2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-180 Continuance, expiration, and reinstatement of certificate of authority -- Preparation of audited financial statements.
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304.3-180 Continuance, expiration, and reinstatement of certificate of
authority -- Preparation of audited financial statements.
(1)
(2)
(3)
(4)
A certificate of authority shall continue in force as long as the insurer is entitled
thereto under this code, and until suspended or revoked by the commissioner
or terminated at the insurer's request; subject, however, to continuance of the
certificate by the insurer each year by:
(a) Payment of the continuation fee provided in Subtitle 4 by March 1, or, if
paid by mail, postmarked no later than March 1;
(b) Due filing by the insurer of its annual statement for the next preceding
calendar year as required by KRS 304.3-240;
(c) Payment by the insurer of premium taxes with respect to the preceding
calendar year; and
(d) Due filing by domestic companies of quarterly statements as ordered by
the commissioner.
If not so continued by the insurer, its certificate of authority shall expire at
midnight on the April 30 next following the failure of the insurer to continue it in
force, unless earlier revoked for failure to pay taxes as provided in KRS
304.4-040. The commissioner shall promptly notify the insurer of the
occurrence of any failure resulting in impending expiration of its certificate of
authority.
The commissioner may, in his or her discretion, upon the insurer's request
made within three (3) months after expiration, reinstate a certificate of authority
which the insurer has inadvertently permitted to expire, after the insurer has
fully cured all its failures which resulted in the expiration and paid the fine as
set forth in KRS 304.99-154. Otherwise the insurer shall be granted another
certificate of authority only after filing application therefor and meeting all other
requirements as for an original certificate of authority in this state.
Beginning with the statutory audits for the year 2010, an insurer shall not use
the same lead or coordinating partner of an accounting firm responsible for
preparing the audited financial statement for more than five (5) consecutive
years.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 1, effective July 12, 2012. -Amended 2010 Ky. Acts ch. 24, sec. 969, effective July 15, 2010; and ch. 25,
sec. 3, effective July 15, 2010. -- Amended 2004 Ky. Acts ch. 24, sec. 7,
effective July 13, 2004. -- Amended 1994 Ky. Acts ch. 496, sec. 5, effective July
15, 1994. -- Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 18, effective June 18,
1970.
Legislative Research Commission Note (7/15/2010). A reference to the
"executive director" of insurance in subsection (1)(d) of this section, as amended
by 2010 Ky. Acts ch. 25, sec. 3, has been changed in codification to the
"commissioner" of insurance to reflect the reorganization of certain parts of the
Executive Branch, as set forth in Executive Order 2009-535 and confirmed by
the General Assembly in 2010 Ky. Acts ch. 24. This change was made by the
Reviser of Statutes pursuant to 2010 Ky. Acts ch. 24, sec. 1938.
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