KRS 304.3-240: Annual and quarterly financial statement -- Penalty for noncompliance -

- Publication of financial statement prepared on a different basis.

(1) (a) Each authorized insurer shall annually file with the commissioner a true

statement of its fin ancial condition, transactions, and affairs as of December

31 preceding.

(b) The statement shall be:

1. Filed electronically on forms prescribed by the National Association of

Insurance Commissioners;

2. Completed according to the instructions of the Natio nal Association of

Insurance Commissioners; and

3. Verified by the oaths of at least two (2) of the insurer's principal officers.

The annual statement of a reciprocal insurer shall be made and verified

by its attorney-in-fact.

(c) The annual statement shall be filed by March 1 of each year.

(d) The annual statement of a foreign or alien insurer may be executed or verified

by facsimile or reproduced signature; however, the annual statement of a

domestic insurer shall contain original signatures.

(2) The stat ement forms shall be in general form and context as approved by the

National Association of Insurance Commissioners for the kinds of insurance to be

reported upon, and as supplemented for additional information required by the

commissioner.

(3) The annual statement of an alien insurer shall:

(a) Relate only to its assets, transactions, and affairs in the United States unless

the commissioner requires otherwise; and

(b) Be verified by the insurer's United States manager or by its officers duly

authorized.

(4) The commissioner may suspend or revoke the authority of any insurer failing to file

its annual and quarterly statement when due or failing so to file during any

extension of time therefor, which the commissioner, for good cause, may grant.

(5) Notwithstanding the provisions of this section or any other law of this

Commonwealth:

(a) An authorized insurer may, subject to the requirements of administrative

regulations adopted by the commissioner, publish financial statements or

information based on financial statements prepared on a basis which:

1. Is in accordance with requirements of a competent authority; and

2. Differs from the basis of the statements which have been filed with the

commissioner in compliance with this section; and

(b) The differing fin ancial statements, or information based on the financial

statements, shall not be made the basis for the application of any provision of

this chapter not relating solely to the publication of financial information

unless the provision specifically so requires.