Kentucky Statutes 393A.630 – Administrator’s contract with another to conduct examination
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(1) As used in this section, “related to the administrator” means an individual who is:
(a) The administrator‘s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary;
(b) The administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, half-sibling, aunt, uncle, niece, or nephew;
(c) A spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual in paragraph (b) of this subsection; or
(d) Any individual residing in the administrator’s household.
(2) The administrator may contract with a person to conduct an examination under KRS
393A.550 to 393A.650.
(3) If the person with whom the administrator contracts under subsection (2) of this section is:
(a) An individual, the individual shall not be related to the administrator; or
(b) A business entity, the entity shall not be owned in whole or in part by the administrator or an individual related to the administrator.
(4) If the administrator contracts with a person under subsection (2) of this section:
(a) The contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(b) A contingent fee arrangement shall not provide for a payment that exceeds ten percent (10%) of the amount or value of property paid or delivered as a result of the examination; and
(c) On request by a person subject to examination by a contractor, the administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination.
(5) A contract under subsection (2) of this section shall be subject to KRS § 61.870 to
61.884.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 63, effective July 14, 2018.
(a) The administrator‘s spouse, partner in a civil union, domestic partner, or reciprocal beneficiary;
Terms Used In Kentucky Statutes 393A.630
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality or other legal entity. See Kentucky Statutes 393A.010
(b) The administrator’s child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, half-sibling, aunt, uncle, niece, or nephew;
(c) A spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual in paragraph (b) of this subsection; or
(d) Any individual residing in the administrator’s household.
(2) The administrator may contract with a person to conduct an examination under KRS
393A.550 to 393A.650.
(3) If the person with whom the administrator contracts under subsection (2) of this section is:
(a) An individual, the individual shall not be related to the administrator; or
(b) A business entity, the entity shall not be owned in whole or in part by the administrator or an individual related to the administrator.
(4) If the administrator contracts with a person under subsection (2) of this section:
(a) The contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(b) A contingent fee arrangement shall not provide for a payment that exceeds ten percent (10%) of the amount or value of property paid or delivered as a result of the examination; and
(c) On request by a person subject to examination by a contractor, the administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination.
(5) A contract under subsection (2) of this section shall be subject to KRS § 61.870 to
61.884.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 63, effective July 14, 2018.