Kentucky Statutes 304.27-060 – Organization of reciprocal insurer
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(1) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the commissioner for a certificate of authority to transact insurance.
(2) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority, a declaration setting forth:
(a) The name of the insurer;
(b) The location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(c) The kinds of insurance proposed to be transacted;
(d) The names and addresses of the original subscribers;
(e) The designation and appointment of the proposed attorney and a copy of the power of attorney;
(f) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(g) The powers of the subscribers’ advisory committee; and the names and terms of office of the members thereof;
(h) A copy of the subscribers’ agreement;
(i) That all moneys paid to the reciprocal insurer shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers’ agreement;
(j) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six (6) months at an adequate rate theretofore filed with the commissioner;
(k) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by KRS § 304.3-120 is on hand; and
(l) A copy of each policy, indorsement, and application form it then proposes to issue or use.
(3) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1374, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 6, effective June 18, 1970.
(2) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority, a declaration setting forth:
Terms Used In Kentucky Statutes 304.27-060
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: as used in this subtitle , refers to the attorney-in-fact of a reciprocal insurer. See Kentucky Statutes 304.27-050
- Directors: when applied to corporations, includes managers or trustees. 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) The name of the insurer;
(b) The location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(c) The kinds of insurance proposed to be transacted;
(d) The names and addresses of the original subscribers;
(e) The designation and appointment of the proposed attorney and a copy of the power of attorney;
(f) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(g) The powers of the subscribers’ advisory committee; and the names and terms of office of the members thereof;
(h) A copy of the subscribers’ agreement;
(i) That all moneys paid to the reciprocal insurer shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers’ agreement;
(j) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six (6) months at an adequate rate theretofore filed with the commissioner;
(k) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by KRS § 304.3-120 is on hand; and
(l) A copy of each policy, indorsement, and application form it then proposes to issue or use.
(3) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1374, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 6, effective June 18, 1970.