{"data":{"id":"us-ky/krs-304.45-030","jurisdiction":"us-ky","citation":"KRS 304.45-030","heading":"Requirements for eligibility for charter of risk retention group to write","body":"liability insurance pursuant to this subtitle.\n(1) A risk retention group shall, pursuant to the provisions of this chapter, be chartered\nand licensed to write only liability insurance pursuant to this subtitle, and, except as\notherwise provided in this subtitle, shall comply with all of the laws, regulations,\nand requirements applicable to such insurers chartered and licensed in this state and\nwith KRS 304.45 -040 to the extent such requirements are not a limitation on laws,\nregulations, or requirements of this state.\n(2) Notwithstanding any other provision to the contrary, all risk retention groups\nchartered in this state shall file with the department and the National Association of\nInsurance Commissioners (NAIC), an annual statement in a form prescribed by the\nNAIC and completed in accordance with the NAIC instructions and the NAIC\naccounting practices and procedures manual.\n(3) Before it may offer insurance in any sta te, each risk retention group shall also\nsubmit for approval to the commissioner of this state a plan of operation or a\nfeasibility study and revisions of the plan or study if the group intends to offer any\nadditional kinds of liability insurance. The risk  retention group shall not offer any\nadditional kinds of liability insurance in this state or any other state until a revision\nof the plan or study is approved by the commissioner. In the event of any other\nsubsequent material change in any item of the plan or study, the risk retention group\nshall submit an appropriate revision to the commissioner within ten (10) days of the\nchange.\n(4) (a) At the time of filing its application for charter, the risk retention group shall\nprovide to the commissioner in summary form the following information:\n1. The identity of the initial members of the group;\n2. The identity of those individuals who organized the group or who will\nprovide administrative services or otherwise influence or control the\nactivities of the group;\n3. The amount and nature of initial capitalization;\n4. The coverages to be afforded; and\n5. The states in which the group intends to operate.\n(b) Upon receipt of the information, the commissioner shall forward the\ninformation to the National Association of  Insurance Commissioners.\nProviding notification to the National Association of Insurance\nCommissioners is in addition to and shall not be sufficient to satisfy the\nrequirements of KRS 304.45-040 and all other sections of this subtitle.\n(5) A risk retentio n group shall, within ten (10) days, notify the commissioner of any\nchanges in the identity of those individuals who provide administrative services or\notherwise influence or control the activities of the group, the coverages afforded,\nand the states in which the group operates.\n(6) A risk retention group chartered and licensed in this state as a product liability risk\nretention group under the provisions of KRS Chapter 304 in effect prior to July 13,\n1990, may continue to act as one without complying with this subtitle as long as it\ncomplies with the provisions of KRS Chapter 304 in effect prior to July 13, 1990.\nThe e xception provided in this subsection shall cease to apply to any product\nliability risk retention group which offers any other kind of liability insurance other\nthan product liability or completed operations liability insurance.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47096","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:58Z","sha256":"cf6608fff9f6afc80241e6a6e88df48028fbb0c7802861adf6b9452d17560d23","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.45-020","next":"us-ky/krs-304.45-032"},"notice":"GroundRules: Original legal text. Not legal advice."}