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304.27-100 Bond of attorney.
(1)
(2)
(3)
Concurrently with the filing of the declaration provided for in KRS 304.27-060,
the attorney of a domestic reciprocal insurer shall file with the commissioner a
bond in favor of this state for the benefit of all persons damaged as a result of
breach by the attorney of the conditions of his or her bond as set forth in
subsection (2) of this section. The bond shall be executed by the attorney and
by an authorized corporate surety, and shall be subject to the commissioner's
approval.
The bond shall be in the penal sum of one hundred thousand dollars
($100,000), aggregate in form, conditioned that the attorney will faithfully
account for all moneys and other property of the insurer coming into his or her
hands, and that he or she will not withdraw or appropriate to his or her own use
from the funds of the insurer, any moneys or property to which he or she is not
entitled under the power of attorney.
The bond shall provide that it is not subject to cancellation unless thirty (30)
days' advance notice in writing of cancellation is given both the attorney and
the commissioner.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1377, effective July 15, 2010. -Amended 1982 Ky. Acts ch. 128, sec. 5, effective July 15, 1982. -- Created 1970
Ky. Acts ch. 301, subtit. 27, sec. 10, effective June 18, 1970.
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