2018 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 3 - Authorization of Insurers and General Requirements 304.3-180 Continuance, expiration, and reinstatement of certificate of authority -- Preparation of audited financial statements.
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304.3-180 Continuance, expiration, and reinstatement of certificate of authority -Preparation of audited financial statements.
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A certificate of authority shall continue in force as long as the insurer is entitled
thereto under this code, and until suspended or revoked by the commissioner or
terminated at the insurer's request; subject, however, to continuance of the
certificate by the insurer each year by:
(a) Payment of the continuation fee provided in Subtitle 4 by March 1, or, if paid
by mail, postmarked no later than March 1;
(b) Due filing by the insurer of its annual statement for the next preceding
calendar year as required by KRS 304.3-240;
(c) Payment by the insurer of premium taxes with respect to the preceding
calendar year; and
(d) Due filing by domestic companies of quarterly statements as ordered by the
commissioner.
If not so continued by the insurer, its certificate of authority shall expire at midnight
on the April 30 next following the failure of the insurer to continue it in force,
unless earlier revoked for failure to pay taxes as provided in KRS 304.4-040. The
commissioner shall promptly notify the insurer of the occurrence of any failure
resulting in impending expiration of its certificate of authority.
The commissioner may, in his or her discretion, upon the insurer's request made
within three (3) months after expiration, reinstate a certificate of authority which the
insurer has inadvertently permitted to expire, after the insurer has fully cured all its
failures which resulted in the expiration and paid the fine as set forth in KRS
304.99-154. Otherwise the insurer shall be granted another certificate of authority
only after filing application therefor and meeting all other requirements as for an
original certificate of authority in this state.
Beginning with the statutory audits for the year 2010, an insurer shall not use the
same lead or coordinating partner of an accounting firm responsible for preparing
the audited financial statement for more than five (5) consecutive years.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 1, effective July 12, 2012. -- Amended
2010 Ky. Acts ch. 24, sec. 969, effective July 15, 2010; and ch. 25, sec. 3, effective
July 15, 2010. -- Amended 2004 Ky. Acts ch. 24, sec. 7, effective July 13, 2004. -Amended 1994 Ky. Acts ch. 496, sec. 5, effective July 15, 1994. -- Created 1970 Ky.
Acts ch. 301, subtit. 3, sec. 18, effective June 18, 1970.
Legislative Research Commission Note (7/15/2010). A reference to the "executive
director" of insurance in subsection (1)(d) of this section, as amended by 2010 Ky.
Acts ch. 25, sec. 3, has been changed in codification to the "commissioner" of
insurance to reflect the reorganization of certain parts of the Executive Branch, as set
forth in Executive Order 2009-535 and confirmed by the General Assembly in 2010
Ky. Acts ch. 24. This change was made by the Reviser of Statutes pursuant to 2010
Ky. Acts ch. 24, sec. 1938.
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