{"data":{"id":"us-ky/krs-304.37-055","jurisdiction":"us-ky","citation":"KRS 304.37-055","heading":"Supervisory colleges for certain domestic insurers -- Powers of","body":"commission.\n(1) With respect to any insurer registered pursuant to KRS 304.37 -020, and in\naccordance with subsection (3) of this section, the commissioner shall have the\nauthority to participate in a supervisory college for any domestic insurer that is part\nof an insurance holding company system with international operations in order to\ndetermine compliance by the insurer with this subtitle. The powers of the\ncommissioner with respect to supervisory colleges include, but are not limited to:\n(a) Initiating the establishment of a supervisory college;\n(b) Clarifying the membership and participation of other supervisors in the\nsupervisory college;\n(c) Clarifying the functions of the superv isory college and the role of other\nregulators, including the establishment of a groupwide supervisor;\n(d) Coordinating the ongoing activities of the supervisory college, including\nplanning meetings, supervising activities, and establishing processes for\ninformation sharing; and\n(e) Establishing a crisis management plan.\n(2) Each registered insurer subject to this section shall be liable for and shall pay the\nreasonable expenses of the commissioner's participation in a supervisory college in\naccordance with subsection (3) of this section, including reasonable travel expenses.\nFor purposes of this section, a supervisory college may be convened as either a\ntemporary or permanent forum for communication and cooperation between the\nregulators charged with the su pervision of the insurer or its affiliates, and the\ncommissioner may establish a regular assessment to the insurer for the payment of\nthese expenses.\n(3) In order to assess the business strategy, financial position, legal and regulatory\nposition, risk exposure, risk management, and governance processes, and as part of\nthe examination of individual insurers in accordance with KRS 304.37 -040, the\ncommissioner may participate in a supervisory college with other regulators charged\nwith supervision of the insure r or its affiliates, including other state, federal, and\ninternational regulatory agencies. The commissioner may enter into agreements in\naccordance with KRS 304.37 -050 providing the basis for cooperation between the\ncommissioner and the other regulatory a gencies, and the activities of the\nsupervisory college. Nothing in this section shall delegate to the supervisory college\nthe authority of the commissioner to regulate or supervise the insurer or its affiliates\nwithin its jurisdiction.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41137","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"4b0b5f2a0ede4d95d9d3aa3d9087dff9b8f9f75cec6eadb22205390096c2c771","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-050","next":"us-ky/krs-304.37-060"},"notice":"GroundRules: Original legal text. Not legal advice."}