{"data":{"id":"us-ky/krs-304.3-240","jurisdiction":"us-ky","citation":"KRS 304.3-240","heading":"Annual and quarterly financial statement -- Penalty for noncompliance -","body":"- Publication of financial statement prepared on a different basis.\n(1) (a) Each authorized insurer shall annually file with the commissioner a true\nstatement of its fin ancial condition, transactions, and affairs as of December\n31 preceding.\n(b) The statement shall be:\n1. Filed electronically on forms prescribed by the National Association of\nInsurance Commissioners;\n2. Completed according to the instructions of the Natio nal Association of\nInsurance Commissioners; and\n3. Verified by the oaths of at least two (2) of the insurer's principal officers.\nThe annual statement of a reciprocal insurer shall be made and verified\nby its attorney-in-fact.\n(c) The annual statement shall be filed by March 1 of each year.\n(d) The annual statement of a foreign or alien insurer may be executed or verified\nby facsimile or reproduced signature; however, the annual statement of a\ndomestic insurer shall contain original signatures.\n(2) The stat ement forms shall be in general form and context as approved by the\nNational Association of Insurance Commissioners for the kinds of insurance to be\nreported upon, and as supplemented for additional information required by the\ncommissioner.\n(3) The annual statement of an alien insurer shall:\n(a) Relate only to its assets, transactions, and affairs in the United States unless\nthe commissioner requires otherwise; and\n(b) Be verified by the insurer's United States manager or by its officers duly\nauthorized.\n(4) The commissioner may suspend or revoke the authority of any insurer failing to file\nits annual and quarterly statement when due or failing so to file during any\nextension of time therefor, which the commissioner, for good cause, may grant.\n(5) Notwithstanding the provisions of this section or any other law of this\nCommonwealth:\n(a) An authorized insurer may, subject to the requirements of administrative\nregulations adopted by the commissioner, publish financial statements or\ninformation based on financial statements prepared on a basis which:\n1. Is in accordance with requirements of a competent authority; and\n2. Differs from the basis of the statements which have been filed with the\ncommissioner in compliance with this section; and\n(b) The differing fin ancial statements, or information based on the financial\nstatements, shall not be made the basis for the application of any provision of\nthis chapter not relating solely to the publication of financial information\nunless the provision specifically so requires.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52898","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:37Z","sha256":"4b3515a693dea440c06d55ceae1c71d18937abe61791054682d9888eef3b95bf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.3-235","next":"us-ky/krs-304.3-241"},"notice":"GroundRules: Original legal text. Not legal advice."}