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304.35-040 Governing committee.
(1)
(2)
(3)
(4)
The Reinsurance Association shall be governed by a committee consisting of
seven (7) persons to be appointed by the commissioner of insurance. The
commissioner shall appoint two (2) persons representing insurers chartered
under the laws of the Commonwealth of Kentucky, one (1) person representing
an insurer that is neither chartered under the laws of the Commonwealth of
Kentucky nor affiliated with one (1) of the national insurance trade
associations, one (1) person representing an insurer from each of the following
three (3) associations: American Insurance Association, National Association of
Mutual Insurance Companies, the Property Casualty Insurers Association of
America, and one (1) licensed insurance agent.
The "FAIR" plan shall maintain a formulated plan and articles consistent with
this subtitle. The governing committee of the association may, on its own
initiative or shall at the request of the commissioner, amend the plan and
articles, subject to approval by the commissioner.
The governing committee of the association shall, on or before April 1 of each
year, file with the commissioner, on such forms as the commissioner requires,
an accounting of the plan's operations during the preceding calendar year
together with its financial condition, and its underwriting experience as to each
separate account maintained therein, as of the end of such year. The
commissioner may require interim accountings on a quarterly basis or examine
the affairs of the association when, in his or her opinion, such action is
necessary to determine the continued solvency of the Reinsurance
Association.
If at any time the commissioner determines that the Reinsurance Association is
or may become unable to meet its financial obligations during the current year,
the commissioner shall order the governing committee to levy appropriate
assessments within the limitations of KRS 304.35-030(1) against all members.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1461, effective July 15, 2010. -Amended 2005 Ky. Acts ch. 32, sec. 1, effective June 20, 2005. -- Amended
1990 Ky. Acts ch. 260, sec. 2, effective July 13, 1990. -- Amended 1988 Ky.
Acts ch. 225, sec. 4, effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 359,
sec. 4, effective July 15, 1980. -- Created 1972 Ky. Acts ch. 65, sec. 4, effective
June 16, 1972.
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