KRS 304.99-015: Penalties for failure of commissioner or examiner to take action when

having knowledge of statutory insolvency or hazardous financial condition of

authorized insurer.

(1) Any deputy director or any examiner who has knowledge of the statutory

insolvency, or hazardous financial condition as defined by administrative

regulation, of an authorized insurer, or that it is inexpedient to permit the authorized

insurer to continue business, and who fails to immediately present a signed report of

the facts to the commissioner, or who violates any of the provisions of this chapter,

shall forfeit his or her office or employment contract and shall be fined not less than

one hundred dollars ($100) nor more than two thousand dollars ($2,000) for each

offense.

(2) Any commissioner who has knowledge of the statutory insolvency, or hazardous

financial condition as defined by administrative regulation, of an authorized insurer,

or that it is inexpedient to permit the authorized insurer to continue business, and

who willfully fails to take the action prescribed by this chapter, or who violates any

of the provisions of this chapter, shall forfeit his or her office and shall be fined not

less than five hundred dollars ($500) nor more than five thousand dollars ($5,000)

for each offense.