2006 Kentucky Revised Statutes - .160   Issuance, refusal of authority, ownership of certificate.

304.3-160 Issuance, refusal of authority, ownership of certificate. (1) If upon completion of its application the executive director finds that the insurer has met the requirements therefor under this code, including KRS 304.3-080, the executive director may, if he deems it advisable, issue to the insurer a certificate of authority; otherwise, the executive director shall issue his order refusing such certificate. (2) The certificate of authority, if issued, shall state the insurer's name, the address of its principal office, the state or country of its organization, and the kinds of insurance the insurer is authorized to transact in this state. At the insurer's request, the executive director may issue a certificate of authority limited to particular types of insurance or coverages within a kind of insurance as defined in Subtitle 5. (3) Although issued and delivered to the insurer, the certificate of authority at all times shall be the property of the State of Kentucky. Upon any expiration, suspension, or termination thereof the insurer shall promptly deliver the certificate to the executive director. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 16, effective June 18, 1970. 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.