806 KAR 5:010. Reinsurance treaties filing.

 

      RELATES TO: KRS 304.5-140, 304.5-150

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Executive Director 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 requires filing of reinsurance treaties when the company's free surplus falls below $500,000.

 

      Section 1. Complete copies of all reinsurance treaties and contracts shall be filed with the Executive Director by any company when its free surplus falls below $500,000.

 

      Section 2. The "free surplus" shall mean free surplus as stated in the annual statement report.

 

      Section 3. The required copies of reinsurance treaties on contracts shall be filed with the executive director along with the annual statement report of the insurer. (I-5.01; 1 Ky.R. 857; eff. 5-14-75; TAm eff. 8-9-2007.)