Controlling Agents Act

Sections covered

• KRS 304.3-010"Stock" insurer defined
• KRS 304.3-020"Mutual" insurer defined
• KRS 304.3-025"Combined stock and mutual life" insurer defined
• KRS 304.3-030"Reciprocal" insurer defined
• KRS 304.3-040"Lloyd's Plan" insurer defined
• KRS 304.3-050"Charter" defined
• KRS 304.3-060Exceptions to certificate of authority requirement
• KRS 304.3-070Eligibility for certificate of authority
• KRS 304.3-080General eligibility for certificate of authority -- Ownership -- Management
• KRS 304.3-090General eligibility for certificate of authority -- Prior operation
• KRS 304.3-100Name of insurer
• KRS 304.3-110Combinations of insuring powers, one insurer1 cite
• KRS 304.3-120Capital funds required -- Amount of surplus required
• KRS 304.3-125Authority for commissioner to require additional capital and surplus
• KRS 304.3-130Repealed, 1982
• KRS 304.3-140Deposit requirement in general
• KRS 304.3-150Application for certificate of authority1 cite
• KRS 304.3-160Issuance -- Refusal of authority -- Ownership of certificate1 cite
• KRS 304.3-170Amended certificate of authority
• KRS 304.3-180Continuance, expiration, and reinstatement of certificate of authority -- Preparation of audited financial statements1 cite
• KRS 304.3-190Suspension or revocation of certificate of authority -- Mandatory grounds2 cites
• KRS 304.3-200Suspension or revocation of certificate of authority -- Discretionary and special grounds1 cite
• KRS 304.3-210Order -- Notice of suspension or revocation -- Publication -- Effect upon agents' authority
• KRS 304.3-220Duration of suspension -- Insurer's obligation during suspension period -- Reinstatement
• KRS 304.3-230Service of process on insurers -- Secretary of State as attorney for service of process
• KRS 304.3-235Corporate Governance Annual Disclosure -- Submission to department or lead state regulator -- Required information and support -- Annual filing of amended version -- Confidentiality -- Use and sharing of filings and information -- Parties retained to assist commissioner
• KRS 304.3-240Annual and quarterly financial statement -- Penalty for noncompliance -- Publication of financial statement prepared on a different basis1 cite
• KRS 304.3-241Accounting practices and procedures for annual and quarterly statements
• KRS 304.3-242Property and casualty insurers to annually submit statement of actuarial opinion and supporting documentation -- Opinion to be available for public inspection -- Confidentiality of supporting documentation -- Exemptions to filing requirement
• KRS 304.3-245Repealed, 1998
• KRS 304.3-250Repealed, 1998
• KRS 304.3-260Repealed, 1998
• KRS 304.3-270Retaliatory provision1 cite
• KRS 304.3-280Effect of provision limiting or excluding insurer's obligation to pay claim of insured eligible for medical assistance
• KRS 304.3-310Repealed, 1988
• KRS 304.3-315Repealed, 1992
• KRS 304.3-320Guaranty fund deposit by foreign insurers may be required by commissioner
• KRS 304.3-330Reports of past-due loans and loans in foreclosure to early warning analyst
• KRS 304.3-400Definitions for KRS 304.3-400 to 304.3-430
• KRS 304.3-405Parties subject to KRS 304.3-400 to 304.3-430
• KRS 304.3-410Applicability -- Contract between insurer and controlling producer -- Audit committees -- Reporting requirements
• KRS 304.3-415Notice to prospective insured disclosing relationship between producer and controlled insurer -- Exceptions
• KRS 304.3-420Authority of commissioner -- Actions
• KRS 304.3-425Compliance date
• KRS 304.3-430Short title for KRS 304.3-400 to 304.3-430
• KRS 304.3-500Definitions for KRS 304.3-500 to 304.3-570
• KRS 304.3-510Licensing of controlling agent -- Evidence of financial responsibility
• KRS 304.3-520Contract between insurer and controlling agent -- Minimum provisions -- Prohibited activities
• KRS 304.3-530Duties and responsibilities of insured and controlling agent
• KRS 304.3-540Acts of controlling agent -- Examination by commissioner
• KRS 304.3-550Penalties
• KRS 304.3-560Administrative regulations
• KRS 304.3-570Short title for KRS 304.3-500 to 304.3-570
• KRS 304.3-600Definitions for KRS 304.3-600 to 304.3-635 and 304.99-055
• KRS 304.3-605Application of KRS 304.3-600 to 304.3-635 and 304.99-055
• KRS 304.3-610Maintenance of risk management framework
• KRS 304.3-615Regular Own Risk and Solvency Assessments required -- Exception -- Frequency
• KRS 304.3-620Own Risk and Solvency Assessment Summary Report or combination of reports -- When required -- Contents -- Signature
• KRS 304.3-625Exemption from requirements of KRS 304.3-600 to 304.3-635 and 304.99-055 -- Conditions
• KRS 304.3-630Reporting to comply with ORSA Guidance Manual
• KRS 304.3-635ORSA Summary Report and other information confidential, privileged, and exempt from Open Records Act and private civil action subpoena, discovery, and testimony -- Powers of commissioner
• KRS 304.3-700Definitions for KRS 304.3-700 to 304.3-735
• KRS 304.3-705Application for admission to regulatory sandbox -- Disclosure and stability requirements -- Disqualifying factors -- Participation in regulatory sandbox under KRS 15.268
• KRS 304.3-710Director of insurance innovation -- Review of applications -- Notice of acceptance or rejection -- Hearing
• KRS 304.3-715Limited no-action letter -- Safe harbor of limited letter -- Publication of limited letter on department's Web site
• KRS 304.3-720One-year period for beta test -- Extension by commissioner -- Terms and conditions -- Early termination -- Cease and desist order -- Appeal
• KRS 304.3-725Completion and review of beta test -- Issuance of extended no-action letter or notice declining to issue extended letter -- Safe harbor of extended letter -- Use of innovation and conduct permitted -- Hearing -- Publication of extended letter on department's Web site
• KRS 304.3-730Confidentiality of financial information -- Permissible disclosures in extended no-action letter
• KRS 304.3-735Annual report
• KRS 304.3-750Definitions for KRS 304.3-750 to 304.3-768
• KRS 304.3-752Exemption qualifications
• KRS 304.3-754Applicability
• KRS 304.3-756Written information security program -- Requirements -- Assessments -- Written incident response plan -- Annual certification to commissioner
• KRS 304.3-758Cybersecurity event investigation
• KRS 304.3-760Notification to commissioner of cybersecurity event -- Procedures
• KRS 304.3-762Powers of commissioner
• KRS 304.3-764Documents, materials, and other information -- Confidentiality -- Releases
• KRS 304.3-766Compliance requirements
• KRS 304.3-768Penalties