299.019 Reporting and filing requirements.

198 words·~1 min read·/ky/chapter-299/299-019

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Every company licensed under this chapter shall provide to the commissioner a list

of its officers and directors, their names, addresses, principal business activities, and

occupations or employment.

(2)Every company licensed under this chapter shall file with the commissioner a copy

of any management contract, third-party administrator contract, agency contract, or

any other agreement, contract, or document whereby rights or duties of the company

are assigned or delegated to another entity. No agreement shall be effective until

approved by the commissioner. An agreement may be disapproved if, after a

hearing under KRS Chapter 13B, the commissioner finds that the agreement does

not comply with the following conditions:

(a)The agreement shall be the result of an arms length transaction between the

company and any other party;

(b)The terms of the agreement shall be fair and reasonable to the parties, and the

charges or fees for all services provided shall be reasonable;

(c)The books, accounts, and records of each party to the agreement shall be

maintained to clearly and accurately disclose the precise nature and details of

the transaction; and

(d)The agreement shall be made for the benefit of the policyholders of the

company.