2011 Kentucky Revised Statutes Subtitle 3. Authorization of Insurers and General Requirements 304.3.240 Annual and quarterly financial statement -- Penalty for noncompliance -- Publication of financial statement prepared on a different basis.
KY Rev Stat § 304.3.240 (1996 through Reg Sess) What's This?
304.3-240 Annual and quarterly financial statement -- Penalty for noncompliance - Publication of financial statement prepared on a different basis.
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Each authorized insurer shall annually file with the commissioner a true statement
of its financial condition, transactions, and affairs as of December 31 preceding.
The statement shall be on forms prescribed by the National Association of Insurance
Commissioners and shall be completed according to the instructions of the National
Association of Insurance Commissioners, and shall be verified by the oaths of at
least two (2) of the insurer's principal officers. The annual statement of a reciprocal
insurer shall be made and verified by its attorney-in-fact. The annual statement shall
be filed by March 1 of each year, or, if filed by mail, postmarked no later than
March 1. The annual statement of a foreign or alien insurer may be executed or
verified by facsimile or reproduced signature; however, the annual statement of a
domestic insurer shall contain original signatures.
The statement forms shall be in general form and context as approved by the
National Association of Insurance Commissioners for the kinds of insurance to be
reported upon, and as supplemented for additional information required by the
commissioner.
The annual statement of an alien insurer shall relate only to its assets, transactions,
and affairs in the United States unless the commissioner requires otherwise. The
statement shall be verified by the insurer's United States manager or by its officers
duly authorized.
The commissioner may suspend or revoke the authority of any insurer failing to file
its annual and quarterly statement when due or failing so to file during any
extension of time therefor which the commissioner, for good cause, may grant.
Notwithstanding the provisions of this section or any other law of this
Commonwealth, an authorized insurer may, subject to the requirements of
regulations adopted by the commissioner, publish financial statements or
information based on financial statements prepared on a basis which is in
accordance with requirements of a competent authority and which differs from the
basis of the statements which have been filed with the commissioner in compliance
with this section. Such differing financial statements or information based on the
financial statements shall not be made the basis for the application of any provision
of this chapter not relating solely to the publication of financial information unless
the provision specifically so requires.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 974, effective July 15, 2010. -- Amended
2004 Ky. Acts ch. 24, sec. 8, effective July 13, 2004. -- Amended 1994 Ky. Acts
ch. 92, sec. 3, effective July 15, 1994; and ch. 496, sec. 6, effective July 15, 1994. -Amended 1976 Ky. Acts ch. 87, sec. 1, effective March 29, 1976. -- Created 1970
Ky. Acts ch. 301, subtit. 3, sec. 24, effective June 18, 1970.
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