2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-240 Annual and quarterly financial statement -- Penalty for noncompliance -- Publication of financial statement prepared on a different basis.
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304.3-240 Annual and quarterly financial statement -- Penalty for
noncompliance -- Publication of financial statement prepared on a
different basis.
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Each authorized insurer shall annually file with the commissioner a true
statement of its financial condition, transactions, and affairs as of December 31
preceding. The statement shall be on forms prescribed by the National
Association of Insurance Commissioners and shall be completed according to
the instructions of the National Association of Insurance Commissioners, and
shall be verified by the oaths of at least two (2) of the insurer's principal
officers. The annual statement of a reciprocal insurer shall be made and
verified by its attorney-in-fact. The annual statement shall be filed by March 1
of each year, or, if filed by mail, postmarked no later than March 1. The annual
statement of a foreign or alien insurer may be executed or verified by facsimile
or reproduced signature; however, the annual statement of a domestic insurer
shall contain original signatures.
The statement forms shall be in general form and context as approved by the
National Association of Insurance Commissioners for the kinds of insurance to
be reported upon, and as supplemented for additional information required by
the commissioner.
The annual statement of an alien insurer shall relate only to its assets,
transactions, and affairs in the United States unless the commissioner requires
otherwise. The statement shall be verified by the insurer's United States
manager or by its officers duly authorized.
The commissioner may suspend or revoke the authority of any insurer failing to
file its annual and quarterly statement when due or failing so to file during any
extension of time therefor which the commissioner, for good cause, may grant.
Notwithstanding the provisions of this section or any other law of this
Commonwealth, an authorized insurer may, subject to the requirements of
regulations adopted by the commissioner, publish financial statements or
information based on financial statements prepared on a basis which is in
accordance with requirements of a competent authority and which differs from
the basis of the statements which have been filed with the commissioner in
compliance with this section. Such differing financial statements or information
based on the financial statements shall not be made the basis for the
application of any provision of this chapter not relating solely to the publication
of financial information unless the provision specifically so requires.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 974, effective July 15, 2010. -Amended 2004 Ky. Acts ch. 24, sec. 8, effective July 13, 2004. -- Amended
1994 Ky. Acts ch. 92, sec. 3, effective July 15, 1994; and ch. 496, sec. 6,
effective July 15, 1994. -- Amended 1976 Ky. Acts ch. 87, sec. 1, effective
March 29, 1976. -- Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 24, effective
June 18, 1970.
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