KRS 304.3-190: Suspension or revocation of certificate of authority -- Mandatory

grounds.

(1) The commissioner shall refuse to continue or shall suspend or revoke an insurer's

certificate of authority:

(a) If the action is required by any provision of this code; or

(b) If a foreign or alien insurer and it no longer meets the requirements for a

certificate of authority, as required for domestic insurers, on account of

deficiency of capital or surplus or otherwise; or

(c) If a domestic insurer and it has failed to cu re an impairment of capital, if a

stock insurer, or minimum required surplus, if other than a stock insurer,

within the time allowed therefor by the commissioner under this code or is

otherwise no longer qualified for the certificate of authority; or

(d) If the insurer's certificate of authority to transact insurance therein is

suspended or revoked by its state or country of domicile.

(2) Except in case of insolvency or impairment of required capital or surplus, or

suspension or revocation by another state or country as referred to in paragraph (d)

of subsection (1) of this section, the commissioner shall give the insurer at least

twenty (20) days notice in advance of any refusal, suspension, or revocation under

this section, and of the particulars of the re asons therefor. If the insurer requests a

hearing thereon within the twenty (20) days, a hearing shall be conducted in

accordance with KRS Chapter 13B, and the request shall automatically stay the

commissioner's proposed action until his or her final order is made on the hearing.