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2015 Kentucky Revised Statutes
CHAPTER 304 - INSURANCE CODE
Subtitle 99 - Penalties
99.99-055 Penalties for violation of KRS 304.3-620.

KY Rev Stat § 99.99-055 (2015) What's This?

Download as PDF 304.99-055 Penalties for violation of KRS 304.3-620. Any insurer failing, without just cause, to timely file the ORSA Summary Report as required by KRS 304.3-620 shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay. The maximum penalty under this section is one thousand dollars ($1,000). The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. Effective: January 1, 2015 History: Created 2014 Ky. Acts ch. 119, sec. 9, effective January 1, 2015.

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