Download as PDF
304.6-100 Loss reserves -- Casualty insurance.
(1)
(2)
(3)
As to casualty insurance transacted by it, each insurer shall maintain at all
times reserves in an amount estimated in the aggregate to provide for payment
of all losses and claims incurred, whether reported or unreported, which are
unpaid and for which the insurer may be liable, and to provide for the expenses
of adjustment or settlement of losses and claims. The reserves shall be
computed in accordance with regulations from time to time made by the
commissioner, after due notice and hearing, upon reasonable consideration of
the ascertained experience and the character of such kind of business for the
purpose of adequately protecting the insured and the solvency of the insurer.
Whenever the loss and loss expense experience of the insurer show that
reserves, calculated in accordance with such regulations, are inadequate, the
commissioner may require the insurer to maintain additional reserves.
The commissioner may, by regulation, prescribe the manner and form of
reporting pertinent information concerning the reserves provided for in this
section.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1001, effective July 15, 2010. -Amended 2004 Ky. Acts ch. 24, sec. 16, effective July 13, 2004. -- Created 1970
Ky. Acts ch. 301, subtit. 6, sec. 10, effective June 18, 1970.
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.
