Kentucky Statutes 304.45-120 – Enforceability of order of United States District Court
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Any order issued by any United States District Court enjoining a risk retention group from soliciting or selling insurance or operating in any state, in all states, or any territory or possession of the United States upon a finding that such group is in a hazardous financial condition shall be enforceable in the courts of this state.
Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 165, sec. 10, effective July 13, 1990. — Created
1986 Ky. Acts ch. 308, sec. 12, effective July 15, 1986.
Effective: July 13, 1990
Terms Used In Kentucky Statutes 304.45-120
- Hazardous financial condition: means a condition in which, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
(a) To meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See Kentucky Statutes 304.45-020 - Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risks which is determined to be insurance under the laws of this state. See Kentucky Statutes 304.45-020
- Risk retention group: means any corporation or other limited liability association: (a) Whose primary activity consists of assuming and spreading all, or any portion,
of the liability exposure of its group members. See Kentucky Statutes 304.45-020 - State: means any state of the United States or the District of Columbia. See Kentucky Statutes 304.45-020
History: Amended 1990 Ky. Acts ch. 165, sec. 10, effective July 13, 1990. — Created
1986 Ky. Acts ch. 308, sec. 12, effective July 15, 1986.