{"data":{"id":"us-ky/krs-304.37-565","jurisdiction":"us-ky","citation":"KRS 304.37-565","heading":"Hearing -- Agreement to adopt foreign findings -- Notice -- Application","body":"and plan review -- Order -- Revocation -- Notice and documentation of\ncompletion.\n(1) A public hearing required by KRS 304.37 -505 and 304.37 -510 shall be conducted\nas directed in Subtitle 2 of this chapter and KRS Chapter 13B.\n(2) In lieu of an administrative hearing, the commissioner may, upon agreement of the\nparties, adopt the findings by the insurance supervisory official of another state.\n(3) In addition to any notice req uired by this chapter and KRS Chapter 13B, the\ndepartment shall supplement any notice by newspaper publication and broadcast\nannouncements, in accordance with KRS Chapter 424.\n(4) The commissioner may retain at the applicant's expense any attorneys, actuar ies,\naccountants, investment bankers, or other experts not otherwise a part of the\ncommissioner's staff that may be necessary to assist the commissioner in reviewing\nthe proposed application and plan of reorganization or merger.\n(5) Upon receipt of the app lication and plan of reorganization or merger, the\ncommissioner shall submit any application to the Attorney General for examination.\nThe Attorney General shall have access to the commissioner's staff and all\nconsultants retained by the commissioner for re view of the application. The\nAttorney General may examine the application and plan of reorganization or merger\nfor compliance with the standards in KRS 304.37 -555. The Attorney General may\nsubmit written findings and a recommendation of approval, disapprov al, or\nconditional approval of the application and plan of reorganization or merger to the\ncommissioner. Written findings and recommendations shall be delivered to the\ncommissioner no later than five (5) days prior to the public hearing required by\nKRS 304.37-505 and 304.37-510 and shall be entered into the record at the hearing.\n(6) The commissioner shall at all times retain jurisdiction over the mutual insurance\nholding company and its intermediate holding company subsidiaries with stock\ninsurance company subsidiaries.\n(7) Following the hearing required in KRS 304.37 -505 and 304.37 -510, the\ncommissioner shall, by order, approve, conditionally approve, or deny an\napplication. The commissioner may require, as a condition of approval of the\nproposed reorganization, modification of the proposed plan of reorganization as the\ncommissioner finds necessary. The applicant shall accept required modifications by\nfiling appropriate amendments to the proposed plan of reorganization with the\ncommissioner within thirty (3 0) days of the date of the order of the commissioner\nrequiring modifications. If the applicant does not accept the required modifications\nby failing to file the required amendments to the proposed plan of reorganization\nwithin thirty (30) days, the proposed reorganization shall be deemed denied.\n(8) An approval or conditional approval of a plan of reorganization shall expire if the\nreorganization is not completed within one hundred eighty (180) days unless the\ntime period is extended by the commissioner upon a showing of good cause.\n(9) The commissioner may revoke approval or conditional approval of an applicant's\nplan of reorganization if the commissioner finds the applicant has failed to comply\nwith the plan of reorganization. The commissioner may compel c ompletion of a\nplan of reorganization unless the plan is abandoned in its entirety. The\ncommissioner shall retain jurisdiction over the applicant until a plan of\nreorganization has been completed.\n(10) Upon completion of all elements of a plan of reorganiz ation and any conditions\nplaced on the reorganization by the commissioner, the applicant shall provide a\nnotice of and documentation of completion to the commissioner.\n(11) Within twelve (12) months after the commissioner receives the notice specified in\nsubsection (9) of this section, the commissioner shall examine the affairs,\ntransactions, accounts, records, and assets of the mutual holding company,\nreorganized insurer, and its affiliated persons for compliance with the plan of\nreorganization and for protection of policyholder interests.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40307","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"95c3c63cb42119ca9aceb1004ebf35ad98624e8575f487c5f3831d0d52203887","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-560","next":"us-ky/krs-304.37-570"},"notice":"GroundRules: Original legal text. Not legal advice."}