KRS 304.28-040: Authorization of underwriters.

(1) Upon the filing of the documents required, the commissioner shall examine them. If

it appears that all the statements made are true and that the rights of the

policyholders will be protected thereunder, and that the insurer is otherwise

qualified therefor, the commissioner shall issue a certificate of authority to the

underwriters under the name chosen and approved, authorizing them to transact the

business of insurance as specified in the application.

(2) Prior to the issuance of an original certificate of authority, a Lloyd's organization

shall submit to examination of its affairs, by the commissioner, or, if acceptable to

the commissioner, shall file with the commissioner a certified copy of an

examination of its affairs made within two (2) years by the p roper supervising

official of some other state.