KRS 304.3-180: Continuance, expiration, and reinstatement of certificate of authority --

Preparation of audited financial statements.

(1) A certificate of authority shall continue in force as long as the insurer is entitled

thereto under this code, and until sus pended or revoked by the commissioner or

terminated at the insurer's request; subject, however, to continuance of the

certificate by the insurer each year by:

(a) Payment of the continuation fee provided in Subtitle 4 by March 1, or, if paid

by mail, postmarked no later than March 1;

(b) Due filing by the insurer of its annual statement for the next preceding

calendar year as required by KRS 304.3-240;

(c) Payment by the insurer of premium taxes with respect to the preceding

calendar year; and

(d) Due filin g by domestic companies of quarterly statements as ordered by the

commissioner.

(2) If not so continued by the insurer, its certificate of authority shall expire at midnight

on the April 30 next following the failure of the insurer to continue it in force,

unless earlier revoked for failure to pay taxes as provided in KRS 304.4 -040. The

commissioner shall promptly notify the insurer of the occurrence of any failure

resulting in impending expiration of its certificate of authority.

(3) The commissioner may, in his or her discretion, upon the insurer's request made

within three (3) months after expiration, reinstate a certificate of authority which the

insurer has inadvertently permitted to expire, after the insurer has fully cured all its

failures which resul ted in the expiration and paid the fine as set forth in KRS

304.99-154. Otherwise the insurer shall be granted another certificate of authority

only after filing application therefor and meeting all other requirements as for an

original certificate of authority in this state.

(4) Beginning with the statutory audits for the year 2010, an insurer shall not use the

same lead or coordinating partner of an accounting firm responsible for preparing

the audited financial statement for more than five (5) consecutive years.