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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.
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