.160 Reinsurance.
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56.160 Reinsurance.
With the approval of the Finance and Administration Cabinet, the Office of Insurance
may contract with any responsible fire and tornado insurance or reinsurance company
authorized to do business in Kentucky to reinsure any subject of risk of which the total
valuation has been fixed at over five hundred thousand dollars ($500,000) in such a way
as to limit the net liability of the state fire and tornado insurance fund with respect to such
subject of risk to five hundred thousand dollars ($500,000). The premium for reinsurance
shall be paid out of the state fire and tornado insurance fund, on warrant of the Finance
and Administration Cabinet.
Effective: July 15, 1982
History:Amended 1982 Ky. Acts ch. 406, sec. 6, effective July 15, 1982. -- Amended
1960 Ky. Acts ch. 100, sec. 3, effective June 16, 1960. -- Amended 1954 Ky. Acts
ch. 225, sec. 3. -- Amended 1950 Ky. Acts ch. 192, sec. 8 -- Amended 1946 Ky. Acts
ch. 130, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4636-33.
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.