Kentucky Statutes 304.49-150 – Exclusivity of KRS 304.49-010 to 304.49-230 to captive insurance companies — Provisions applicable to industrial insured captive insurer
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(1) No provisions of this chapter, other than those contained in KRS § 304.49-010 to
304.49-230 or contained in specific references contained in KRS § 304.49-010 to
304.49-230, shall apply to captive insurance companies.
(2) Any industrial insured captive insurer that is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. secs. 3901 et seq., as amended, shall be subject to the following provisions of this chapter and the administrative regulations promulgated thereunder, to the extent applicable and not in conflict with the express provisions of this subtitle:
(a) Subtitle 1–Scope–General Definitions and Provisions;
(b) Subtitle 2–Commissioner of the Department of Insurance;
(c) Subtitle 3–Authorization of Insurers and General Requirements, including but not limited to:
1. KRS § 304.3-400 to KRS § 304.3-430; and
2. KRS § 304.3-500 to KRS § 304.3-570; (d) Subtitle 4–Fees and Taxes;
(e) Subtitle 5–Kinds of Insurance–Limits of Risk–Reinsurance, including but not limited to KRS § 304.5-120;
(f) Subtitle 6–Assets and Liabilities; (g) Subtitle 7–Investments;
(h) KRS § 304.9-700 to KRS § 304.9-759–Reinsurance Intermediary Act; (i) Subtitle 33–Insurers Rehabilitation and Liquidation;
(j) Subtitle 37–Insurance Holding Company Systems; and
(k) Subtitle 99–Penalties.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 19, effective July 12, 2012. — Created
2000 Ky. Acts ch. 434, sec. 15, effective July 14, 2000.
304.49-230 or contained in specific references contained in KRS § 304.49-010 to
Terms Used In Kentucky Statutes 304.49-150
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
304.49-230, shall apply to captive insurance companies.
(2) Any industrial insured captive insurer that is created under the Product Liability Risk Retention Act of 1981, 15 U.S.C. secs. 3901 et seq., as amended, shall be subject to the following provisions of this chapter and the administrative regulations promulgated thereunder, to the extent applicable and not in conflict with the express provisions of this subtitle:
(a) Subtitle 1–Scope–General Definitions and Provisions;
(b) Subtitle 2–Commissioner of the Department of Insurance;
(c) Subtitle 3–Authorization of Insurers and General Requirements, including but not limited to:
1. KRS § 304.3-400 to KRS § 304.3-430; and
2. KRS § 304.3-500 to KRS § 304.3-570; (d) Subtitle 4–Fees and Taxes;
(e) Subtitle 5–Kinds of Insurance–Limits of Risk–Reinsurance, including but not limited to KRS § 304.5-120;
(f) Subtitle 6–Assets and Liabilities; (g) Subtitle 7–Investments;
(h) KRS § 304.9-700 to KRS § 304.9-759–Reinsurance Intermediary Act; (i) Subtitle 33–Insurers Rehabilitation and Liquidation;
(j) Subtitle 37–Insurance Holding Company Systems; and
(k) Subtitle 99–Penalties.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 19, effective July 12, 2012. — Created
2000 Ky. Acts ch. 434, sec. 15, effective July 14, 2000.