2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-220 Duration of suspension -- Insurer's obligation during suspension period -- Reinstatement.
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304.3-220 Duration of suspension -- Insurer's obligation during suspension
period -- Reinstatement.
(1)
(2)
(3)
(4)
Suspension of an insurer's certificate of authority shall be for such period as
the commissioner specifies in the order of suspension, but not to exceed one
(1) year. During the suspension the commissioner may rescind or shorten the
suspension by his or her further order.
During the suspension period the insurer shall not solicit or write any new
business in this state, but shall file its annual statement, pay fees, licenses, and
taxes as required, and may service its business already in force in this state, as
if the certificate of authority had continued in full force.
Upon expiration of the suspension period, if within such period the certificate of
authority has not terminated, the insurer's certificate of authority shall be
automatically reinstated unless the commissioner finds that the causes of the
suspension have not terminated, or that the insurer is otherwise not in
compliance with the requirements of this code, and of which the commissioner
shall give the insurer notice not less than thirty (30) days in advance of the
expiration of the suspension period. If not so automatically reinstated the
certificate of authority shall be deemed to have terminated as of the end of the
suspension period.
Upon reinstatement of the insurer's certificate of authority, the authority of its
agents in this state to represent the insurer shall likewise be reinstated. The
commissioner shall promptly notify the insurer and its agents in this state of
record in the department, of such reinstatement. If pursuant to subsection (3) of
KRS 304.3-210, the commissioner has published notice of such suspension he
or she shall in like manner publish notice of the reinstatement.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 973, effective July 15, 2010. -Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 22, effective June 18, 1970.
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