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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.48-260.Commissioner’s enforcement authority

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) After a hearing or upon agreement by the liability self-insurance group, the commissioner may suspend or revoke the certificate of filing of a liability self-insurance group, impose a civil penalty of up to five thousand dollars ($5,000) per violation on a liability self-insurance group, or both, for:

(a) Violations of this subtitle or administrative regulations adopted thereunder;

(b) Obtaining a certificate of filing by unfair or deceptive means;

(c) Operating in a financially hazardous manner;

(d) Misappropriation, conversion, illegal withholding, or refusal to pay over upon proper demand any moneys that belong to a member, an employee of a member, or a person otherwise entitled thereto by the group or its administrator; or

(e) Violations of Subtitle 12 of this chapter or administrative regulations promulgated pursuant thereto.

(2) The commissioner, in his or her discretion and without advance notice or a hearing thereon, may suspend or revoke the certificate of filing of any liability self-insurance group upon the commencement of the following proceedings:

(a) Receivership;

(b) Conservatorship;

(c) Rehabilitation; or

(d) Other delinquency proceedings.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.48-260.Commissioner’s enforcement authority - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-48-260/

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