2006 Kentucky Revised Statutes - .100   Bond of attorney.

304.27-100 Bond of attorney. (1) Concurrently with the filing of the declaration provided for in KRS 304.27-060, the attorney of a domestic reciprocal insurer shall file with the executive director a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his bond as set forth in subsection (2) of this section. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the executive director's approval. (2) The bond shall be in the penal sum of $100,000, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his hands, and that he will not withdraw or appropriate to his own use from the funds of the insurer, any moneys or property to which he is not entitled under the power of attorney. (3) The bond shall provide that it is not subject to cancellation unless thirty (30) days' advance notice in writing of cancellation is given both the attorney and the executive director. Effective: July 15, 1982 History:Amended 1982 Ky. Acts ch. 128, sec. 5, effective July 15, 1982. -- Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 10, 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.