2009 Kentucky Revised Statutes Subtitle 42. Kentucky Life and Health Insurance Guaranty Association 304.42.060 Creation of association -- Membership required -- Functions -- Accounts -- Supervision by commissioner.
304.42-060 Creation of association -- Membership required -- Functions --
Accounts -- Supervision by commissioner.
(1) There is created a nonprofit legal entity to be known as the Kentucky Life and
Health Insurance Guaranty Association. All member insurers shall be and remain <br>members of the association as a condition of their authority to transact insurance in <br>this state. The association shall perform its functions under the plan of operation <br>established and approved under KRS 304.42-100 and shall exercise its powers <br>through a board of directors established under KRS 304.42-070. For purposes of <br>administration and assessment, the association shall maintain three (3) accounts: <br>(a) The health insurance account; <br>(b) The life insurance account; and <br>(c) The annuity account.
(2) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 1560, effective July 15, 2010. -- Created
1978 Ky. Acts ch. 282, sec. 6, effective June 17, 1978.
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