{"data":{"id":"us-ky/krs-304.35-040","jurisdiction":"us-ky","citation":"KRS 304.35-040","heading":"Governing committee.","body":"(1) The Reinsurance Association shall be governed by a committee of seven (7) persons\nto be appointed by the commissioner of insurance, which shall consist of the\nfollowing:\n(a) One (1) person representing an insurer chartered under the laws of the\nCommonwealth of Kentucky;\n(b) One (1) person representing an insurer that is neither chartered under the laws\nof the Commonwealth of Kentucky nor affiliated with one (1) of the national\ninsurance trade associations;\n(c) Three (3) persons from insurance trade organiza tions representing insurers of\nvarious interests;\n(d) One (1) licensed insurance agent; and\n(e) One (1) person that meets the requirements of paragraph (a), (b), (c), or (d) of\nthis subsection.\n(2) The \"FAIR\" plan shall maintain a formulated plan and artic les consistent with this\nsubtitle. The governing committee of the association may, on its own initiative or\nshall at the request of the commissioner, amend the plan and articles, subject to\napproval by the commissioner.\n(3) The governing committee of the association shall, on or before April 1 of each year,\nfile with the commissioner, on such forms as the commissioner requires, an\naccounting of the plan's operations during the preceding calendar year together with\nits financial condition, and its underwriti ng experience as to each separate account\nmaintained therein, as of the end of such year. The commissioner may require\ninterim accountings on a quarterly basis or examine the affairs of the association\nwhen, in his or her opinion, such action is necessary to determine the continued\nsolvency of the Reinsurance Association.\n(4) If at any time the commissioner determines that the Reinsurance Association is or\nmay become unable to meet its financial obligations during the current year, the\ncommissioner shall or der the governing committee to levy appropriate assessments\nwithin the limitations of KRS 304.35-030(1) against all members.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49286","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:55Z","sha256":"2d6c55222d35914603ac2190ff8635773f28c499533175b49c5d2a927749082f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.35-030","next":"us-ky/krs-304.35-050"},"notice":"GroundRules: Original legal text. Not legal advice."}