{"data":{"id":"us-ky/krs-304.3-140","jurisdiction":"us-ky","citation":"KRS 304.3-140","heading":"Deposit requirement in general.","body":"(1) The commissioner shall not authorize an insurer to transact insurance in this state,\nother than an alien insurer or a title insurer, unless it makes and thereafter\ncontinuously maintains on deposit in this state, through the commissioner, cash or\nsecurities eligible for such deposit under the laws of this state, of a fair market value\nnot less than its minimum required capital stock (if a stock insurer) or minimum\nrequired basic surplus (if a mutual, reciprocal, or Lloyd's plan insurer), for the\nprotection of the insurer's policyholders or its policyholders and creditors.\n(2) The commissioner shall not so authorize a title insurer unless it so deposits and\nmaintains such cash or securities of a fair market value not less than its minimum\nrequired capital sto ck as a guaranty fund which shall be held as security for the\nfaithful performance by the insurer of all its undertakings and liabilities under its\ntitle policies or other guarantees of title to property.\n(3) The commissioner shall not authorize an alien i nsurer unless it so makes and\nthereafter continuously maintains such a deposit, representing funds in excess of all\nthe insurer's liabilities under insurance contracts in force in the United States of a\nfair market value of not less than that required unde r subsection (1) of this section,\nas to a like foreign insurer. The deposit shall be held in trust for the protection of the\ninsurer's policyholders, or its policyholders and creditors, in the United States.\n(4) In lieu of such a deposit made or maintained  in this state, the commissioner may, in\nhis or her discretion, accept the certificate in proper form of the public officer\nhaving general supervision of insurers in any other state to the effect that a deposit\nof like quality and amount, or part thereof, by such insurer is being maintained for\nlike purposes in public custody or control pursuant to the laws of such state.\n(5) All such deposits in this state are subject to the applicable provisions of Subtitle 8.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16711","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:37Z","sha256":"c05b7350c81180a333efd101fc413e3bca73bc6cd1187987cd3cfeeb2ef83c0f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.3-130","next":"us-ky/krs-304.3-150"},"notice":"GroundRules: Original legal text. Not legal advice."}