304.29-311 Suspension, revocation, or refusal of license of foreign or alien society.
(1)
(2)
If the commissioner upon investigation finds that a foreign or alien society
transacting or applying to transact business in this state:
(a) Has exceeded its powers;
(b) Has failed to comply with any of the provisions of this subtitle;
(c) Is not fulfilling its contracts in good faith; or
(d) Is conducting its business fraudulently or in a manner hazardous to its
members or creditors or the public;
the commissioner shall notify the society of the deficiency or deficiencies and state
in writing the reasons for his or her dissatisfaction. The commissioner shall issue a
written notice to the society requiring that the deficiency or deficiencies which exist
are corrected. After the notice, the society shall have a thirty (30) day period in
which to comply with the commissioner's request for correction; and if the society
fails to comply, the commissioner shall notify the society of the findings of
noncompliance and require the society to show cause on a date named why its
license should not be suspended, revoked, or refused. If on that date the society does
not present good and sufficient reason why its authority to do business in this state
should not be suspended, revoked, or refused, the commissioner may suspend or
refuse the license of the society to do business in this state until satisfactory
evidence is furnished to the commissioner that suspension or refusal should be
withdrawn or the commissioner may revoke the authority of the society to do
business in this state.
Nothing contained in this section shall be taken or construed as preventing any
society from continuing in good faith all contracts made in this state during the time
the society was legally authorized to transact business herein.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1402, effective July 15, 2010. -- Created
1988 Ky. Acts ch. 310, sec. 31, effective January 1, 1989.
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