KRS 304.2-440: Assessment of insurers.

(1) As used in this section, "insurer" means assessment or cooperative insurers,

insurers, fraternal benefit societies, nonprofit hospital, medical -surgical, dental, and

health service corporations, health maintenance organizations, and prepaid dental

plan organizations.

(2) If the commissioner finds that there are insufficient funds for operations of the

department, the commissioner may make an assessment on all insurers not to

exceed .000235 of net direct written premium from Kentucky as reported in

insurers' annual statements for the immediately preceding calendar year. In making

each assessment, the commissioner may establish a minimum assessment.

Assessments made pursuant to this section shall be in addition to all other taxes,

assessments, and fees.

(3) Overdue payment of any assessments shall bear interest at the tax interest rate as set

forth in KRS 131.010(6) from the date due until paid. Any unpaid assessment may

be recovered in an action brought thereon in the name of the department in the

Franklin Circuit Court or in any other court of appropriate jurisdiction. Such interest

penalty is separate from other penalties applicable to violations of KRS Chapter 299

and this chapter and such an action is separate from any other means of collecting

an assessment under KRS Chapter 299 or this chapter.

(4) All funds derived from assessments made pursuant to this section shall be deposited

in the insurance regulatory trust fund. However, funds derived from assessments

made pursuant to this section shall not lapse t o the general fund, but shall at all

times be available to defray expenses of the department in discharge of its

administrative and regulatory powers.