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Current as of January 01, 2024 | Updated by FindLaw Staff
A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt from any law regarding liability insurance for the purchasing group that would:
(1) Prohibit the establishment of a purchasing group;
(2) Make it unlawful for an insurer to provide or offer to provide to a purchasing group or its members insurance on a basis that provides advantages based on the purchasing group's loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters;
(3) Prohibit a purchasing group or its members from purchasing insurance on a group basis described in subsection (2) of this section;
(4) Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;
(5) Require that a purchasing group have a minimum number of members, common ownership or affiliation, or certain legal form;
(6) Require that a certain percentage of a purchasing group obtain insurance on a group basis;
(7) Otherwise discriminate against a purchasing group or any of its members; or
(8) Require that any insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent or broker residing in this state.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.45-050.Purchasing groups; exemptions from certain laws regarding liability insurance - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-45-050/
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.
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