Kentucky Statutes 304.44-100 – Powers of administrator
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(1) Except in the case of fraud by an insurer, the administrator does not have any right of recourse against the insurer and the insurer may settle losses in the customary manner; and
(2) The administrator may require an insurer to attempt recovery from a policyholder for the amounts paid to such policyholder if, in the judgment of the administrator the policyholder was not entitled to the amounts paid because of fraud or violation of the policy conditions. The costs of such recovery attempt shall be borne equally by the insurer and the administrator.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 167, sec. 10, effective July 13, 1984.
(2) The administrator may require an insurer to attempt recovery from a policyholder for the amounts paid to such policyholder if, in the judgment of the administrator the policyholder was not entitled to the amounts paid because of fraud or violation of the policy conditions. The costs of such recovery attempt shall be borne equally by the insurer and the administrator.
Terms Used In Kentucky Statutes 304.44-100
- Administrator: means the organization designated by the commissioner of the department to administer the fund. See Kentucky Statutes 304.44-010
- Fraud: Intentional deception resulting in injury to another.
- Policy: means a contract of insurance providing mine subsidence insurance. See Kentucky Statutes 304.44-010
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 167, sec. 10, effective July 13, 1984.