2006 Kentucky Revised Statutes - .040   Governing committee.

304.35-040 Governing committee. (1) The Reinsurance Association shall be governed by a committee consisting of seven (7) persons to be appointed by the executive director of insurance. The executive director shall appoint two (2) persons representing insurers chartered under the laws of the Commonwealth of Kentucky, one (1) person representing an insurer that is neither chartered under the laws of the Commonwealth of Kentucky nor affiliated with one (1) of the national insurance trade associations, one (1) person representing an insurer from each of the following three (3) associations: American Insurance Association, National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America, and one (1) licensed insurance agent. (2) The "FAIR" plan shall maintain a formulated plan and articles consistent with this subtitle. The governing committee of the association may, on its own initiative or shall at the request of the executive director, amend the plan and articles, subject to approval by the executive director. (3) The governing committee of the association shall, on or before April 1 of each year, file with the executive director, on such forms as the executive director requires, an accounting of the plan's operations during the preceding calendar year together with its financial condition, and its underwriting experience as to each separate account maintained therein, as of the end of such year. The executive director may require interim accountings on a quarterly basis or examine the affairs of the association when, in his opinion, such action is necessary to determine the continued solvency of the Reinsurance Association. (4) If at any time the executive director determines that the Reinsurance Association is or may become unable to meet its financial obligations during the current year, the executive director shall order the governing committee to levy appropriate assessments within the limitations of KRS 304.35-030(1) against all members. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 32, sec. 1, effective June 20, 2005. -- Amended 1990 Ky. Acts ch. 260, sec. 2, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 225, sec. 4, effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 359, sec. 4, effective July 15, 1980. -- Created 1972 Ky. Acts ch. 65, sec. 4, effective June 16, 1972. 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.