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304.27-060 Organization of reciprocal insurer.
(1)
(2)
(3)
Twenty-five (25) or more persons domiciled in this state may organize a domestic
reciprocal insurer and make application to the commissioner for a certificate of
authority to transact insurance.
The proposed attorney shall fulfill the requirements of and shall execute and file
with the commissioner when applying for a certificate of authority, a declaration
setting forth:
(a) The name of the insurer;
(b) The location of the insurer's principal office, which shall be the same as that
of the attorney and shall be maintained within this state;
(c) The kinds of insurance proposed to be transacted;
(d) The names and addresses of the original subscribers;
(e) The designation and appointment of the proposed attorney and a copy of the
power of attorney;
(f) The names and addresses of the officers and directors of the attorney, if a
corporation, or its members, if a firm;
(g) The powers of the subscribers' advisory committee; and the names and terms
of office of the members thereof;
(h) A copy of the subscribers' agreement;
(i) That all moneys paid to the reciprocal insurer shall, after deducting therefrom
any sum payable to the attorney, be held in the name of the insurer and for the
purposes specified in the subscribers' agreement;
(j) A statement that each of the original subscribers has in good faith applied for
insurance of a kind proposed to be transacted, and that the insurer has received
from each such subscriber the full premium or premium deposit required for
the policy applied for, for a term of not less than six (6) months at an adequate
rate theretofore filed with the commissioner;
(k) A statement of the financial condition of the insurer, a schedule of its assets,
and a statement that the surplus as required by KRS 304.3-120 is on hand; and
(l) A copy of each policy, indorsement, and application form it then proposes to
issue or use.
The declaration shall be acknowledged by the attorney in the manner required for
the acknowledgment of deeds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1374, effective July 15, 2010. -- Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 6, effective June 18, 1970.
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