{"data":{"id":"us-ky/krs-304.49-070","jurisdiction":"us-ky","citation":"KRS 304.49-070","heading":"Annual report of financial condition.","body":"(1) Captive insurance companies shall not be required to make any annual report except\nas provided in KRS 304.49-010 to 304.49-230.\n(2) (a) On or before March 1 of each year, each captive insurer shall submit to the\ncommissioner a report of its financial condi tion, verified by oath of two (2) of\nits executive officers.\n(b) Each captive insurer shall report using generally accepted accounting\nprinciples, unless the commissioner approves the use of statutory accounting\nprinciples or international accounting stand ards. The approved accounting\nmethod may contain any appropriate or necessary modifications or adaptations\nthereof required or approved or accepted by the commissioner for the type of\ninsurance and kinds of insurers to be reported upon, and as supplemented  by\nadditional information required by the commissioner. Any captive insurer\nwhose use of statutory accounting principles is approved by the commissioner\nmay make modifications and adaptations as are necessary to record as\nadmitted the full value of all in vestments by the captive insurer permitted\nunder this subtitle and, subject to the commissioner's approval, to make its\nreports under this section consistent with the purposes of this subtitle.\n(c) Except as otherwise provided, all captive insurers, with t he exception of those\nformed as a risk retention group, shall file reports on a form prescribed by the\ncommissioner. An actuarial opinion summary shall not be required to be filed\nwhen a certification of loss and loss expense reserves and opinion of reserv e\nadequacy is filed with the department by a captive insurer, unless otherwise\nrequested by the commissioner.\n(d) A captive insurer formed as a risk retention group shall file reports pursuant to\nKRS 304.2 -205 and an actuarial opinion summary pursuant to K RS 304.3 -\n242, with additional information or modification as the commissioner may\nprescribe.\n(e) The commissioner shall by administrative regulation propose the forms in\nwhich captive insurers shall report.\n(3) Any captive insurer may make written application for filing the required report on a\nfiscal year end. If an alternative reporting date is granted, the annual report is due\nsixty (60) days after the fiscal year end.\n(4) Sixty (60) days after the fiscal year end, a branch captive insurer shall file wit h the\ncommissioner a copy of all reports and statements required to be filed under the\nlaws of the jurisdiction in which the foreign captive insurer is formed, verified by\noath of two (2) of its executive officers. If the commissioner is satisfied that the\nannual report filed by the foreign captive insurer in its domiciliary jurisdiction\nprovides adequate information concerning the financial condition of the foreign\ncaptive insurer, the commissioner may waive the requirement for completion of the\ncaptive annual statement for business written in the foreign jurisdiction.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40309","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:59Z","sha256":"3d287cbc1b200322c0c7a268b4fadebdb7c86cb73beea0cabfd6fbe4d2649668","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.49-060","next":"us-ky/krs-304.49-080"},"notice":"GroundRules: Original legal text. Not legal advice."}