2006 Kentucky Revised Statutes - .100   Loss reserves -- Casualty insurance.

304.6-100 Loss reserves -- Casualty insurance. (1) As to casualty insurance transacted by it, each insurer shall maintain at all times reserves in an amount estimated in the aggregate to provide for payment of all losses and claims incurred, whether reported or unreported, which are unpaid and for which the insurer may be liable, and to provide for the expenses of adjustment or settlement of losses and claims. The reserves shall be computed in accordance with regulations from time to time made by the executive director, after due notice and hearing, upon reasonable consideration of the ascertained experience and the character of such kind of business for the purpose of adequately protecting the insured and the solvency of the insurer. (2) Whenever the loss and loss expense experience of the insurer show that reserves, calculated in accordance with such regulations, are inadequate, the executive director may require the insurer to maintain additional reserves. (3) The executive director may, by regulation, prescribe the manner and form of reporting pertinent information concerning the reserves provided for in this section. Effective: July 13, 2004 History:Amended 2004 Ky. Acts ch. 24, sec. 16, effective July 13, 2004. -- Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 10, 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.