KRS 304.29-311: Suspension, revocation, or refusal of license of foreign or alien society.

(1) If the commissioner upon investigation finds that a foreign or alien society

transacting or applying to transact business in this state:

(a) Has exceeded its powers;

(b) Has failed to comply with any of the provisions of this subtitle;

(c) Is not fulfilling its contracts in good faith; or

(d) Is conducting its business fraudulently or in a manner hazardous to its

members or creditors or the public;

the commissioner shall notify the society of the deficiency or deficiencies and state

in writing the reasons for his or her dissatisfaction. The commissioner shall issue a

written notice to the society requiring that the deficiency or deficiencies which exist

are corrected. Aft er the notice, the society shall have a thirty (30) day period in

which to comply with the commissioner's request for correction; and if the society

fails to comply, the commissioner shall notify the society of the findings of

noncompliance and require the society to show cause on a date named why its

license should not be suspended, revoked, or refused. If on that date the society does

not present good and sufficient reason why its authority to do business in this state

should not be suspended, revoked, or refused, the commissioner may suspend or

refuse the license of the society to do business in this state until satisfactory

evidence is furnished to the commissioner that suspension or refusal should be

withdrawn or the commissioner may revoke the authorit y of the society to do

business in this state.

(2) Nothing contained in this section shall be taken or construed as preventing any

society from continuing in good faith all contracts made in this state during the time

the society was legally authorized to transact business herein.