Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2021 | Updated by FindLaw Staff
(1) After the end of each calendar year, a GAP participating insurer shall report the following information for the previous calendar year:
(a) The total earned premium in the individual, small group, large group, and association markets;
(b) The number of GAP policies in force as of December 31;
(c) The amount of the insurer's GAP premiums received during the calendar year covered by the report;
(d) The amount of the insurer's GAP claims paid during the calendar year covered by the report;
(e) The amount of the insurer's GAP losses; and
(f) Other information as the office may require to be reported.
(2) After the end of each calendar year, and based upon the reports filed under subsection (1) of this section, the office shall calculate and provide to each insurer who filed a report the following information relating to the calendar year:
(a) The amount of each reporting insurer's market share;
(b) The total amount of GAP premiums for all reporting insurers;
(c) The total amount of GAP claims paid by all reporting insurers;
(d) The amount of total actual GAP losses;
(e) The amount of the insurer's assessment or refund; and
(f) Other information as the office may elect to calculate and report.
The office shall complete its calculation and provide each insurer the results of its calculation within sixty (60) days after receiving all required information.
(3) The office shall pay GAP losses to GAP participating insurers in accordance with this section and KRS 304.17B-021(5).
(4) The office shall conduct examinations of insurers participating in Kentucky Access as are reasonably necessary to determine if the information provided by the insurers is accurate.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.17B-023.Duties of GAP participating insurer and department to report and to provide information; payment of GAP losses; examination of insurers to determine accuracy of information provided - last updated January 01, 2021 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-17b-023/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)