{"data":{"id":"us-ky/krs-304.2-210","jurisdiction":"us-ky","citation":"KRS 304.2-210","heading":"Examination of insurers.","body":"(1) As used in KRS 304.2 -210 to 304.2 -300, unless the context requires otherwise,\n\"examination workpaper\" means a written or recorded document, note,\nmemorandum, critique, comment, recommendation, or other information copied,\nestablished, created, or retained by the commissioner or his designee for the purpose\nof conducting an examination or drafting an examination report.\n(2) For the purpose of determining financial condition, ability to fulfill and manner of\nfulfillment of its obligations, the nature of its o perations, and compliance with law,\nthe commissioner shall examine the affairs, transactions, accounts, records, and\nassets of each authorized insurer as often as reasonably necessary. He shall so\nexamine each domestic insurer not less frequently than ever y five (5) years.\nExamination of a reciprocal insurer may include examination of its attorney -in-fact\nas to its transactions relating to the insurer. Examination of an alien insurer may be\nlimited to its insurance transactions and affairs in the United Sta tes, except as the\ncommissioner otherwise requires.\n(3) In scheduling and determining the nature, scope, and frequency of the examinations,\nthe commissioner shall consider the results of financial statement analyses and\nratios, changes in management or own ership, actuarial opinions, reports of\nindependent certified public accountants, and other criteria as set forth in the\nExaminer's Handbook prescribed by the commissioner.\n(4) For purposes of completing an examination of an insurer, the commissioner may\nexamine or investigate any person or the business of any person, insofar as the\nexamination or investigation is, in the sole discretion of the commissioner,\nnecessary and material to the examination of the insurer.\n(5) The commissioner shall in like manner e xamine each insurer applying for an initial\ncertificate of authority to transact insurance in this state.\n(6) In lieu of making his own examination, the commissioner may, in his discretion,\naccept a full report of the most recently completed examination of  a foreign, or\nalien, insurer, certified to by the insurance supervisory official of another state.\nReports shall only be accepted if the examination is performed under the\nsupervision of an accredited insurance department or with the participation of one\n(1) or more examiners who are employed by an accredited state insurance\ndepartment and who, after a review of the examination work papers and report, state\nunder oath that the examination was performed in a manner consistent with the\nstandards and procedures required by their insurance department.\n(7) As far as practical, the examination of a foreign or alien insurer shall be made in\ncooperation with the insurance supervisory officers of other states in which the\ninsurer transacts business, and for the purp ose thereof, the commissioner may\nparticipate in joint examinations of insurers or be represented in an examination by\nan examiner of another state.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16672","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:37Z","sha256":"ad8a251f468084661cb9f0c259c83f0b3f4b432c4655526c2c843fe1d69a4589","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.2-205","next":"us-ky/krs-304.2-220"},"notice":"GroundRules: Original legal text. Not legal advice."}