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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