith, and assess and share on a fair and equitable basis all expenses, income, and losses incident to such “FAIR” plan and reinsurance association in a manner consistent with the provisions of this subtitle.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1459, effective July 15, 2010. — Amended 1988 Ky. Acts ch. 225, sec. 1, effective July 15, 1988. — Amended 1986
Ky. Acts ch. 314, sec. 1, effective July 15, 1986. — Amended 1980 Ky. Acts ch. 359, sec. 1, effective July 15, 1980. — Created 1972 Ky. Acts ch. 65, sec. 1, effective June
16, 1972.
(a) “Casualty insurance” has the meaning set forth in KRS § 304.5-070; and
Terms Used In Kentucky Statutes 304.35-010
- Casualty insurance: has the meaning set forth in KRS §. See Kentucky Statutes 304.35-010
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(b) “Property insurance” has the meaning set forth in KRS § 304.5-050.
(2) All insurers licensed to write property or casualty insurance in this Commonwealth on a direct basis shall, subject to approval and regulation by the commissioner of insurance, establish and maintain a “FAIR” (fair access to insurance requirements) plan and establish and maintain a reinsurance association and formulate and from time to time amend the plan and articles of association and rules and regulations in connection therewith, and assess and share on a fair and equitable basis all expenses, income, and losses incident to such “FAIR” plan and reinsurance association in a manner consistent with the provisions of this subtitle.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1459, effective July 15, 2010. — Amended 1988 Ky. Acts ch. 225, sec. 1, effective July 15, 1988. — Amended 1986
Ky. Acts ch. 314, sec. 1, effective July 15, 1986. — Amended 1980 Ky. Acts ch. 359, sec. 1, effective July 15, 1980. — Created 1972 Ky. Acts ch. 65, sec. 1, effective June
16, 1972.