There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 299 ASSESSMENT OR COOPERATIVE INSURANCE
299.019 Reporting and filing requirements.
Download pdfoccupations or employment. (2) Every company licensed under this chapter shall file with the commissioner a copy of any management contract, third-party administrator contract, agency contract, or
any other agreement, contract, or document whereby rights or duties of the company
are assigned or delegated to another entity. No agreement shall be effective until
approved by the commissioner. An agreement may be disapproved if, after a
hearing under KRS Chapter 13B, the commissioner finds that the agreement does
not comply with the following conditions:
(a) The agreement shall be the result of an arms length transaction between the company and any other party; (b) The terms of the agreement shall be fair and reasonable to the parties, and the charges or fees for all services provided shall be reasonable; (c) The books, accounts, and records of each party to the agreement shall be maintained to clearly and accurately disclose the precise nature and details of
the transaction; and (d) The agreement shall be made for the benefit of the policyholders of the company. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 881, effective July 15, 2010. -- Created 1998 Ky. Acts ch. 315, sec. 3, effective July 15, 1998.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.