{"data":{"id":"us-ky/krs-304.45-070","jurisdiction":"us-ky","citation":"KRS 304.45-070","heading":"Requirements and prohibitions for risk retention and purchasing","body":"groups.\n(1) A risk retention group:\n(a) Shall not be required or permitted to join or contribute financially to any\ninsurance insolvency guaranty fund or similar mechanism in this state, nor\nshall any risk retention group, its insureds, or claimants against its in sureds\nreceive any benefit from any such fund for claims arising under insurance\npolicies issued by such risk retention group; and\n(b) Shall participate in this state's joint underwriting associations and mandatory\nliability pools as provided by this chapter.\n(2) A purchasing group:\n(a) Which obtains insurance covering its members' risks from an authorized\ninsurer shall have Kentucky Insurance Guaranty Association coverage only for\nrisks resident or located in this state;\n(b) Which obtains insurance coverin g its members' risks from an insurer not\nauthorized in this state or a risk retention group shall not have any Kentucky\nInsurance Guaranty Association coverage for such risks, wherever resident or\nlocated;\n(c) Shall not purchase insurance from a risk reten tion group that is not chartered\nin a state or from an insurer not admitted in the state in which the purchasing\ngroup is located, unless the purchase is effected through a person holding the\nappropriate license pursuant to the insurance agent, insurance b roker, or\nsurplus lines laws and regulations of such state;\n(d) Shall not offer insurance policy coverage prohibited by statute or regulation or\ndeclared unlawful by the highest court of this state;\n(e) Shall not purchase insurance providing for a deductib le or self -insured\nretention applicable to the group as a whole, but may provide for a deductible\nor self-insured retention applicable to individual members; and\n(f) Is subject to the same standards regarding aggregate limits which are\napplicable to all purchases of group insurance.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30160","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:59Z","sha256":"d23eea8f320f67d66d32a7c5740546f0372935f809bd2e7557b4f043cdebc430","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.45-060","next":"us-ky/krs-304.45-080"},"notice":"GroundRules: Original legal text. Not legal advice."}