{"data":{"id":"us-ky/krs-304.3-080","jurisdiction":"us-ky","citation":"KRS 304.3-080","heading":"General eligibility for certificate of authority -- Ownership --","body":"Management.\n(1) No certificate of authority or license to transact any kind of insurance business in\nthis state shall be issued, renewed or continued in effect to any domestic, foreign, or\nalien insurance company or other insurance entity which is owned, or financially\ncontrolled in whole or in part by any state of the United States, or by a foreign\ngovernment or by any political subdivision of either, or which is an agency of such\nstate, government or political subdivision, unless such company or entity was so\nowned, controlled or constituted prior to January 1, 1957, and was authorized to do\nbusiness in this state on or prior to January 1, 1957.\n(2) The commissioner shall not grant or continue authority to transact insurance in this\nstate to any insurer or proposed insurer after a hearing held thereon, if it appears\nthat:\n(a) Any director, officer or other individual materially part of the management is\nfound by the commissioner after i nvestigation or upon reliable information to\nbe incompetent, or dishonest, or untrustworthy, or of unfavorable business\nrepute; or\n(b) The managers are so lacking in insurance company managerial experience in\noperations of the kind proposed in this state a s to make such operation,\ncurrently or prospectively, hazardous to or contrary to the best interests of the\ninsurance-buying or investing public of this state; or\n(c) The commissioner has good reason to believe it is affiliated directly or\nindirectly through ownership, control, management, reinsurance transactions\nor other business relations with any person or persons of unfavorable business\nrepute; or\n(d) Its business operations are or have been marked, to the injury of insurers,\nstockholders, policyholder s, creditors or the public, by illegality, or by\nmanipulation of assets, or of accounts, or of reinsurance, or by bad faith.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16704","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:37Z","sha256":"8f30ff2ba57d5ccf357131940f6e573b97345dd7eba33e219f6b6695679fb54a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.3-070","next":"us-ky/krs-304.3-090"},"notice":"GroundRules: Original legal text. Not legal advice."}