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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 commissioner’s 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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