{"data":{"id":"us-ky/krs-304.42-110","jurisdiction":"us-ky","citation":"KRS 304.42-110","heading":"Duties and powers of commissioner.","body":"In addition to the duties and powers enumerated elsewhere in this subtitle:\n(1) The commissioner shall:\n(a) Upon request of the board of directors, provide the association with a\nstatement of the premiums in the appropriate states for each member insurer;\n(b) When an impairment is declared and the amount of the impairment is\ndetermined, serve a demand upon the impaired insurer to make good the\nimpairment within a reasonable time. Notice to the impaired insurer shall\nconstitute notice to its shareholders, if  any. The failure of the impaired insurer\nto promptly comply with the demand shall not excuse the association from the\nperformance of its powers and duties under this subtitle; and\n(c) In any liquidation or rehabilitation proceeding involving a domestic me mber\ninsurer, be appointed as the liquidator or rehabilitator. If a foreign or alien\nmember insurer is subject to a liquidation proceeding in its domiciliary\njurisdiction or state of entry, the commissioner may be appointed conservator.\n(2) The commissione r may suspend or revoke, after notice and hearing conducted in\naccordance with KRS Chapter 13B, the certificate of authority or license to transact\nbusiness in this state of any member insurer which fails to pay an assessment when\ndue or fails to comply wi th the plan of operation. As an alternative the\ncommissioner may levy a forfeiture on any member insurer which fails to pay an\nassessment when due. A forfeiture shall not exceed five percent (5%) of the unpaid\nassessment per month, but no forfeiture shall be less than one hundred dollars\n($100) per month.\n(3) Any final action of the board of directors or the association may be appealed to the\ncommissioner by any member insurer if the appeal is taken within sixty (60) days of\nits receipt of notice of the act ion being appealed. Any final order of the\ncommissioner shall be subject to judicial review as set forth in Subtitle 2 of this\nchapter and KRS Chapter 13B.\n(4) The liquidator, rehabilitator, or conservator of any impaired insurer may notify all\ninterested persons of the effect of this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48766","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:58Z","sha256":"70f20ae32a3daa21c0676cf9878f01a2d911863bfbeec3898490dc941879c808","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.42-100","next":"us-ky/krs-304.42-120"},"notice":"GroundRules: Original legal text. Not legal advice."}