{"data":{"id":"us-ky/krs-304.38a-040","jurisdiction":"us-ky","citation":"KRS 304.38A-040","heading":"Issuance of certificate of authority -- Notification of deficiencies in","body":"application and of reasons for denial.\n(1) Following receipt of an application filed pursuant to KRS 304.38A -030, the\ncommissioner shall review the application and notify the applicant of any\ndeficiencies. The commissioner shall issue a certificate of authority to an applicant\nif the following conditions are met:\n(a) The applicant has verified to the commissioner that it has an initial minimum\nworth of at least two hundred fifty thousand dollars ($250,000);\n(b) The requirements of KRS 304.38A-030 have been fulfilled;\n(c) The individuals responsible for conducting the applicant's affairs are\ncompetent, trustworthy, and possess good reputations, and have had\nappropriate experience, training, or education;\n(d) The applicant is financially responsible and may reasonably be expected to\nmeet its obligations to enrollees and to prospective enrollees. In making his or\nher determination, the commissioner may consider:\n1. The financial soundness;\n2. The adequacy of surplus, working capital, other sources of funding, and\nprovisions for contingencies;\n3. Any agreement for paying the cost of the limited health services or for\nalternative coverage in the event of insolvency of the limited healt h\nservice organization; and\n4. The manner in which the requirements of KRS 304.38A -030 have been\nfulfilled; and\n(e) Any deficiencies identified by the commissioner have been corrected.\n(2) If the certificate of authority is denied, the commissioner shall n otify the applicant\nand shall specify the reasons for denial in the notice. The limited health service\norganization shall have sixty (60) days from the date of receipt of the notice to\nrequest a hearing before the commissioner pursuant to KRS 304.2-310.\n(3) Each certificate of authority issued to a limited health service organization shall\ndesignate the type of services the limited health service organization is authorized to\nprovide.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30016","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:57Z","sha256":"f75ca9786b11a24b108201bc8d47a745a3d613264288d4371fc4750f3ad7a3c4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.38a-030","next":"us-ky/krs-304.38a-050"},"notice":"GroundRules: Original legal text. Not legal advice."}