304.49-070 Annual report of financial condition.
(1)
(2)
(3)
(4)
Captive insurance companies shall not be required to make any annual report except
as provided in KRS 304.49-010 to 304.49-230.
On or before March 1 of each year, each captive insurer shall submit to the
commissioner a report of its financial condition, verified by oath of two (2) of its
executive officers. Each captive insurer shall report using generally accepted
accounting principles, unless the commissioner approves the use of statutory
accounting principles or international accounting standards. The approved
accounting method may contain any appropriate or necessary modifications or
adaptations thereof required or approved or accepted by the commissioner for the
type of insurance and kinds of insurers to be reported upon, and as supplemented by
additional information required by the commissioner. Any captive insurer whose
use of statutory accounting principles is approved by the commissioner may make
modifications and adaptations as are necessary to record as admitted the full value
of all investments by the captive insurer permitted under this subtitle and, subject to
the commissioner’s approval, to make its reports under this section consistent with
the purposes of this subtitle. Except as otherwise provided, all captive insurers, with
the exception of those formed as a risk retention group, shall file reports on a form
prescribed by the commissioner. The provisions of KRS 304.3-242(7)(a) and (d)
shall not apply to a captive insurer. A captive insurer formed as a risk retention
group shall file reports pursuant to KRS 304.2-205, with additional information or
modification as the commissioner may prescribe. The commissioner shall by
administrative regulation propose the forms in which captive insurers shall report.
Any captive insurer may make written application for filing the required report on a
fiscal year end. If an alternative reporting date is granted, the annual report is due
sixty (60) days after the fiscal year end.
Sixty (60) days after the fiscal year end, a branch captive insurer shall file with the
commissioner a copy of all reports and statements required to be filed under the
laws of the jurisdiction in which the foreign captive insurer is formed, verified by
oath of two (2) of its executive officers. If the commissioner is satisfied that the
annual report filed by the foreign captive insurer in its domiciliary jurisdiction
provides adequate information concerning the financial condition of the foreign
captive insurer, the commissioner may waive the requirement for completion of the
captive annual statement for business written in the foreign jurisdiction.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1611, effective July 15, 2010; and ch. 91,
sec. 5, effective July 15, 2010. -- Amended 2006 Ky. Acts ch. 252, Pt. XXXIV,
sec. 9, effective April 25, 2006. -- Created 2000 Ky. Acts ch. 434, sec. 7, effective
July 14, 2000.
Legislative Research Commission Note (7/15/2010). Under the authority of KRS
7.136(1)(e) and (h), a reference to "KRS 304.3-242(4)(a) and (d)" in subsection (2)
of this statute, as amended by 2010 Ky. Acts ch. 91, sec. 5, has been changed in
codification to "KRS 304.3-242(7)(a) and (d)" to reflect the insertion and deletion of
various subsections in KRS 304.3-242 by 2010 Ky. Acts ch. 25, sec. 4, and the
renumbering of the existing subsection (4) as subsection (7).
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 91, which do not appear to be in conflict and have been
codified together.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.