2015 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 3.3-190 Suspension or revocation of certificate of authority -- Mandatory grounds.
Download as PDF
304.3-190
Suspension or revocation of certificate of authority -- Mandatory
grounds.
(1)
(2)
The commissioner shall refuse to continue or shall suspend or revoke an insurer's
certificate of authority:
(a) If the action is required by any provision of this code; or
(b) If a foreign or alien insurer and it no longer meets the requirements for a
certificate of authority, as required for domestic insurers, on account of
deficiency of capital or surplus or otherwise; or
(c) If a domestic insurer and it has failed to cure an impairment of capital, if a
stock insurer, or minimum required surplus, if other than a stock insurer,
within the time allowed therefor by the commissioner under this code or is
otherwise no longer qualified for the certificate of authority; or
(d) If the insurer's certificate of authority to transact insurance therein is
suspended or revoked by its state or country of domicile.
Except in case of insolvency or impairment of required capital or surplus, or
suspension or revocation by another state or country as referred to in paragraph (d)
of subsection (1) of this section, the commissioner shall give the insurer at least
twenty (20) days notice in advance of any refusal, suspension, or revocation under
this section, and of the particulars of the reasons therefor. If the insurer requests a
hearing thereon within the twenty (20) days, a hearing shall be conducted in
accordance with KRS Chapter 13B, and the request shall automatically stay the
commissioner's proposed action until his or her final order is made on the hearing.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 970, effective July 15, 2010. -- Amended
1996 Ky. Acts ch. 318, sec. 231, effective July 15, 1996. -- Created 1970 Ky. Acts
ch. 301, subtit. 3, sec. 19, effective June 18, 1970.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.