304.36-100 Duties and powers of the commissioner.
(1) The commissioner shall:
(a) Notify the association of the existence of an insolvent insurer not later than
three (3) days after he or she receives notice of the determination of the <br>insolvency; and
(b) Upon request of the board of directors, provide the association with a
statement of the net direct written premiums of each member insurer.
(2) The commissioner may:
(a) Require that the association notify the insureds of the insolvent insurer and
any other interested parties of the determination of insolvency and of their <br>rights under this subtitle. Such notification shall be by mail at their last known <br>address, where available, but if sufficient information for notification by mail <br>is not available, notice by publication in a newspaper of general circulation <br>shall be sufficient;
(b) Suspend or revoke, after notice and hearing, the certificate of authority to
transact insurance in this state of any member insurer which fails to pay an <br>assessment when due or fails to comply with the plan of operation. As an <br>alternative, the commissioner may levy a fine on any member insurer which <br>fails to pay an assessment when due. Such fine shall not exceed five percent <br>(5%) of the unpaid assessment per month, except that no fine shall be less <br>than one hundred dollars ($100) per month; and
(c) Revoke the designation of any servicing facility if the commissioner finds
claims are being handled unsatisfactorily.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 1468, effective July 15, 2010. -- Created
1972 Ky. Acts ch. 137, sec. 10, effective June 16, 1972.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
