§ 304.3-010 “Stock” insurer defined
§ 304.3-020 “Mutual” insurer defined
§ 304.3-025 “Combined stock and mutual life” insurer defined
§ 304.3-030 “Reciprocal” insurer defined
§ 304.3-040 “Lloyd’s Plan” insurer defined
§ 304.3-050 “Charter” defined
§ 304.3-060 Exceptions to certificate of authority requirement
§ 304.3-070 Eligibility for certificate of authority
§ 304.3-080 General eligibility for certificate of authority — Ownership — Management
§ 304.3-090 General eligibility for certificate of authority — Prior operation
§ 304.3-100 Name of insurer
§ 304.3-110 Combinations of insuring powers, one insurer
§ 304.3-120 Capital funds required — Amount of surplus required
§ 304.3-125 Authority for commissioner to require additional capital and surplus
§ 304.3-140 Deposit requirement in general
§ 304.3-150 Application for certificate of authority
§ 304.3-160 Issuance — Refusal of authority — Ownership of certificate
§ 304.3-170 Amended certificate of authority
§ 304.3-180 Continuance, expiration, and reinstatement of certificate of authority — Preparation of audited financial statements
§ 304.3-190 Suspension or revocation of certificate of authority — Mandatory grounds
§ 304.3-200 Suspension or revocation of certificate of authority — Discretionary and special grounds
§ 304.3-210 Order — Notice of suspension or revocation — Publication — Effect upon agents’ authority
§ 304.3-220 Duration of suspension — Insurer’s obligation during suspension period — Reinstatement
§ 304.3-230 Service of process on insurers — Secretary of State as attorney for service of process
§ 304.3-235 Corporate Governance Annual Disclosure — Submission to department or lead state regulator — Required information and support — Annual filing of amended version — Confidentiality — Use and sharing of filings and information — Parties retained t
§ 304.3-240 Annual and quarterly financial statement — Penalty for noncompliance — Publication of financial statement prepared on a different basis
§ 304.3-241 Accounting practices and procedures for annual and quarterly statements
§ 304.3-242 Property and casualty insurers to annually submit statement of actuarial opinion and supporting documentation — Opinion to be available for public inspection — Confidentiality of supporting documentation — Exemptions to filing requirement
§ 304.3-270 Retaliatory provision
§ 304.3-280 Effect of provision limiting or excluding insurer’s obligation to pay claim of insured eligible for medical assistance
§ 304.3-320 Guaranty fund deposit by foreign insurers may be required by commissioner
§ 304.3-330 Reports of past-due loans and loans in foreclosure to early warning analyst
§ 304.3-400 Definitions for KRS 304.3-400 to 304.3-430
§ 304.3-405 Parties subject to KRS 304.3-400 to 304.3-430
§ 304.3-410 Applicability — Contract between insurer and controlling producer — Audit committees — Reporting requirements
§ 304.3-415 Notice to prospective insured disclosing relationship between producer and controlled insurer — Exceptions
§ 304.3-420 Authority of commissioner — Actions
§ 304.3-425 Compliance date
§ 304.3-430 Short title for KRS 304.3-400 to 304.3-430
§ 304.3-500 Definitions for KRS 304.3-500 to 304.3-570
§ 304.3-510 Licensing of controlling agent — Evidence of financial responsibility
§ 304.3-520 Contract between insurer and controlling agent — Minimum provisions — Prohibited activities
§ 304.3-530 Duties and responsibilities of insured and controlling agent
§ 304.3-540 Acts of controlling agent — Examination by commissioner
§ 304.3-550 Penalties
§ 304.3-560 Administrative regulations
§ 304.3-570 Short title for KRS 304.3-500 to 304.3-570
§ 304.3-600 Definitions for KRS 304.3-600 to 304.3-635 and 304.99-055
§ 304.3-605 Application of KRS 304.3-600 to 304.3-635 and 304.99-055
§ 304.3-610 Maintenance of risk management framework
§ 304.3-615 Regular Own Risk and Solvency Assessments required — Exception — Frequency
§ 304.3-620 Own Risk and Solvency Assessment Summary Report or combination of reports — When required — Contents — Signature
§ 304.3-625 Exemption from requirements of KRS 304.3-600 to 304.3-635 and 304.99-055 — Conditions
§ 304.3-630 Reporting to comply with ORSA Guidance Manual
§ 304.3-635 ORSA Summary Report and other information confidential, privileged, and exempt from Open Records Act and private civil action subpoena, discovery, and testimony — Powers of commissioner
§ 304.3-700 Definitions for KRS 304.3-700 to 304.3-735
§ 304.3-705 Application for admission to regulatory sandbox — Disclosure and stability requirements — Disqualifying factors — Participation in regulatory sandbox under KRS 15.268. (Effective March 15, 2024)
§ 304.3-710 Director of insurance innovation — Review of applications — Notice of acceptance or rejection — Hearing
§ 304.3-715 Limited no-action letter — Safe harbor of limited letter — Publication of limited letter on department’s Web site
§ 304.3-720 One-year period for beta test — Extension by commissioner — Terms and conditions — Early termination — Cease and desist order — Appeal
§ 304.3-725 Completion and review of beta test — Issuance of extended no-action letter or notice declining to issue extended letter — Safe harbor of extended letter — Use of innovation and conduct permitted — Hearing — Publication of extended letter on dep
§ 304.3-730 Confidentiality of financial information — Permissible disclosures in extended no-action letter
§ 304.3-735 Annual report
§ 304.3-750 Definitions for KRS 304.3-750 to 304.3-768
§ 304.3-752 Exemption qualifications
§ 304.3-754 Applicability
§ 304.3-756 Written information security program — Requirements — Assessments — Written incident response plan — Annual certification to commissioner
§ 304.3-758 Cybersecurity event investigation
§ 304.3-760 Notification to commissioner of cybersecurity event — Procedures
§ 304.3-762 Powers of commissioner
§ 304.3-764 Documents, materials, and other information — Confidentiality — Releases
§ 304.3-766 Compliance requirements
§ 304.3-768 Penalties
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Terms Used In Kentucky Statutes > Chapter 304 > Subtitle 3 - Authorization of Insurers and General Requirements

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
  • branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
  • Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
    (a) Sending the document or package. See Kentucky Statutes 446.010
  • Chambers: A judge's office.
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • City: includes town. See Kentucky Statutes 446.010
  • Committee amendment: An amendment recommended by a committee in reporting a bill or other measure.
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Evidence-based practices: means policies, procedures, programs, and practices proven by scientific research to reliably produce reductions in recidivism when implemented competently. See Kentucky Statutes 446.010
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
  • Testify: Answer questions in court.
  • Treatment: when used in a criminal justice context, means targeted interventions
    that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Venue: The geographical location in which a case is tried.
  • Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.
  • Year: means calendar year. See Kentucky Statutes 446.010