304.37-010 Definitions for Subtitle 37.
As used in this subtitle, the following terms shall have the respective meanings set forth,
unless the context shall otherwise require:
(1) The term "commissioner" shall mean the commissioner of insurance or the
Department of Insurance, as appropriate;
(2) "Insurer" includes every person engaged as principal and as indemnitor, surety, or
contractor in the business of entering into contracts of insurance;
(3) An "insurance holding company system" consists of two (2) or more affiliated
persons, one (1) or more of which is an insurer;
(4) An "affiliate", or person "affiliated" with a specific person, is a person that directly,
or indirectly through one (1) or more intermediaries, controls, or is controlled by, or
is under common control with, the person specified;
(5) A "person" is an individual, a corporation, a partnership, an association, a joint
stock company, an unincorporated organization, any similar entity, or any
combination of the foregoing acting in concert, but shall not include any bank in its
fiduciary capacity or securities broker performing no more than the usual and
customary broker's function;
(6) A "subsidiary" of a specified person is an affiliate controlled by the person directly
or indirectly through one (1) or more intermediaries;
(7) The term "voting security" shall include any security convertible into or evidencing
a right to acquire a voting security; and
(8) The terms "control," "controlling," "controlled by," and "under common control
with" mean the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a person, whether through the
ownership of voting securities, by contract other than a loan contract or commercial
contract for goods or nonmanagement services, or otherwise, unless the power is the
result of an official position with or corporate office held by the person. Control
shall be presumed to exist if any person, directly or indirectly, owns, controls, holds
with the power to vote, or holds proxies representing ten percent (10%) or more of
the voting securities of any other person. This presumption may be rebutted by a
showing made in the manner provided by KRS 304.37-020(12) that control does not
exist in fact. The commissioner may determine, after forwarding all persons in
interest notice and opportunity to be heard and making specific findings of fact to
support the determination, that control exists in fact, notwithstanding the absence of
a presumption to that effect.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1472, effective July 15, 2010. -Amended 1994 Ky. Acts ch. 92, sec. 4, effective July 15, 1994. – Amended 1992 Ky.
Acts ch. 267, sec. 7, effective July 14, 1992. -- Created 1972 Ky. Acts ch. 52, sec. 1,
effective June 16, 1972.
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