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304.37-565 Hearing -- Agreement to adopt foreign findings -- Notice -Application and plan review -- Order -- Revocation -- Notice and
documentation of completion.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
A public hearing required by KRS 304.37-505 and 304.37-510 shall be
conducted as directed in Subtitle 2 of this chapter and KRS Chapter 13B.
In lieu of an administrative hearing, the commissioner may, upon agreement of
the parties, adopt the findings by the insurance supervisory official of another
state.
In addition to any notice required by this chapter and KRS Chapter 13B, the
department shall supplement any notice by newspaper publication and
broadcast announcements, in accordance with KRS Chapter 424.
The commissioner may retain at the applicant's expense any attorneys,
actuaries, accountants, investment bankers, or other experts not otherwise a
part of the commissioner's staff that may be necessary to assist the
commissioner in reviewing the proposed application and plan of reorganization
or merger.
Upon receipt of the application and plan of reorganization or merger, the
commissioner shall submit any application to the Attorney General for
examination. The Attorney General shall have access to the commissioner's
staff and all consultants retained by the commissioner for review of the
application. The Attorney General may examine the application and plan of
reorganization or merger for compliance with the standards in KRS
304.37-555. The Attorney General may submit written findings and a
recommendation of approval, disapproval, or conditional approval of the
application and plan of reorganization or merger to the commissioner. Written
findings and recommendations shall be delivered to the commissioner no later
than five (5) days prior to the public hearing required by KRS 304.37-505 and
304.37-510 and shall be entered into the record at the hearing.
The commissioner shall at all times retain jurisdiction over the mutual
insurance holding company and its intermediate holding company subsidiaries
with stock insurance company subsidiaries.
Following the hearing required in KRS 304.37-505 and 304.37-510, the
commissioner shall, by order, approve, conditionally approve, or deny an
application. The commissioner may require, as a condition of approval of the
proposed reorganization, modification of the proposed plan of reorganization
as the commissioner finds necessary. The applicant shall accept required
modifications by filing appropriate amendments to the proposed plan of
reorganization with the commissioner within thirty (30) days of the date of the
order of the commissioner requiring modifications. If the applicant does not
accept the required modifications by failing to file the required amendments to
the proposed plan of reorganization within thirty (30) days, the proposed
reorganization shall be deemed denied.
An approval or conditional approval of a plan of reorganization shall expire if
the reorganization is not completed within one hundred eighty (180) days
unless the time period is extended by the commissioner upon a showing of
good cause.
(9)
The commissioner may revoke approval or conditional approval of an
applicant's plan of reorganization if the commissioner finds the applicant has
failed to comply with the plan of reorganization. The commissioner may compel
completion of a plan of reorganization unless the plan is abandoned in its
entirety. The commissioner shall retain jurisdiction over the applicant until a
plan of reorganization has been completed.
(10) Upon completion of all elements of a plan of reorganization and any conditions
placed on the reorganization by the commissioner, the applicant shall provide a
notice of and documentation of completion to the commissioner.
(11) Within twelve (12) months after the commissioner receives the notice specified
in subsection (9) of this section, the commissioner shall examine the affairs,
transactions, accounts, records, and assets of the mutual holding company,
reorganized insurer, and its affiliated persons for compliance with the plan of
reorganization and for protection of policyholder interests.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 18, effective July 12, 2012. -Amended 2010 Ky. Acts ch. 24, sec. 1496, effective July 15, 2010. -- Created
1998 Ky. Acts ch. 546, sec. 14, effective July 15, 1998.
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