304.49-080 Examination of captive insurers.
(1)
(2)
(3)
Any insurer holding a certificate of authority issued under this subtitle shall be
subject to provisions of KRS 304.2-210 to 304.2-300 and provisions of Subtitle 2 of
this chapter for determining market conduct and business practices. However, the
commissioner upon application, in his or her discretion, may extend the period
between examinations, provided the captive insurer is subject to a comprehensive
annual audit during that period, of a scope satisfactory to the commissioner, by
independent auditors approved by the commissioner.
The examination for a branch captive insurer shall be of branch business and branch
operations only, as long as the branch captive insurer provides annually to the
commissioner a certificate of compliance, or its equivalent, issued by or filed with
the licensing authority of the jurisdiction in which the branch captive insurer is
formed, and demonstrates to the commissioner's satisfaction that it is operating in
sound financial condition in accordance with all applicable laws and regulations of
that jurisdiction.
As a condition for issuance of a certificate of authority to a branch captive insurer,
the foreign captive insurer shall grant authority to the commissioner for examination
of the affairs of the foreign captive insurer in the jurisdiction in which the foreign
captive insurer is formed.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1612, effective July 15, 2010. -- Created
2000 Ky. Acts ch. 434, sec. 8, effective July 14, 2000.
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.