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304.37-055 Supervisory colleges for certain domestic insurers -- Powers of
commission.
(1)
(2)
(3)
With respect to any insurer registered pursuant to KRS 304.37-020, and in
accordance with subsection (3) of this section, the commissioner shall have the
authority to participate in a supervisory college for any domestic insurer that is
part of an insurance holding company system with international operations in
order to determine compliance by the insurer with this subtitle. The powers of
the commissioner with respect to supervisory colleges include, but are not
limited to:
(a) Initiating the establishment of a supervisory college;
(b) Clarifying the membership and participation of other supervisors in the
supervisory college;
(c) Clarifying the functions of the supervisory college and the role of other
regulators, including the establishment of a groupwide supervisor;
(d) Coordinating the ongoing activities of the supervisory college, including
planning meetings, supervising activities, and establishing processes for
information sharing; and
(e) Establishing a crisis management plan.
Each registered insurer subject to this section shall be liable for and shall pay
the reasonable expenses of the commissioners participation in a supervisory
college in accordance with subsection (3) of this section, including reasonable
travel expenses. For purposes of this section, a supervisory college may be
convened as either a temporary or permanent forum for communication and
cooperation between the regulators charged with the supervision of the insurer
or its affiliates, and the commissioner may establish a regular assessment to
the insurer for the payment of these expenses.
In order to assess the business strategy, financial position, legal and regulatory
position, risk exposure, risk management, and governance processes, and as
part of the examination of individual insurers in accordance with KRS
304.37-040, the commissioner may participate in a supervisory college with
other regulators charged with supervision of the insurer or its affiliates,
including other state, federal, and international regulatory agencies. The
commissioner may enter into agreements in accordance with KRS 304.37-050
providing the basis for cooperation between the commissioner and the other
regulatory agencies, and the activities of the supervisory college. Nothing in
this section shall delegate to the supervisory college the authority of the
commissioner to regulate or supervise the insurer or its affiliates within its
jurisdiction.
Effective:July 15, 2014
History: Created 2012 Ky. Acts ch. 74, sec. 12, effective July 15, 2014.
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