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304.17A-758 Activities allowed under administrator license -- Financial
statements -- Books and records -- Renewal of certificate -Nontransferability -- Fees.
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The insurance purchasing outlet may collect premiums and the value of
vouchers from or on behalf of insurance purchasing outlet members under its
administrator license.
The insurance purchasing outlet shall not adjust or settle claims on insurance
purchasing outlet members under its administrator license.
The insurance purchasing outlet shall comply with KRS 304.9-371 to
304.9-377.
The insurance purchasing outlet shall furnish annual and quarterly financial
statements no later than sixty (60) days after the end of the reporting period on
a form prescribed by the commissioner. Additionally, the insurance purchasing
outlet shall furnish to the commissioner annual audited financial statements
based on generally accepted accounting principles by an independent certified
public accountant on or before one hundred twenty (120) days from the end of
the insurance purchasing outlet's fiscal year for the immediately preceding
fiscal year.
The books and records of the insurance purchasing outlet shall be retained in
the state of Kentucky and made available to the commissioner for inspection or
examination.
Upon payment of all applicable fees, the certificate of registration issued in
accordance with KRS 304.17A-754 shall be renewed at the same time that the
insurance purchasing outlet renews its administrator license in accordance with
Subtitle 9 of Chapter 304.
The certificate of registration issued under KRS 304.17A-754 is not
transferable.
The department shall promulgate administrative regulations to establish fees
for the initial registration and renewal of registration of an insurance purchasing
outlet.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1253, effective July 15, 2010. -Created 2002 Ky. Acts ch. 207, sec. 5, effective July 15, 2002.
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