There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 49. Captive Insurers
304.49.110 Reinsurance on risks ceded by other insurer or captive insurer authorized -- Powers of commissioner.
Download pdfcomplying with KRS 304.5-130, 304.5-140, and 304.5-150. (4) For all purposes of KRS 304.49-010 to 304.49-230, insurance by a captive insurer of any workers' compensation qualified self-insured plan of its parent and affiliates
shall be deemed to be reinsurance. (5) A captive insurer may take credit for the reinsurance of risks or portions of risks ceded to a pool, exchange, or association acting as an insurer or a reinsurer which
has been authorized by the commissioner. The commissioner may require any other
documents, financial information, or other evidence that the pool, exchange, or
association will be able to provide adequate security for its financial obligations.
The commissioner may deny authorization or impose any limitations on the
activities of a reinsurance pool, exchange, or association that in the commissioner's
judgment are necessary and proper to provide adequate security for the ceding
captive insurer or segregated account and for the protection and consequent benefit
of the public at large. (6) The commissioner may impose any other requirements that he or she deems necessary before permitting credit for reinsurance under this section, including but
not limited to requiring an approved funds-held agreement, letter of credit, trust or
other acceptable collateral based on unearned premium, loss and loss adjustment
expense reserves, and incurred but not reported reserves. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 91, sec. 7, effective July 15, 2010. -- Created 2000 Ky. Acts ch. 434, sec. 11, effective July 14, 2000. Legislative Research Commission Note (7/15/2010). References to the "executive director" of insurance in subsections (3), (5), and (6) of this section, as amended by
2010 Ky. Acts ch. 91, sec. 7, have been changed in codification to the
"commissioner" of insurance to reflect the reorganization of certain parts of the
Executive Branch, as set forth in Executive Order 2009-535 and confirmed by the
General Assembly in 2010 Ky. Acts ch. 24. These changes were made by the Reviser
of Statutes pursuant to 2010 Ky. Acts ch. 24, sec. 1938.
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