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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commissioner that suspension or refusal should be withdrawn or the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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