reglab/statecodes huggingface dataset:
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 3 - Authorization of Insurers and General Requirements › Section 806 KAR 3:170 - Annual audited financial reports

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.1-040,
				304.1-050,
				304.2-065,
				304.2-210-304.2-290,
				304.3-120,
				304.3-125,
				304.3-240,
				304.3-241,
				304.17A-820,
				304.32-210,
				304.35-040,
				304.36-140,
				304.37-010,
				304.37-020,
				304.42-150,
				304.45-030,
				304.45-040,
				304.48-110,
				304.49-070(2),
				304.49-080,
				304.49-090,
				304.50-060,
				304.50-075,
				18 U.S.C. Chapter 96,
				Pub.
				L. 107-204
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of the
				Department of Insurance to promulgate administrative regulations necessary for
				or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code as established in
				KRS
				304.1-010.
				KRS
				304.3-240 authorizes the commissioner to
				promulgate administrative regulations concerning the publication of financial
				statements.
				KRS
				304.49-170 authorizes the commissioner to
				promulgate administrative regulations relating to captive insurance companies
				that are necessary to enable the commissioner to carry out the provisions of
				KRS
				304.49-010 through
				304.49-230.
				This administrative regulation establishes requirements concerning the annual
				filing of audited financial reports by insurers.
Section 1. Definitions.
(1) "Accountant" means:
(a) An independent certified public
			 accountant or accounting firm in good standing with the American Institute of
			 Certified Public Accountants and in all states in which the accountant is
			 licensed to practice;
(b) For
			 Canadian and British insurers, a Canadian-chartered or British-chartered
			 accountant.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 3 - Authorization of Insurers and General Requirements › Section 806 KAR 3:230 - Standards for safeguarding customer information

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.12-010,
				304.12-130,
				304.99-020,
				15 U.S.C.
				6801,
				6805(b),
				6807
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				commissioner to promulgate reasonable administrative regulations necessary for
				or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code. The Gramm-Leach-Bliley Act codified in
				15 U.S.C.
				6801(b) requires the state
				insurance regulatory authorities to establish appropriate standards relating to
				administrative, technical, and physical safeguards:
(1) to ensure the security and
			 confidentiality of customer records and information;
(2) to protect against any anticipated
			 threats or hazards to the security or integrity of these records; and
(3) to protect against unauthorized access to
			 or use of records or information that could result in substantial harm or
			 inconvenience to a customer. This administrative regulation establishes the
			 appropriate standards for licensees of the Department of Insurance to safeguard
			 customer information.
Section 1.
			 Definitions.
(1) "Consumer" means an
			 individual who seeks to obtain, obtains, or has obtained an insurance product
			 or service from a licensee that is to be used primarily for personal, family,
			 or household purposes, and about whom the licensee has nonpublic personal
			 information; or that individual's legal representative.
(2) "Customer" means a consumer who has a
			 customer relationship with a licensee.
(3) "Customer information" means nonpublic
			 personal information about a customer, whether in paper, electronic or other
			 form, that is maintained by or on behalf of the licensee.
(4) "Customer relationship" means a
			 continuing relationship between a consumer and a licensee under which the
			 licensee provides one (1) or more insurance products or services to the
			 consumer that are to be used primarily for personal, family, or household
			 purposes.
(5) "Licensee" means all
			 insurers holding a certificate of authority, licensed producers, companies, or
			 business entities licensed or required to be licensed, or authorized or
			 required to be authorized, or registered, excluding service contract makers, or
			 required to be registered pursuant to the Kentucky Insurance Code.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 3 - Authorization of Insurers and General Requirements › Section 806 KAR 3:240 - Corporate Governance Annual Disclosure

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.3-235
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the commissioner of the
				Department of Insurance to make reasonable rules and administrative regulations
				necessary for or as an aid to the effectuation of any provision of the Kentucky
				Insurance Code, as defined in
				KRS
				304.1-010.
				KRS
				304.3-235 requires insurers and insurance
				groups to file a corporate governance annual disclosure form. This
				administrative regulation provides specific details on the contents of the
				required disclosure and incorporates a form to be utilized by reporting
				entities to permit efficiency in the review and submission.
Section 1. Definitions.
(1) "Corporate Governance Annual Disclosure"
			 or "CGAD" is defined by
			 KRS
			 304.3-235(1)(c).
(2) "Insurance group" is defined by KRS
			 301.3-235(1)(a).
(3) "Insurer" is
			 defined by
			 KRS
			 304.37-010(7).
(4) "Senior Management" means any corporate
			 officer responsible for reporting information to the board of directors at
			 regular intervals or providing this information to shareholders or regulators,
			 such as the Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO"),
			 Chief Operations Officer ("COO"), Chief Procurement Officer ("CPO"), Chief
			 Legal Officer ("CLO"), Chief Information Officer ("CIO"), Chief Technology
			 Officer ("CTO"), Chief Revenue Officer ("CRO"), Chief Visionary Officer
			 ("CVO"), or any other "C" level executive.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 3 - Authorization of Insurers and General Requirements › Section 806 KAR 3:250 - Cybersecurity reporting procedures

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.3-750 - 304.3-768,
				45 C.F.R.
				160,
				164,
				15 U.S.C. 6801, 6805
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of the Department of Insurance to promulgate administrative
				regulations necessary for or as an aid to the effectuation of any provision of
				the Kentucky Insurance Code.
				KRS
				304.3-756 requires a non-exempt licensee to
				develop, implement, and maintain a comprehensive information security program
				based on an internal risk assessment.
				KRS
				304.3-760 and
				304.3-766 require non-exempt
				licensees to notify the Commissioner of the Department of Insurance of a
				cybersecurity event involving nonpublic information. This administrative
				regulation establishes the reporting procedures for non-exempt licensees to
				report a cybersecurity event and file a cybersecurity compliance report. The
				administrative regulation also establishes the procedure for a licensee to file
				a cybersecurity exemption form under
				KRS
				304.3-752 and
				304.3-766.
Section 1. Definitions.
(1) "Cybersecurity Event" is defined by
			 KRS
			 304.3-750(2).
(2) "Information security program" is defined
			 by KRS
			 304.3-750(4).
(3) "Licensee" is defined by
			 KRS
			 304.3-750(6).
(4) "eServices" means a secured electronic
			 database developed and managed by the Department of Insurance that houses a
			 registration of public and nonpublic information of
			 licensees.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 4 - Fees and Taxes › Section 806 KAR 4:010 - Fees of the Department of Insurance

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS 18A.225,
				61.874,
				304.2-110,
				304.2-150,
				304.3-150,
				304.4-010,
				304.9-053,
				304.9-105,
				304.9-130,
				304.9-140,
				304.9-150,
				304.9-160,
				304.9-200,
				304.9-260,
				304.9-270,
				304.9-280,
				304.9-295,
				304.9-300,
				304.9-320,
				304.9-430,
				304.9-432,
				304.9-505,
				304.9-780,
				304.10-120,
				304.11-020,
				304.15-700,
				304.15-720,
				304.17A-300,
				304.19-080,
				304.29-231,
				304.32-120,
				304.32-270,
				304.38-040,
				304.38-060,
				304.38-200,
				304.38A-070,
				304.45-140,
				304.49-150
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of Insurance to promulgate reasonable administrative regulations
				necessary for or as an aid to the effectuation of any provision of the Kentucky
				Insurance Code as defined in
				KRS
				304.1-010.
				KRS
				304.4-010(1) requires the
				Commissioner of Insurance to prescribe those services for which fees shall be
				charged and the amounts of the fees.
				KRS
				61.874(4) authorizes an
				agency to charge fees based on costs for public records used for commercial
				purposes. This administrative regulation establishes services for which the
				Department of Insurance shall charge fees and the amounts of those fees.
Section 1. The commissioner shall collect
			 fees as follows:
(1) Annual statement.
(a) Filing each year, $100.
(b) Filing additional or supplemental
			 statement in the same year, $100.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 5 - Kinds of Insurance; Limits of Risk; Reinsurance › Section 806 KAR 5:060 - Registration of service contracts for consumer products

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.5-070
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.5-070(1)(q) requires
				that makers of service contracts who repair, replace, or maintain consumer
				products register with the Commissioner to be exempt from the definition of
				casualty insurance. This administrative regulation establishes the filing
				requirements for that registration.
Section
			 1. Definitions.
(1) "Casualty
			 insurance" is defined by
			 KRS
			 304.5-070.
(2) "Maker of a service contract" or "maker"
			 is the entity contractually obligated under the terms of the service
			 contract.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:010 - Valuation standards; audits

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.2-290, 304.6-130-304.6-180
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				commissioner of insurance to promulgate administrative regulations necessary
				for or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code as established in
				KRS
				304.1-010.
				KRS
				304.6-130 through
				304.6-180
				requires the commissioner to annually value the liability item of the NAIC
				Annual Statement form as itemized in Exhibit 5 of that statement. This
				administrative regulation establishes the framework for acceptable valuation
				standards and establishes mortality tables for the determination of adequate
				reserves.
Section 1. Definitions.
(1) "1958 Commissioners Extended Term Table
			 of Mortality" means the mortality table that:
(a) Is based on underwriting requirements
			 that do not include evidence of medical insurability; and
(b) Incorporates mortality rates adequate to
			 take into account the increase in mortality rate to which the class of persons
			 whose lives are insured with credit life insurance are subject.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:020 - Temporary transfer of assets prohibited

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.6-020
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 provides that the Commissioner of
				Insurance may make reasonable rules and administrative regulations necessary
				for or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code. This administrative regulation prevents a temporary transfer, exchange or
				sale of an asset from being excluded from the prohibition imposed in
				KRS
				304.6-020.
Section
			 1. Any asset obtained by or due to a temporary transfer, exchange
			 or sale of an asset covered under
			 KRS 304.6-020
			 shall not be removed from the prohibition imposed therein, by reason of the
			 said temporary transfer, exchange or sale.
STATUTORY AUTHORITY:
				  KRS
				  304.2-110
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:080 - Reserve standards for individual health insurance policies

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.6-070
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of Insurance to promulgate reasonable administrative regulations
				necessary for or as an aid to the effectuation of any provision of the Kentucky
				Insurance Code.
				KRS
				304.6-070 authorizes the Commissioner of
				Insurance to promulgate administrative regulations establishing minimum
				standards for reserves for individual health insurance policies. This
				administrative regulation establishes the minimum standards for reserves for
				individual health insurance policies.
Section
			 1. Active Life Reserves.
(1)
			 General.
(a) Active life reserves shall be
			 required for all in-force policies and shall be in addition to any reserves
			 required in connection with claims. For policy Types A, B, and C, established
			 in subsection (2) of this section, the minimum reserve shall be determined as
			 established in subsection (3) of this section.
(b)
1.
			 Minimum standards shall be in accordance with
			 KRS
			 304.6-070. Higher, adequate reserves shall be
			 established by the insurer in any case in which experience indicates that these
			 minimum standards do not place a sound value on the liabilities under the
			 policy.
2. For policy Type D, the
			 minimum reserve shall be the gross pro rata unearned premium.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:090 - Discounting of casualty insurance loss reserves

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.4-010,
				304.6-100
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 provides that the Commissioner of
				Insurance may make reasonable administrative regulations necessary for or as an
				aid to the effectuation of any provision of the Kentucky Insurance Code.
				KRS
				304.6-100 authorizes the Commissioner of
				Insurance to make administrative regulations for the computing of casualty
				insurance reserves. This administrative regulation permits and regulates the
				discounting of loss reserves for certain types of casualty insurance.
Section 1. Definitions. As used in this
			 administrative regulation:
(1) "Annual or
			 other financial statements" means the annual statement required by
			 KRS
			 304.3-240 and all supplements thereto and any
			 other financial statements required by the commissioner;
(2) "Casualty insurance" has the meaning set
			 forth in
			 KRS
			 304.5-070;
(3) "Commissioner" means the Commissioner of
			 the Kentucky Office of Insurance;
(4) "Domestic insurer" has the meaning set
			 forth in
			 KRS
			 304.1-070(1);
(5) "Loss reserves" and "loss adjustment
			 expense reserves," hereinafter called "loss reserves," means the same as in the
			 Annual Statement Convention Blank filed with the National Association of
			 Insurance Commissioners;
(6)
			 "Medical malpractice insurance" means insurance as defined in
			 KRS
			 304.5-070(1)(j) issued to
			 health care providers, excess insurance issued to a medical malpractice
			 self-insured plan, and reinsurance of medical malpractice insurance;
(7) "Qualified actuary" means:
(a) A member of the American Academy of
			 Actuaries; or
(b) A person who has
			 demonstrated to the satisfaction of the commissioner educational background
			 necessary for reserving and other actuarial sciences and has not less than
			 seven (7) years of relevant actuarial experience;
(8) "Workers' compensation insurance" has the
			 meaning set forth in
			 KRS
			 304.5-070(1)(c).
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:100 - Actuarial opinion and memorandum

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.3-240,
				304.6-070,
				304.6-150,
				304.6-155,
				304.6-171,
				304.6-180
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of Insurance to promulgate reasonable administrative regulations
				necessary for or as an aid to the effectuation of any provision of the Kentucky
				Insurance Code, as established in
				KRS
				304.1-010.
				KRS
				304.6-171 requires every life insurance
				company doing business in this state to annually submit the opinion of a
				qualified actuary as to whether or not the reserves and related actuarial items
				held in support of the policies and contracts established by the commissioner
				are computed appropriately.
				KRS
				304.6-171 requires the commissioner to
				establish, by administrative regulation, the requirements of the actuarial
				opinion and to broaden the scope of the opinion if necessary. This
				administrative regulation establishes provisions for the commissioner to
				determine whether or not reserves and related actuarial items are computed
				appropriately, are based on assumptions that satisfy contractual provisions,
				are consistent with prior reported amounts, and comply with KRS Chapter
				304.
Section 1. Definitions.
(1) "Actuarial opinion" means the opinion of
			 an appointed actuary regarding the adequacy of the reserves and related
			 actuarial items based on an asset adequacy test in accordance with Section 4 of
			 this administrative regulation and with presently accepted actuarial
			 standards.
(2) "Actuarial Standards
			 Board" means the board established by the American Academy of Actuaries to
			 develop and promulgate standards of actuarial practice.
(3) "Annual statement" means the statement
			 required by
			 KRS
			 304.3-240.
(4) "Appointed actuary" is defined by
			 KRS
			 304.6-131(2).
(5) "Asset adequacy analysis" means an
			 analysis that meets the standards and other requirements of Section 4 of this
			 administrative regulation.
(6)
			 "Commissioner" is defined by
			 KRS
			 304.1-050(1).
(7) "Company" is defined by
			 KRS
			 304.6-131(3).
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:110 - Recognition of the 2001 CSO Mortality Table for use in determining minimum reserve liabilities and nonforfeiture benefits

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS 304.6-130-304.6-180,
				304.15-342,
				304.29-201
NECESSITY, FUNCTION, AND CONFORMITY: EO 2004-731, signed July
				9, 2004, created the Office of Insurance.
				KRS
				304.2-110(1) authorizes the
				Executive Director of Insurance to promulgate administrative regulations
				necessary for or as an aid to the effectuation of any provision of the Kentucky
				Insurance Code as defined in
				KRS
				304.1-010,
				304.6-140 and
				304.15-342
				provide that the executive director may approve by regulation any mortality
				table adopted by the National Association of Insurance Commissioners ("NAIC")
				for use in determining the minimum standard for valuation of policies. This
				administrative regulation establishes the use of the 2001 Commissioners
				Standard Ordinary ("CSO") Mortality Table in accordance with
				KRS 304.6-140,
				304.15-342
				and
				806 KAR
				6:075.
Section
			 1. Definitions.
(1) "2001 CSO
			 Mortality Table" means a mortality table, consisting of separate rates of
			 mortality for male and female lives, developed by the American Academy of
			 Actuaries CSO Task Force from the Valuation Basic Mortality Table developed by
			 the Society of Actuaries Individual Life Insurance Valuation Mortality Task
			 Force, and adopted by the NA-IC in December 2002.
(2) "2001 CSO Mortality Table (F)" means a
			 mortality table consisting of the rates of mortality for female lives from the
			 2001 CSO Mortality Table.
(3) "2001
			 CSO Mortality Table (M)" means a mortality table consisting of the rates of
			 mortality for male lives from the 2001 CSO Mortality Table.
(4) "Composite mortality tables" means
			 mortality tables with rates of mortality that do not distinguish between
			 smokers and nonsmokers.
(5) "Smoker
			 and nonsmoker mortality tables" means mortality tables with separate rates of
			 mortality for smokers and nonsmokers.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 6 - Assets and Liabilities › Section 806 KAR 6:120 - Recognition of preferred mortality tables for use in determining minimum reserve liabilities

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.6-130,
				304.6-140,
				304.6-160,
				304.6-170,
				304.6-171,
				304.6-180
NECESSITY, FUNCTION AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of the Department of Insurance to promulgate administrative
				regulations necessary for the effectuation of any provision of the Kentucky
				Insurance Code, KRS Chapter 304.
				KRS
				304.6-140(2)(a) provides
				that the commissioner may promulgate by administrative regulation any mortality
				table adopted by the National Association of Insurance Commissioners for use in
				determining the minimum standard for valuation of policies. This administrative
				regulation establishes the use of mortality tables that reflect differences in
				mortality between preferred and standard lives in determining minimum reserve
				liabilities in accordance with
				KRS 304.6-140
				and
				806 KAR
				6:075.
Section
			 1. Definitions.
(1) "2001 CSO
			 Mortality Table" means a mortality table that:
(a) Consists of separate rates of mortality
			 for male and female lives;
(b) Was
			 developed by the American Academy of Actuaries CSO Task Force from the
			 Valuation Basic Mortality Table developed by the Society of Actuaries
			 Individual Life Insurance Valuation Mortality Task Force and adopted by the
			 National Association of Insurance Commissioners in December 2002;
(c) Is published in the Proceedings of the
			 NAIC (2nd Quarter 2002) and supplemented by the 2001 CSO Preferred Class
			 Structure Mortality Table; and
(d)
			 Includes, unless the context indicates otherwise, both:
1. The ultimate form and the select and
			 ultimate form of the table;
2. The
			 smoker and nonsmoker mortality tables and the composite mortality tables;
			 and
3. The age-nearest-birthday and
			 the age-last-birthday bases of the mortality tables.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 7 - Investments › Section 806 KAR 7:035 - Finance committee of domestic insurers

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.2-205,
				304.7-361
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of
				Insurance to promulgate administrative regulations necessary for or as an aid
				to the effectuation of any provision of the Kentucky Insurance Code as defined
				in
				KRS
				304.1-010.
				KRS
				304.2-205 requires the commissioner to
				prescribe additional filings to be made by an insurer, along with its annual
				statement filing, by March 1 of each year.
				KRS
				304.3-240 requires each authorized insurer to
				annually file with the commissioner a true statement of its financial
				condition, transactions, and affairs.
				KRS
				304.7-367 authorizes the commissioner to
				promulgate administrative regulations implementing the provisions of KRS
				Chapter 304, Subtitle 7. The administrative regulation requires a domestic
				insurer transacting business in Kentucky to notify the commissioner of the
				names of the members of the finance or executive committees of its company or
				the board of directors responsible for approval of the insurer's investment
				policy.
Section 1.
(1) Each domestic insurer shall, with each
			 annual statement report, file with the commissioner the names of the members of
			 any finance or executive committee or the board of directors which has, during
			 the preceding year, exercised the authority to approve investments or
			 investment policy.
(2) The filing
			 required by subsection (1) of this section shall be accompanied by an affidavit
			 signed by a financial officer of the insurer or its president, attesting that
			 the members of the executive or finance committee or the board of directors
			 have been advised as to the requirements of Subtitle 7 of KRS Chapter 304,
			 administrative regulations, and other pertinent provisions of law applicable to
			 investments or investment policy submitted for their
			 approval.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 7 - Investments › Section 806 KAR 7:090 - Custodial accounts for investment securities of insurance companies

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.7-360
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of
				Insurance to promulgate administrative regulations necessary for or as an aid
				to the effectuation of any provision of the Kentucky Insurance Code as defined
				in
				KRS
				304.1-010.
				KRS
				304.7-360 requires the Commissioner of
				Insurance to promulgate administrative regulations governing the deposit by
				insurers of securities with clearing corporations, the Federal Reserve
				book-entry system, and with custodian banks. This administrative regulation
				establishes provisions to be included in an agreement for the custody of an
				insurance company's securities with a custodian bank and qualifications for a
				custodian bank.
Section 1.
			 Definitions.
(1) "Certificated security" is
			 defined by
			 KRS
			 304.7-360(1)(g).
(2) "Clearing corporation" is defined by
			 KRS
			 304.7-360(1)(a).
(3) "Commissioner" is defined by
			 KRS
			 304.1-050(1).
(4) "Custodian bank" is defined by
			 KRS
			 304.7-360(1)(b).
(5) "Custodied securities" means securities
			 held by the custodian bank, its nominee, a clearing corporation, the Federal
			 Reserve book-entry system, or in any combination of these entities.
(6) "Direct participant" is defined by
			 KRS
			 304.7-360(1)(c).
(7) "Federal reserve book-entry system" is
			 defined by
			 KRS
			 304.7-360(1)(d).
(8) "Member bank" is defined by
			 KRS
			 304.7-360(1)(e).
(9) "Security" is defined by
			 KRS
			 304.7-360(1)(f).
(10) "Uncertificated security" is defined by
			 KRS
			 304.7-360(1)(h).
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 7 - Investments › Section 806 KAR 7:110 - Derivative instruments

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.7-361,
				304.7-405,
				304.7-417,
				304.7-419,
				304.7-421,
				304.7-457,
				304.7-469,
				304.48-060,
				304.49-010,
				304.49-020,
				304.50-035,
				15 U.S.C. §§ 78 et seq.
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of Insurance to promulgate administrative regulations necessary
				for, or as an aid to, the effectuation of any provision of the Kentucky
				Insurance Code, as defined in
				KRS
				304.1-010.
				KRS
				304.7-367 authorizes the commissioner to
				promulgate administrative regulations to implement the provisions of KRS
				Chapter 304, Subtitle 7. This administrative regulation sets standards for the
				prudent use of derivative instruments in accordance with
				KRS
				304.7-419.
Section
			 1. Definitions.
(1) "Business
			 entity" is defined by
			 KRS
			 304.7-012(8).
(2) "Commissioner" is defined by
			 KRS
			 304.1-050(1).
(3) "Counterparty exposure amount" is defined
			 by
			 KRS
			 304.7-012(19).
(4) "Department" is defined by
			 KRS
			 304.1-050(2).
(5) "Derivative instrument" is defined by
			 KRS
			 304.7-012(22).
(6) "Insurer" is defined in
			 KRS
			 304.1-040.
(7) "Over-the-counter derivative" means a
			 derivative instrument entered into with a business entity other than through a
			 qualified exchange, qualified foreign exchange, or cleared through a qualified
			 clearinghouse.
(8) "Qualified
			 clearinghouse" is defined by
			 KRS
			 304.7-012(67).
(9) "Qualified exchange" is defined by
			 KRS
			 304.7-012(68).
(10) "Qualified foreign exchange" is defined
			 by
			 KRS
			 304.7-012(69).
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 8 - Administration of Deposits › Section 806 KAR 8:010 - Valuation of assets on deposit

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.8-040,
				304.8-095,
				304.8-120
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 provides that the Commissioner of
				Insurance may make reasonable rules and administrative regulations necessary
				for or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code. This administrative regulation sets forth the method of valuation of
				assets on deposit with the Commissioner of Insurance.
Section 1. Insurance companies making
			 deposits and revaluations of deposits with the Custodian of Insurance
			 Securities shall utilize the Insurance Department Form 143, Detailed Listing of
			 Securities Held Under Safekeeping Pursuant to
			 KRS
			 304.8-095.
Section 2. Assets on deposit with the
			 Custodian of Insurance Securities which are obligations having a fixed term,
			 rate and face value, shall be valued as follows:
(1) At face value if acquired at face value;
			 or
(2) If acquired above or below
			 face value, on the basis of the purchase price adjusted annually to bring the
			 value to face value on maturity. The obligations when in default as to either
			 principal or interest are not eligible for deposit, and the commissioner shall
			 require replacement of the deposits in accordance with
			 KRS
			 304.8-120.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:020 - False or deceptive names, titles, prohibited

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.1-010,
				304.12-130
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes that the Commissioner of
				Insurance to make administrative regulations necessary for or as an aid to the
				effectuation of any provisions of the Kentucky Insurance Code. This
				administrative regulation prohibits the use of names, titles, degrees,
				certificates, accomplishments, or the like, that implies a greater skill or
				knowledge than the person actually possesses.
Section 1. Prohibited Conduct. A person
			 licensed pursuant to the Kentucky Insurance Code, shall not, in the conduct of
			 business, use, or knowingly permit to be used on the person's behalf, any name,
			 title, letters, degrees, certificate, accomplishment, award, designation or the
			 like, which implies or purports to convey that:
(1) The person possesses a greater skill,
			 knowledge, experience, or qualification than is actually a fact; or
(2) The person possesses a greater skill,
			 knowledge, experience, or qualification in advising or servicing seniors in
			 connection with the solicitation, sale, or purchase of a life insurance or
			 annuity product than is actually a fact. The manner in which specified words
			 are used shall be a factor in determining whether a name or title is in
			 violation, and the commissioner shall consider the combinations of:
(a) "Senior", "retirement", "elder", or
			 similar words; and
(b) With
			 "certified", "registered", "chartered", "advisor", "specialist", "consultant",
			 "planner", or similar words.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:025 - Licensing process

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				12.357,
				165A.330,
				304.4-010,
				304.9-030,
				304.9-105,
				304.9-130,
				304.9-150,
				304.9-160,
				304.9-170,
				304.9-230,
				304.9-260,
				304.9-270,
				304.9-280,
				304.9-295,
				304.9-320,
				304.9-430,
				304.14-642,
				Pub. L.
				108-264, Sect. 207
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of the
				Department of Insurance to promulgate administrative regulations necessary for
				or as an aid to the effectuation of any provisions of the Kentucky Insurance
				Code, KRS Chapter 304.
				KRS
				304.9-080 requires the commissioner to
				prescribe and furnish all forms required for licenses and appointments under
				Subtitle 9 of the Kentucky Insurance Code.
				KRS
				304.9-105 requires the commissioner to
				promulgate administrative regulations to establish requirements for a
				prelicensing course of study for all agents, except for a variable life and
				variable annuities line of authority and limited lines of authority.
				KRS
				304.9-230 requires the commissioner to
				promulgate administrative regulations establish requirements for a prelicensing
				course of study for limited lines of authority.
				KRS
				304.9-160 requires the commissioner to
				establish the examination process.
				KRS
				304.9-270 requires the commissioner to
				prescribe a form for appointment of individual and business entity agents.
				KRS
				304.9-230 and
				304.9-295 require the
				commissioner to establish forms and standards for the approval of prelicensing
				and continuing education course providers, instructors, and courses. This
				administrative regulation establishes the guidelines for individual agents,
				business entities, consultants, and adjusters to become licensed, obtain
				appointments, as required, in Kentucky, maintain their licenses through the
				completion of continuing education, and surrender their license voluntarily or
				have their appointment terminated by an insurer.
Section 1. Prelicensing Course Requirements.
(1) An individual applying for an agent
			 license shall complete a prelicensing course of study approved by the
			 commissioner for a minimum of forty (40) hours for life and health insurance,
			 forty (40) hours for property and casualty insurance, or twenty (20) hours for
			 each line of authority, as applicable, for the lines of authority included in
			 the application, unless the applicant is:
(a)
			 Seeking a variable life and variable annuity products line of authority or a
			 limited line of authority under
			 KRS
			 304.9-230; or
(b) Exempt pursuant to
			 KRS
			 304.9-170.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:030 - Adjuster licensing restrictions

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.9-020,
				304.9-430,
				304.9-432(2)(d),
				304.9-440
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of the Department of Insurance to promulgate administrative
				regulations necessary for or as an aid to the effectuation of any provision of
				the Kentucky Insurance Code. This administrative regulation restricts the
				persons whom an adjuster may represent to prevent conflicts of interest, and
				clarifies the circumstances under which the restriction for holding only one
				(1) apprentice adjuster license applies.
Section
			 1.
(1) An independent, staff, or
			 public adjuster licensed pursuant to
			 KRS
			 304.9-430 shall not represent the interest of
			 both insurer and the insured or claimant.
(2) When applying for an adjuster license, an
			 applicant shall elect to act solely on behalf of either:
(a) Insurers; or
(b) Persons claiming benefits under insurance
			 or annuity contracts.
(3) A licensed adjuster shall act in a
			 fiduciary capacity on behalf of his or her principal.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:110 - Agent's rights after contract termination

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.9-290
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of
				Insurance to promulgate administrative regulations necessary for or as an aid
				to the effectuation of any provision of the Kentucky Insurance Code. This
				administrative regulation sets forth the rights of a property or casualty agent
				who is an independent contractor after termination of an agency
				contract.
Section 1. Prohibitions.
			 Except as provided in Section 2 of this administrative regulation, no agency
			 contract with a property or casualty agent who is an independent agent
			 independent contractor compensated on a commission basis shall:
(1) Infringe upon the right of the agent,
			 while licensed, to service runoff business after termination of the agency
			 contract; or
(2) Contain any
			 provision which prevents the agent from being licensed with another insurer in
			 order to avoid policy lapses which would otherwise occur after
			 termination.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:190 - Disclosure requirements for financial institutions authorized to engage in insurance agency activities

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				286.3-030(4),
				304.9-135
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.9-135(2)(g) requires the
				Commissioner to promulgate administrative regulations to specify the disclosure
				forms required by
				KRS
				304.9-135(2)(b), (c), and
				(f). This administrative regulation specifies
				the disclosure forms for use by financial institutions authorized to engage in
				insurance agency activities.
Section
			 1. A financial institution authorized by law to engage in
			 insurance agency activities shall provide to an insurance consumer the
			 disclosure forms:
(1) Notice of Free Choice
			 of Agent and Insurer; and
(2)
			 Financial Institution Disclosures.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:200 - Volume of insurance agent exchange of business

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.9-030,
				304.9-080,
				304.9-085,
				304.9-230,
				304.9-410,
				304.10,
				304.13-011(8)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the commissioner to
				promulgate administrative regulations necessary for or as an aid to the
				effectuation of any provision of the Kentucky Insurance Code.
				KRS
				304.9-410(3) requires the
				commissioner to promulgate an administrative regulation establishing the amount
				or volume of business that constitutes the occasional placement of business
				with insurers the agent is not appointed to represent. This administrative
				regulation defines what constitutes occasional placement of business with
				insurers an agent is not appointed to represent.
Section 1. Definition. "Total premium" means
			 all payments received from insureds or prospective insureds as consideration
			 for insurance, including all taxes and surcharges imposed by Kentucky
			 law.
Section 2. Volume of Insurance
			 Agent Exchange of Business.
(1) An agent
			 holding a license with the following lines of authority shall not place
			 insurance with a premium of more than twenty (20) percent of the agent's total
			 premium for the preceding calendar year with insurers for which the agent holds
			 no appointment:
(a) Property;
(b) Casualty;
(c) Life; or
(d) Health.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:265 - Rental vehicle agent license

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.4-010,
				304.9-295,
				304.9-505
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the commissioner to
				promulgate administrative regulations necessary for or as an aid to the
				effectuation of any provision of the Kentucky Insurance Code.
				KRS
				304.9-230 authorizes the commissioner to
				issue an agent's license with the limited line of authority for rental vehicle,
				and requires the commissioner to promulgate administrative regulations to
				establish the requirements, if any, for prelicensing courses of instruction and
				examination for each limited line of authority.
				KRS
				304.9-505 authorizes the commissioner to
				issue licenses to act as a rental vehicle agent and requires the commissioner
				to prescribe an application form for a business entity seeking to act as a
				rental vehicle agent. This administrative regulation establishes the
				information to be included in the application for rental vehicle agent business
				entity and managing employee licenses; the requirements for prelicensing
				education, course examinations; and recordkeeping for rental vehicle agents and
				their employees who sell rental vehicle insurance.
Section 1. License Application. To apply for
			 a rental vehicle agent license, an applicant shall submit:
(1) The appropriate completed form:
(a) For individual managing employees, Form
			 8301, incorporated by reference in
			 806 KAR
			 9:025;
(b)
			 For Business Entities, Form 8301-BE, incorporated by reference in
			 806 KAR 9:025;
			 and
(c) Listings, signed by the
			 rental vehicle agent applicant, of:
1. All
			 business locations proposed to be licensed; and
2. The name and assigned licensed managing
			 employee for each business location.
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:310 - Life settlement licenses

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS 304.15-020,
				304.15-700-304.15-725
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110(1) authorizes the
				Commissioner of Insurance to promulgate administrative regulations necessary
				for or as an aid to the effectuation of any provision of the Kentucky Insurance
				Code.
				KRS
				304.15-700(2)(a) requires
				the commissioner to promulgate administrative regulations to provide for the
				licensing of life settlement brokers and the termination or revocation of the
				license.
				KRS
				304.15-720 authorizes the commissioner to
				promulgate administrative regulations to implement
				KRS
				304.15-700 to
				304.15-720.
				KRS
				304.15-700 prohibits any person from acting
				as a life settlement provider or broker without first obtaining the appropriate
				license from the commissioner. This administrative regulation establishes the
				requirements and fees for the issuance and continuation of life settlement
				provider and broker licenses.
Section
			 1. Individual Applicant.
(1) An
			 individual seeking a life settlement broker or provider license shall:
(a) Be at least twenty-one (21) years of
			 age;
(b) Submit either:
1. A completed Form 8301, NAIC Individual
			 Insurance Producer License Application incorporated by reference in
			 806 KAR 9:025;
			 or
2. A completed, electronic
			 Individual Uniform Application prescribed by the National Association of
			 Insurance Commissioners (NAIC) and available on the National Insurance Producer
			 Registry's (NIPR) Web site:
www.NIPR.com
.;
(c) Remit the appropriate nonrefundable fee:
1. For a life settlement provider license,
			 $500;
2. For a life settlement
			 broker license, $250; and
(d) Have in force financial responsibility in
			 the amounts established by
			 KRS
			 304.15-700(5).
Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 9 - Agents, Consultants, Solicitors and Adjusters › Section 806 KAR 9:360 - Pharmacy benefit manager license

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				14A.4-010,
				304.1-050,
				304.2-310,
				304.9-020,
				304.9-053,
				304.9-054,
				304.9-055,
				304.9-133,
				304.10-030,
				304.10-040,
				304.17A-162,
				304.17A-163,
				304.17A-165,
				304.17A-440,
				304.17A-535,
				304.17A-607,
				304.17A-617-304.17A-633,
				45 C.F.R.
				156.122
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 authorizes the Commissioner of
				Insurance to promulgate reasonable administrative regulations necessary for or
				as an aid to the effectuation of any provision of the Kentucky Insurance Code.
				KRS
				304.9-053(2) requires a
				pharmacy benefit manager seeking a license to apply to the commissioner in
				writing on a form provided by the department.
				KRS
				304.9-054(6) requires the
				department to promulgate administrative regulations to implement and enforce
				the provisions of
				KRS
				304.9-053,
				304.9-054,
				304.9-055,
				and
				304.17A-162.
				This administrative regulation establishes requirements for the licensure of
				pharmacy benefit managers.
Section 1.
			 Definitions.
(1) "Admitted insurer" is
			 defined by
			 KRS
			 304.10-030(1).
(2) "Commissioner" is defined by
			 KRS
			 304.1-050(1).
(3) "Department" is defined by
			 KRS
			 304.1-050(2).
(4) "Nonadmitted insurer" is defined by
			 KRS
			 304.10-030(8).
(5) "Pharmacy benefit manager" is defined by
			 KRS
			 304.9-020(15).