2011 Kentucky Revised Statutes Subtitle 99. Penalties 304.99.015 Penalties for failure of commissioner or examiner to take action when having knowledge of statutory insolvency or hazardous financial condition of authorized insurer.
KY Rev Stat § 304.99.015 (1996 through Reg Sess) What's This?
304.99-015 Penalties for failure of commissioner or examiner to take action when
having knowledge of statutory insolvency or hazardous financial condition of
authorized insurer.
(1)
(2)
Any deputy director or any examiner who has knowledge of the statutory
insolvency, or hazardous financial condition as defined by administrative
regulation, of an authorized insurer, or that it is inexpedient to permit the authorized
insurer to continue business, and who fails to immediately present a signed report of
the facts to the commissioner, or who violates any of the provisions of this chapter,
shall forfeit his or her office or employment contract and shall be fined not less than
one hundred dollars (0) nor more than two thousand dollars (,000) for each
offense.
Any commissioner who has knowledge of the statutory insolvency, or hazardous
financial condition as defined by administrative regulation, of an authorized insurer,
or that it is inexpedient to permit the authorized insurer to continue business, and
who willfully fails to take the action prescribed by this chapter, or who violates any
of the provisions of this chapter, shall forfeit his or her office and shall be fined not
less than five hundred dollars (0) nor more than five thousand dollars (,000)
for each offense.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1650, effective July 15, 2010. -- Created
1994 Ky. Acts ch. 289, sec. 1, effective July 15, 1994.
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