2017 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 45 - Product Liability Risk Retention Groups 304.45-030 Requirements for eligibility for charter of risk retention group to write liability insurance pursuant to this subtitle. (Effective January 1, 2018)
Download as PDF
304.45-030 Requirements for eligibility for charter of risk retention group to
write liability insurance pursuant to this subtitle. (Effective January 1,
2018)
(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 the plan or study if the group intends to offer
any additional kinds of liability insurance. The risk retention group shall not
offer any additional kinds of liability insurance in this state or any other state
until a revision of the plan or study is approved by the commissioner. In the
event of any other subsequent material change in any item of the plan or study,
the risk retention group shall submit an appropriate revision to the
commissioner within ten (10) days of the change.
(a) At the time of filing its application for charter, the risk retention group shall
provide to the commissioner in summary form the following information:
1.
The identity of the initial members of the group;
2.
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;
3.
The amount and nature of initial capitalization;
4.
The coverages to be afforded; and
5.
The states in which the group intends to operate.
(b) Upon receipt of the information, the commissioner shall forward the
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 one 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:January 1, 2018
History: Amended 2017 Ky. Acts ch. 16, sec. 3, effective January 1, 2018. -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.