2015 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 45 - Product Liability Risk Retention Groups 45.45-030 Requirements for eligibility for charter of risk retention group to write liability insurance pursuant to this subtitle.
Download as PDF
304.45-030 Requirements for eligibility for charter of risk retention group to write
liability insurance pursuant to this subtitle.
(1)
(2)
(3)
(4)
(5)
(6)
A risk retention group shall, pursuant to the provisions of this chapter, be chartered
and licensed to write only liability insurance pursuant to this subtitle, and, except as
otherwise provided in this subtitle, shall comply with all of the laws, regulations,
and requirements applicable to such insurers chartered and licensed in this state and
with KRS 304.45-040 to the extent such requirements are not a limitation on laws,
regulations, or requirements of this state.
Notwithstanding any other provision to the contrary, all risk retention groups
chartered in this state shall file with the department and the National Association of
Insurance Commissioners (NAIC), an annual statement in a form prescribed by the
NAIC and completed in accordance with the NAIC instructions and the NAIC
accounting practices and procedures manual.
Before it may offer insurance in any state, each risk retention group shall also
submit for approval to the commissioner of this state a plan of operation or a
feasibility study and revisions of such plan or study if the group intends to offer any
additional kinds of liability insurance. The group shall not offer any additional kinds
of liability insurance in this state or any other state until a revision of such plan or
study is approved by the commissioner.
At the time of filing its application for charter, the risk retention group shall provide
to the commissioner in summary form the identity of the initial members of the
group, the identity of those individuals who organized the group or who will
provide administrative services or otherwise influence or control the activities of the
group, the amount and nature of initial capitalization, the coverages to be afforded,
and the states in which the group intends to operate. Upon receipt of the
information, the commissioner shall forward such information to the National
Association of Insurance Commissioners. Providing notification to the National
Association of Insurance Commissioners is in addition to and shall not be sufficient
to satisfy the requirements of KRS 304.45-040 and all other sections of this subtitle.
A risk retention group shall, within ten (10) days, notify the commissioner of any
changes in the identity of those individuals who provide administrative services or
otherwise influence or control the activities of the group, the coverages afforded,
and the states in which the group operates.
A risk retention group chartered and licensed in this state as a product liability risk
retention group under the provisions of KRS Chapter 304 in effect prior to July 13,
1990, may continue to act as such without complying with this subtitle as long as it
complies with the provisions of KRS Chapter 304 in effect prior to July 13, 1990.
The exception provided in this subsection shall cease to apply to any product
liability risk retention group which offers any other kind of liability insurance other
than product liability or completed operations liability insurance.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1574, effective July 15, 2010. -Amended 1994 Ky. Acts ch. 92, sec. 7, effective July 15, 1994. -- Amended 1990
Ky. Acts ch. 165, sec. 3, effective July 13, 1990. -- Created 1986 Ky. Acts ch. 308,
sec. 3, effective July 15, 1986.
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.