{"data":{"id":"us-ky/krs-304.13-151","jurisdiction":"us-ky","citation":"KRS 304.13-151","heading":"Insurer participation in pools, joint underwriting, joint reinsurance","body":"pools, and residual market mechanisms.\n(1) Notwithstanding KRS 304.13-131(2)(a), insurers participating in joint underwriting,\njoint reinsurance pools, or residual market mechani sms may, in connection with\nsuch activity, cooperate with each other in the making of rates, rating systems,\npolicy forms, underwriting rules, surveys, inspections and investigations, the\nfurnishing of loss and expense statistics or other information, or c arrying on\nresearch. Joint underwriting, joint reinsurance pools, and residual market\nmechanisms shall not be deemed advisory organizations.\n(2) Except to the extent modified by this section, insurers, joint underwriting, joint\nreinsurance pool and residua l market mechanism activities are subject to the\nprovisions of this chapter.\n(3) Every pool shall file with the commissioner a copy of its constitution, bylaws, rules,\nand regulations governing its activities, and articles of incorporation, agreement, or\nassociation. It shall also file with the commissioner a list of its members and the\nname and address of a resident of this state on whom notices or orders of the\ncommissioner or process may be served, and any changes in amendments or\nchanges in the foregoing.\n(4) Any residual market mechanism, plan, or agreement to implement a residual market\nmechanism, and any changes or amendments in the plan shall be submitted in\nwriting to the commissioner for consideration and approval, together with any other\ninformation as may be reasonably required. The commissioner shall approve only\nthose agreements that he or she finds contemplates both the use of rates which meet\nthe standards of this chapter and activities and practices, that are not unfair,\nunreasonable, or othe rwise inconsistent with the provisions of this chapter. At any\ntime after any agreements are in effect, the commissioner may review the practices\nand activities of the adherents to these agreements and if, after a hearing, the\ncommissioner finds that any p ractice or activity is unfair or unreasonable, or is\notherwise inconsistent with the provisions of this chapter, the commissioner may\nissue a written order to the parties and either require the discontinuance of these acts\nor revoke approval of any such agreement.\n(5) If the commissioner finds after a hearing that any activity or practice of an insurer\nparticipating in joint underwriting or a pool is unfair, is unreasonable, will tend to\nlessen competition in any market, or is otherwise inconsistent with the provisions or\npurposes of this chapter, an order may be issued requiring the discontinuance of the\nactivity or practice.\n(6) As a condition of its authority under this chapter to transact casualty insurance (as\ndefined in KRS 304.5 -070) in this state, ev ery insurer so authorized shall become\nand remain a signatory to the \"Kentucky automobile insurance plan\" as it is\npresently formulated or as it is hereafter amended with the approval of the\ncommissioner. The \"Kentucky automobile insurance plan\" shall be d eemed to be a\nmandated \"residual market mechanism\" as defined in KRS 304.13-011(8).","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17080","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:42Z","sha256":"ccd16926f289182c6546f96a590f96f9a38f89f14197508b6ad500abb8cff588","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.13-150","next":"us-ky/krs-304.13-160"},"notice":"GroundRules: Original legal text. Not legal advice."}