2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-150 Application for certificate of authority.
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304.3-150 Application for certificate of authority.
To apply for an original certificate of authority an insurer shall file with the
commissioner its written application therefor on forms as prescribed and furnished
by the commissioner, accompanied by the applicable fees specified in Subtitle 4,
stating under the oath of the president or vice-president or other chief officer and the
secretary of the insurer, or of the attorney-in-fact (if a reciprocal insurer or Lloyd's
plan insurer), the insurer's name, location of its principal office, the kinds of
insurance to be transacted, date of organization or incorporation, form of
organization, its domicile, and any additional information as the commissioner may
reasonably require, together with the following documents, as applicable:
(1) If a corporation, a copy of its charter, together with all amendments thereto, or
as restated and amended under the laws of its state or country of
incorporation, currently certified by the public official with whom the originals
are on file in a state or country.
(2) A copy of its bylaws, certified by the insurer's secretary.
(3) If a reciprocal insurer, a copy of the power of attorney of its attorney-in-fact,
and copy of its subscribers agreement, if any, both certified by the
attorney-in-fact; and if a domestic reciprocal insurer, the declaration provided
for in KRS 304.27-060.
(4) If a Lloyd's plan insurer, the names and addresses of all of the underwriters
proposing to engage in the business, along with the number of underwriters
which shall not be less than twenty-five (25), and that each underwriter is worth
in his or her own right not less than twenty thousand dollars ($20,000) over and
above all his or her liabilities, along with a statement showing a list of all cash
and invested assets owned by the associated underwriters and their value,
certified and sworn to by their duly authorized attorney-in-fact.
(5) A complete copy of its financial statement as of not earlier than the December
31 next preceding in form as customarily used in the United States by like
insurers, sworn to by at least two (2) executive officers of the insurer or certified
by the public insurance supervisory official of the insurer's state or country of
domicile.
(6) A copy of the report of last examination of the insurer prior to the filing of the
application, certified by the public insurance supervisory official of the insurer's
state or country of domicile.
(7) If a foreign or alien insurer, the name and address of the person to whom the
Secretary of State shall forward lawful process served upon him or her. If a
domestic reciprocal insurer, the name and address of the attorney designated
pursuant to paragraph (e) of subsection (2) of KRS 304.27-060 shall be
deemed to be the person to whom the Secretary of State shall forward lawful
process served upon him or her. Any judgment against a domestic reciprocal
so served shall be binding upon each of the insurer's subscribers as their
respective contingent liabilities.
(8) If a foreign or alien insurer, a certificate of the public insurance supervisory
official of its state or country of domicile showing that it is authorized or
qualified for authority to transact in a state or country the kinds of insurance
proposed to be transacted in this state.
(9)
(10)
(11)
(12)
(13)
If an alien insurer, a certificate as to deposit, if to be tendered pursuant to
subsection (4) of KRS 304.3-140, and a copy of the trust deed, if any,
pertaining to a deposit, certified by the trustee.
If a foreign insurer, a certificate as to deposit, if to be tendered pursuant to
subsection (4) of KRS 304.3-140.
If an alien insurer, a copy of the appointment and authority of its United States
manager, certified by its officer having custody of its records.
Designation by the insurer of its officers or representatives authorized to
appoint and remove its agents in this state.
If to transact surety insurance, the names and addresses of all its attorneys in
fact within this state together with the scope of authority of each
attorney-in-fact.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 966, effective July 15, 2010. -Amended 2004 Ky. Acts ch. 24, sec. 6, effective July 13, 2004. -- Amended
1998 Ky. Acts ch. 483, sec. 7, effective July 15, 1998. -- Amended 1982 Ky.
Acts ch. 319, sec. 10, effective July 15, 1982. -- Created 1970 Ky. Acts ch. 301,
subtit. 3, sec. 15, effective June 18, 1970.
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