2011 Kentucky Revised Statutes Subtitle 3. Authorization of Insurers and General Requirements 304.3.220 Duration of suspension -- Insurer's obligation during suspension period -- Reinstatement.
KY Rev Stat § 304.3.220 (1996 through Reg Sess) What's This?
304.3-220 Duration of suspension -- Insurer's obligation during suspension period - Reinstatement.
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Suspension of an insurer's certificate of authority shall be for such period as the
commissioner specifies in the order of suspension, but not to exceed one (1) year.
During the suspension the commissioner may rescind or shorten the suspension by
his or her further order.
During the suspension period the insurer shall not solicit or write any new business
in this state, but shall file its annual statement, pay fees, licenses, and taxes as
required, and may service its business already in force in this state, as if the
certificate of authority had continued in full force.
Upon expiration of the suspension period, if within such period the certificate of
authority has not terminated, the insurer's certificate of authority shall be
automatically reinstated unless the commissioner finds that the causes of the
suspension have not terminated, or that the insurer is otherwise not in compliance
with the requirements of this code, and of which the commissioner shall give the
insurer notice not less than thirty (30) days in advance of the expiration of the
suspension period. If not so automatically reinstated the certificate of authority shall
be deemed to have terminated as of the end of the suspension period.
Upon reinstatement of the insurer's certificate of authority, the authority of its
agents in this state to represent the insurer shall likewise be reinstated. The
commissioner shall promptly notify the insurer and its agents in this state of record
in the department, of such reinstatement. If pursuant to subsection (3) of KRS
304.3-210, the commissioner has published notice of such suspension he or she
shall in like manner publish notice of the reinstatement.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 973, effective July 15, 2010. -- Created
1970 Ky. Acts ch. 301, subtit. 3, sec. 22, effective June 18, 1970.
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