Kentucky Statutes 56.160 – Reinsurance
Current as of: 2024 | Check for updates
|
Other versions
(1) On or after March 29, 2023, until June 30, 2025, the Office of the Controller in the Finance and Administration Cabinet may contract with any responsible fire and tornado insurance or reinsurance company authorized to do business in Kentucky to reinsure any subject of risk of which the total valuation has been fixed at over ten million dollars ($10,000,000) in such a way as to limit the net liability of the state fire and tornado insurance fund with respect to that risk to ten million dollars ($10,000,000). The premium for reinsurance shall be paid out of the state fire and tornado insurance fund, on warrant of the cabinet.
(2) On or after July 1, 2025, the Office of the Controller in the Finance and Administration Cabinet may contract with any responsible fire and tornado insurance or reinsurance company authorized to do business in Kentucky to reinsure any subject of risk of which the total valuation has been fixed at over one million dollars ($1,000,000) in such a way as to limit the net liability of the state fire and tornado insurance fund with respect to such subject of risk to one million dollars ($1,000,000). The premium for reinsurance shall be paid out of the state fire and tornado insurance fund, on warrant of the cabinet.
Effective: March 29, 2023
History: Amended 2023 Ky. Acts ch. 135, sec. 3, effective March 29, 2023. — Amended 2012 Ky. Acts ch. 83, sec. 3, effective July 12, 2012. — Amended 2010
Ky. Acts ch. 24, sec. 48, effective July 15, 2010. — Amended 1982 Ky. Acts ch. 406, sec. 6, effective July 15, 1982. — Amended 1960 Ky. Acts ch. 100, sec. 3, effective June 16, 1960. — Amended 1954 Ky. Acts ch. 225, sec. 3. — Amended 1950 Ky. Acts ch. 192, sec. 8 — Amended 1946 Ky. Acts ch. 130, sec. 1. — Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4636-33.
(2) On or after July 1, 2025, the Office of the Controller in the Finance and Administration Cabinet may contract with any responsible fire and tornado insurance or reinsurance company authorized to do business in Kentucky to reinsure any subject of risk of which the total valuation has been fixed at over one million dollars ($1,000,000) in such a way as to limit the net liability of the state fire and tornado insurance fund with respect to such subject of risk to one million dollars ($1,000,000). The premium for reinsurance shall be paid out of the state fire and tornado insurance fund, on warrant of the cabinet.
Terms Used In Kentucky Statutes 56.160
- Cabinet: means the Finance and Administration Cabinet. See Kentucky Statutes 56.440
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Effective: March 29, 2023
History: Amended 2023 Ky. Acts ch. 135, sec. 3, effective March 29, 2023. — Amended 2012 Ky. Acts ch. 83, sec. 3, effective July 12, 2012. — Amended 2010
Ky. Acts ch. 24, sec. 48, effective July 15, 2010. — Amended 1982 Ky. Acts ch. 406, sec. 6, effective July 15, 1982. — Amended 1960 Ky. Acts ch. 100, sec. 3, effective June 16, 1960. — Amended 1954 Ky. Acts ch. 225, sec. 3. — Amended 1950 Ky. Acts ch. 192, sec. 8 — Amended 1946 Ky. Acts ch. 130, sec. 1. — Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4636-33.