There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 3. Authorization of Insurers and General Requirements
304.3.080 General eligibility for certificate of authority -- Ownership -- Management.
Download pdfalien insurance company or other insurance entity which is owned, or financially
controlled in whole or in part by any state of the United States, or by a foreign
government or by any political subdivision of either, or which is an agency of such
state, government or political subdivision, unless such company or entity was so
owned, controlled or constituted prior to January 1, 1957, and was authorized to do
business in this state on or prior to January 1, 1957. (2) The commissioner shall not grant or continue authority to transact insurance in this state to any insurer or proposed insurer after a hearing held thereon, if it appears
that:
(a) Any director, officer or other individual materially part of the management is found by the commissioner after investigation or upon reliable information to
be incompetent, or dishonest, or untrustworthy, or of unfavorable business
repute; or (b) The managers are so lacking in insurance company managerial experience in operations of the kind proposed in this state as to make such operation,
currently or prospectively, hazardous to or contrary to the best interests of the
insurance-buying or investing public of this state; or (c) The commissioner has good reason to believe it is affiliated directly or indirectly through ownership, control, management, reinsurance transactions
or other business relations with any person or persons of unfavorable business
repute; or (d) Its business operations are or have been marked, to the injury of insurers, stockholders, policyholders, creditors or the public, by illegality, or by
manipulation of assets, or of accounts, or of reinsurance, or by bad faith. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 959, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 8, effective June 18, 1970.
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