{"data":{"id":"us-ky/krs-304.37-160","jurisdiction":"us-ky","citation":"KRS 304.37-160","heading":"Identification of groupwide supervisor for internationally active","body":"insurance company -- Commissioner's powers when acting as supervisor --\nCooperation with other regulatory officials -- Agreements and documentation -\n- Commissioner's expenses.\n(1) (a) The commissioner may:\n1. Act as the groupwide supervisor for any internationally active insurance\ngroup in accordance with this section; or\n2. Acknowledge another regulatory official as the groupwide supervisor, if\nthe internationally active insurance group:\na. Does not have substantial insurance operations in the United\nStates;\nb. Has substantial insurance operations in the United States, but not\nin this state; or\nc. Has substantial insurance operations in the United States and in\nthis state, but the commissioner determines under this section that\nthe other regulatory official is the appropriate groupwide\nsupervisor.\n(b) An insurance holding company system that does not otherwise qualify as an\ninternationally active insurance group may request the commissioner to make\na determination or acknowledgment as to a groupwide supervisor under this\nsection.\n(2) (a) In cooperation with other state, federal, and international regulatory agencies,\nthe commissioner shall identify a single groupwide supervisor f or an\ninternationally active insurance group.\n(b) For an internationally active insurance group that conducts substantial\ninsurance operations in this state, the commissioner may:\n1. Determine that he or she is the appropriate groupwide supervisor; or\n2. Acknowledge a regulatory official from another jurisdiction as the\nappropriate groupwide supervisor.\n(c) In making a determination or acknowledgment of a groupwide supervisor, the\ncommissioner shall consider the following factors:\n1. With regard to the internationally active insurance group:\na. The place of domicile of:\ni. The insurers within the group that hold the largest share of\nthe group's written premiums, assets, or liabilities; and\nii. The top -tiered insurer or insurers in the insurance holding\ncompany system of the group; and\nb. The location of the executive officers or largest operational\nofficers of the group; and\n2. Whether another regulatory official acting or seeking to act as the\ngroupwide supervisor:\na. Acts under a regulatory system that the  commissioner determines\nto be:\ni. Substantially similar to the system of regulation provided\nunder the laws of this state; or\nii. Otherwise sufficient in terms of providing for groupwide\nsupervision, enterprise risk analysis, and cooperation with\nother regulatory officials; and\nb. Provides the commissioner with reasonably reciprocal recognition\nand cooperation.\n(d) If the commissioner is identified under this section as the groupwide\nsupervisor, he or she may determine that it is appropriate to acknowledge\nanother supervisor to serve as the groupwide supervisor. This\nacknowledgement shall be made:\n1. After consideration of the factors set forth in paragraph (c) of this\nsubsection;\n2. In cooperation with and subject to the acknowledgement of other\nregulatory officials involved with supervision of members of the\ninternationally active insurance group; and\n3. In consultation with the internationally active insurance group.\n(3) (a) Notwithstanding any other provision of law, when another regulatory official\nis a cting as the groupwide supervisor of an internationally active insurance\ngroup, the commissioner shall acknowledge that regulatory official as the\ngroupwide supervisor until there is a material change in the internationally\nactive insurance group that results in:\n1. Insurers domiciled in this state holding the largest share of the group's\npremiums, assets, or liabilities; or\n2. This state being the place of domicile of the top-tiered insurer or insurers\nin the insurance company holding system of the group.\n(b) In the event of a material change under paragraph (a) of this subsection, the\ncommissioner shall make a determination or acknowledgement as to the\nappropriate groupwide supervisor in accordance with subsection (2) of this\nsection.\n(4) (a) Pursuant to KRS 304.37-040, the commissioner may collect from any insurer\nregistered under KRS 304.37 -020 all information necessary to make a\ndetermination or acknowledgment of groupwide supervisor under this section.\n(b) Prior to making a determination that he or she is the appropriate groupwide\nsupervisor for an internationally active insurance group, the commissioner\nshall notify the insurer registered under KRS 304.37 -020 and the ultimate\ncontrolling person within the group.\n(c) The internationally active insurance group shall have at least thirty (30) days\nto provide the commissioner with additional information pertinent to the\npending determination.\n(d) The commissioner shall publish the identity of internationally active insurance\ngroups that the commissioner has determined are subject to groupwide\nsupervision by him or her.\n(5) The commissioner may engage in any of following activities when acting as a\ngroupwide supervisor of an internationally active insurance group:\n(a) Assess the enterprise risks within the group to ensure that:\n1. The material financial condition and liquidity risks to the members of\nthe group engaged in the business of insurance are identified by\nmanagement; and\n2. Reasonable and effective mitigation measures are in place;\n(b) Request from any member of the group subject to the commissioner's\nsupervision information necessary and appropriate to assess enterprise risk,\nincluding but not limited to information about the group member's:\n1. Governance, risk assessment, and management;\n2. Capital adequacy; and\n3. Material intercompany transactions;\n(c) Coordinate and, through the authority of the regulatory officials of the\njurisdictions where members of the group are domiciled, compel development\nand implementation of reasonable measures designed to ensure that the group\nis able to timely recognize and mitigate enterprise risks to group members that\nare engaged in the business of insurance;\n(d) Communicate with other state, federal, and international regulato ry agencies\nfor members of the group and share relevant information, subject to the\nconfidentiality provisions of KRS 304.37-050, through supervisory colleges as\nset forth in KRS 304.37-055 or otherwise;\n(e) Enter into agreements with or obtain documentati on from any insurer\nregistered under KRS 304.37 -020, any member of the group, and any other\nstate, federal, and international regulatory agencies for group members,\nproviding the basis for or otherwise clarifying the commissioner's role as\ngroupwide supervisor, including provisions for resolving disputes with other\nregulatory officials. These agreements or documentation shall not serve or be\nadmissible as evidence in any proceeding seeking to establish that an insurer\nor person within an insurance holding c ompany system not domiciled or\nincorporated in this state is doing business or is otherwise subject to the\npersonal jurisdiction of a court in this state; and\n(f) Other groupwide supervision activities, consistent with the authority and\npurposes set forth in this section, considered necessary by the commissioner.\n(6) If the commissioner acknowledges that another regulatory official from a\njurisdiction that is not accredited by the National Association of Insurance\nCommissioners is the appropriate groupwide supervisor, the commissioner may\nreasonably cooperate, through supervisory colleges or otherwise, with groupwide\nsupervision undertaken by the groupwide supervisor if:\n(a) The commissioner's cooperation is in compliance with the laws of this state;\nand\n(b) The regulatory official acknowledged as the groupwide supervisor also\nrecognizes and cooperates with the commissioner's activities as a groupwide\nsupervisor for other internationally active insurance groups where applicable.\nIf recognition and cooperation  is not reasonably reciprocal, the commissioner\nmay refuse recognition and cooperation.\n(7) The commissioner may enter into agreements with or obtain documentation from:\n(a) Any insurer registered under KRS 304.37 -020, including any affiliate of the\ninsurer; and\n(b) Other state, federal, and international regulatory agencies for members of an\ninternationally active insurance group, if the regulatory officials for the state,\nfederal, or international agencies provide the basis for or otherwise clarify the\nofficials' roles as groupwide supervisors for the group.\n(8) An insurer registered under KRS 304.37 -020 and subject to this section shall be\nliable for and pay the reasonable expenses of the commissioner's participation in the\nadministration of this section, including:\n(a) The engagement of attorneys, actuaries, and any other professionals; and\n(b) All reasonable travel expenses.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49242","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"107e9a1d6ab469849e38eceb23d8eab2060582d60c84300766043dff75f1f845","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-150","next":"us-ky/krs-304.37-500"},"notice":"GroundRules: Original legal text. Not legal advice."}