2006 Kentucky Revised Statutes - .210 Examination of insurers.304.2-210 Examination of insurers. (1) For the purpose of determining financial condition, ability to fulfill and manner of fulfillment of its obligations, the nature of its operations, and compliance with law, the executive director shall examine the affairs, transactions, accounts, records, and assets of each authorized insurer as often as reasonably necessary. He shall so examine each domestic insurer not less frequently than every three (3) years. Examination of a reciprocal insurer may include examination of its attorney-in-fact as to its transactions relating to the insurer. Examination of an alien insurer may be limited to its insurance transactions and affairs in the United States, except as the executive director otherwise requires. (2) The executive director shall in like manner examine each insurer applying for an initial certificate of authority to transact insurance in this state. (3) In lieu of making his own examination, the executive director may, in his discretion, accept a full report of the most recently completed examination of a foreign, or alien, insurer, certified to by the insurance supervisory official of another state. (4) As far as practical, the examination of a foreign or alien insurer shall be made in cooperation with the insurance supervisory officers of other states in which the insurer transacts business, and for the purpose thereof, the executive director may participate in joint examinations of insurers or be represented in an examination by an examiner of another state. Effective: July 15, 1998 History:Amended 1998 Ky. Acts ch. 483, sec. 4, effective July 15, 1998. -- Amended 1994 Ky. Acts ch. 496, sec. 3, effective July 15, 1994. -- Amended 1974 Ky. Acts ch. 308, sec. 51, effective June 21, 1974. -- Created 1970 Ky. Acts ch. 301, subtit. 2, sec. 21, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.
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