2006 Kentucky Revised Statutes - .060 Creation of association -- Membership required -- Functions -- Accounts -- Supervision by executive director.304.42-060 Creation of association -- Membership required -- Functions -- Accounts -- Supervision by executive director. (1) There is created a nonprofit legal entity to be known as the Kentucky Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under KRS 304.42-100 and shall exercise its powers through a board of directors established under KRS 304.42-070. For purposes of administration and assessment, the association shall maintain three (3) accounts: (a) The health insurance account; (b) The life insurance account; and (c) The annuity account. (2) The association shall come under the immediate supervision of the executive director and shall be subject to the applicable provisions of the insurance laws of this state. Effective: June 17, 1978 History: Created 1978 Ky. Acts ch. 282, sec. 6, effective June 17, 1978. 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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