806 KAR 30:100. Time limit for insurance premium finance company responses to Office of Insurance inquiries

      Section. 1. Insurance premium finance companies shall furnish a complete response to the Office of Insurance within twenty-one (21) days of the date of a Office of Insurance inquiry. (19 Ky.R. 2356; eff. 6-7-93; TAm eff. 8-9-2007.)

Notation

      RELATES TO: KRS 304.30-050, 304.30-060

      STATUTORY AUTHORITY: KRS 304.2-110, 304.30-070

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Executive Director of Insurance may make reasonable administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. KRS 304.30-070 provides that the Executive Director of Insurance has the authority to make and enforce such reasonable administrative regulations as may be necessary to make effective the provisions of KRS Chapter 304.30 and to establish the manner in which insurance premium finance companies shall conduct their business. This administrative regulation requires insurance premium finance companies to respond to inquiries from the Office of Insurance within twenty-one (21) days of the date of the inquiry.