Kentucky Statutes 299.990 – Penalties
Current as of: 2024 | Check for updates
|
Other versions
(1) Any officer, manager, director or agent of a domestic company who consents to aid or promotes any transfer or reinsurance of a risk in violation of KRS § 299.210 shall be fined not more than five hundred dollars ($500).
(2) Any officer or director who fails to comply with any of the provisions of subsection (3) of KRS § 299.400 shall be fined not less than fifty dollars ($50) nor more than one thousand dollars ($1,000) for each offense. Each thirty (30) days that an action required by that subsection is delayed shall be deemed a separate offense.
(3) Any officer of a company, as defined in subsection (4) of KRS § 299.010, who violates any of the provisions of KRS § 299.310 to KRS § 299.470, except subsection (3) of KRS § 299.400, shall be fined not less than ten dollars ($10) nor more than five hundred dollars ($500). He shall also be personally liable for any loss caused by such violation, either to the company or any member.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 668, 709a, 717.
(2) Any officer or director who fails to comply with any of the provisions of subsection (3) of KRS § 299.400 shall be fined not less than fifty dollars ($50) nor more than one thousand dollars ($1,000) for each offense. Each thirty (30) days that an action required by that subsection is delayed shall be deemed a separate offense.
Terms Used In Kentucky Statutes 299.990
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
(3) Any officer of a company, as defined in subsection (4) of KRS § 299.010, who violates any of the provisions of KRS § 299.310 to KRS § 299.470, except subsection (3) of KRS § 299.400, shall be fined not less than ten dollars ($10) nor more than five hundred dollars ($500). He shall also be personally liable for any loss caused by such violation, either to the company or any member.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 668, 709a, 717.