Download as PDF
304.49-130 Prohibition of contributions made and benefits received -Exceptions.
(1)
(2)
No captive insurer, including a captive insurer organized as a reciprocal insurer
under KRS 304.49-010 to 304.49-230, shall be permitted to join or contribute
financially to any plan, pool, association, or guaranty or insolvency fund in
Kentucky, nor shall any such captive insurer, or its insured, or its parent or any
affiliated company, or any member organization of its consortium, or in the
case of a captive insurer organized as a reciprocal insurer, any subscriber
thereof, receive any benefit from any such plan, pool, association, or guaranty
or insolvency fund for claims arising out of the operations of such captive
insurer.
Subsection (1) of this section shall not prohibit captive insurers from entering
into reinsurance or pooling transactions in the normal course of business, in
accordance with KRS 304.49-110.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 91, sec. 8, effective July 15, 2010. -- Created
2000 Ky. Acts ch. 434, sec. 13, effective July 14, 2000.
Legislative Research Commission Note (7/15/2010). A reference to "Section 8 of
this Act" in 2010 Ky. Acts ch. 91, sec. 8, subsec. 2, which became subsection
(2) of this statute, has been codified as "KRS 304.49-110" (Section 7 of that Act)
to correct a manifest oversight during the amendment process. House Floor
Amendment 1 to House Bill 241, which became 2010 Ky. Acts ch. 91, deleted
Section 2 in its entirety and renumbered the subsequent sections, but did not
make the conforming change to the reference in subsection (2). This manifest
clerical or typographical error has been corrected by the Reviser of Statutes
under the authority of KRS 7.136(1).
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.
