2006 Kentucky Revised Statutes - .041   Monitoring market competition.

304.13-041 Monitoring market competition. (1) A competitive market for any line of insurance is presumed to exist unless the executive director, after a hearing, determines that a reasonable degree of competition does not exist in the market for such line and issues an order to that effect. Such an order shall expire no later than one (1) year after it is issued. In determining whether a reasonable degree of competition exists, the executive director shall consider all relevant information pertaining to the market and the opportunities available to consumers in the market to acquire pricing and other consumer information, and to compare and obtain insurance from competing insurers. (2) The executive director shall monitor the degree of competition in this Commonwealth. In doing so, he may utilize existing relevant information or he may develop new relevant information. The activities may be conducted internally within the Office of Insurance, in cooperation with other state insurance departments, through outside contractors, or in any other appropriate manner. The relevant information in determining the competitiveness of a specific market may include the number of insurers actively engaged in providing coverage, market shares, and changes in market shares and ease of entry. Effective: July 15, 1982 History:Created 1982 Ky. Acts ch. 278, sec. 4, effective July 15, 1982. 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.