Kentucky Statutes 304.42-060 – Creation of association — Membership required — Functions — Accounts — Supervision by commissioner
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(1) There is created a nonprofit legal entity to be known as the Kentucky Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their license or authority to transact insurance or health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under KRS § 304.42-100 and shall exercise its powers through a board of directors established under KRS § 304.42-070. For purposes of administration and assessment, the association shall maintain three (3) accounts:
(a) The health account;
(b) The life insurance account; and
(c) The annuity account.
(2) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 70, sec. 4, effective June 27, 2019. — Amended
2010 Ky. Acts ch. 24, sec. 1560, effective July 15, 2010. — Created 1978 Ky. Acts ch. 282, sec. 6, effective June 17, 1978.
(a) The health account;
Terms Used In Kentucky Statutes 304.42-060
- Account: means either of the three (3) accounts created under KRS §. See Kentucky Statutes 304.42-050
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the Kentucky Life and Health Insurance Guaranty Association created under KRS §. See Kentucky Statutes 304.42-050
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- State: means a state, the District of Columbia, Puerto Rico, and a United States possession, territory, or protectorate. See Kentucky Statutes 304.42-050
(b) The life insurance account; and
(c) The annuity account.
(2) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 70, sec. 4, effective June 27, 2019. — Amended
2010 Ky. Acts ch. 24, sec. 1560, effective July 15, 2010. — Created 1978 Ky. Acts ch. 282, sec. 6, effective June 17, 1978.