{"data":{"id":"us-ky/krs-304.17a-754","jurisdiction":"us-ky","citation":"KRS 304.17A-754","heading":"Application -- Approval and issuance of certificate -- Information to","body":"be filed -- Administrative regulations.\n(1) A business entity seeking to obtain a certificate of registration to act as an insurance\npurchasing outlet shall complete and file wi th the commissioner of the Kentucky\nDepartment of Insurance an application prescribed by the commissioner.\n(2) An application shall not be deemed filed until all information necessary to process\nthe application properly has been received by the commissioner.\n(3) Within one hundred eighty (180) days of receipt of an application for a certificate of\nregistration, the commissioner shall make a determination concerning the\napplication and provide notice to the applicant. If approved, a certificate of\nregistration, in a form prescribed by the commissioner, shall be provided to the\ninsurance purchasing outlet.\n(4) The business entity seeking a certificate of registration to act as an insurance\npurchasing outlet shall file the following with the commissioner:\n(a) Organizational information, including partnership agreements, articles of\nincorporation, bylaws, and other applicable documents;\n(b) A business plan, including plan of operations, marketing plan, and financial\nprojections of not less than three (3) years;\n(c) Appeal procedures for denied enrollment to a health purchasing outlet;\n(d) Enrollment procedures;\n(e) Payment procedures;\n(f) Evidence of financial responsibility to operate as an insurance purchasing\noutlet in the form of the following:\n1. A fidelity b ond in an amount not less than ten percent (10%) of\nprojected annual premiums collected; and\n2. A certificate of an insurer authorized to write legal liability insurance in\nKentucky certifying that the insurer has and will keep in effect on behalf\nof the i nsurance purchasing outlet a policy of insurance covering the\nlegal liability of the insurance purchasing outlet as a result of erroneous\nacts or failure to act in its capacity as an insurance purchasing outlet.\nThe policy shall provide indemnification for the benefit of any aggrieved\nparty as a result of each single occurrence in the sum of not less than ten\nthousand dollars ($10,000). The policy shall not be terminated unless at\nleast thirty (30) days prior written notice has been given to the\ncommissioner and to the insurance purchasing outlet;\n(g) Biographical affidavits of owners, partners, officers, and directors of the\napplicant;\n(h) Identification of any contracted company which manages the insurance\npurchasing outlet, or any administrator which adjusts or settles claims of the\ninsurance purchasing outlet members;\n(i) Names and addresses of the principal places of business of the applicants;\n(j) Geographic area to be serviced;\n(k) Requirements for membership and participation in the insurance purchasing\noutlet;\n(l) Name and address of each participating insurer, if known;\n(m) Proposed health benefit plan to be offered, if known; and\n(n) Any other information required by the commissioner to evaluate the\napplicant's suitability as an insurance purchasing outlet.\n(5) Any information filed by an insurance purchasing outlet pursuant to subsection (4)\nof this section that changes shall be refiled with the commissioner for approval.\n(6) The commissioner may promulgate administrative regulations to establish standards\nin accordance with subsection (4) of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29352","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:48Z","sha256":"8957aa06d63e8ebe1e9d31c2220a4de17be4cb33e6479ce3e206a135f4cb81bd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.17a-752","next":"us-ky/krs-304.17a-756"},"notice":"GroundRules: Original legal text. Not legal advice."}