Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO:
KRS
304.3-240,
304.6-070,
304.6-150,
304.6-155,
304.6-171,
304.6-180
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
304.2-110(1) authorizes the
Commissioner of Insurance to promulgate reasonable administrative regulations
necessary for or as an aid to the effectuation of any provision of the Kentucky
Insurance Code, as established in
KRS
304.1-010.
KRS
304.6-171 requires every life insurance
company doing business in this state to annually submit the opinion of a
qualified actuary as to whether or not the reserves and related actuarial items
held in support of the policies and contracts established by the commissioner
are computed appropriately.
KRS
304.6-171 requires the commissioner to
establish, by administrative regulation, the requirements of the actuarial
opinion and to broaden the scope of the opinion if necessary. This
administrative regulation establishes provisions for the commissioner to
determine whether or not reserves and related actuarial items are computed
appropriately, are based on assumptions that satisfy contractual provisions,
are consistent with prior reported amounts, and comply with KRS Chapter
304.
Section 1. Definitions.
(1) "Actuarial opinion" means the opinion of
an appointed actuary regarding the adequacy of the reserves and related
actuarial items based on an asset adequacy test in accordance with Section 4 of
this administrative regulation and with presently accepted actuarial
standards.
(2) "Actuarial Standards
Board" means the board established by the American Academy of Actuaries to
develop and promulgate standards of actuarial practice.
(3) "Annual statement" means the statement
required by
KRS
304.3-240.
(4) "Appointed actuary" is defined by
KRS
304.6-131(2).
(5) "Asset adequacy analysis" means an
analysis that meets the standards and other requirements of Section 4 of this
administrative regulation.
(6)
"Commissioner" is defined by
KRS
304.1-050(1).
(7) "Company" is defined by
KRS
304.6-131(3).
Section 2. Actuarial
Qualifications. In order to be considered a qualified actuary for the purposes
of this administrative regulation, a person shall:
(1) Be a member in good standing of the
American Academy of Actuaries;
(2)
Be qualified to sign a statement of actuarial opinion for a life and health
insurance company annual statement in accordance with the qualification
standards for actuaries established by the American Academy of Actuaries for
actuaries signing those statements;
(3) Be familiar with the valuation
requirements applicable to life and health insurance companies;
(4) Not been found by the commissioner, or if
so found has subsequently been reinstated as a qualified actuary, following
appropriate notice and hearing to have:
(a)
Violated any provision of, or any obligation imposed by, any law in the course
of his or her dealings as a qualified actuary;
(b) Been found guilty of fraudulent or
dishonest practices;
(c)
Demonstrated incompetence, lack of cooperation, or untrustworthiness to act as
a qualified actuary;
(d) Submitted
to the commissioner during the past five (5) years, pursuant to this
administrative regulation, an actuarial opinion or memorandum that the
commissioner rejected because it did not comply with this administrative
regulation or standards established by the Actuarial Standards Board;
or
(e) Resigned or been removed as
an actuary within the past five (5) years as a result of an act or omission
indicated in any adverse report on examination or as a result of the failure to
adhere to generally acceptable actuarial standards; and
(5) Not have failed to notify the
commissioner of any action taken by any commissioner of any other state if the
action was based on a disqualification standard established in subsection (4)
of this section.
Section
3. General Requirements.
(1)
Every company doing business in this state shall annually submit the opinion of
an appointed actuary stating an opinion relating to reserves and related
actuarial items held in support of policies and contracts, in accordance with
Section 4 of this administrative regulation. The actuarial opinion shall be:
(a) Included on or attached to Page 1 of the
annual statement for each year;
(b)
Entitled "Statement of Actuarial Opinion"; and
(c) The statement of an appointed actuary
stating an opinion relating to reserves and related actuarial items held in
support of policies and contracts in accordance with Section 4 of this
administrative regulation.
(2) The commissioner shall accept the
statement of actuarial opinion filed by a foreign or alien company with the
insurance supervisory regulator of another state if the commissioner determines
that the opinion meets the requirements applicable to a company domiciled in
this state.
(3) The commissioner
shall grant an extension of the date for submission of the statement of
actuarial opinion upon written request by the company.
(4) The company shall give the commissioner
timely written notice:
(a) If an actuary is
appointed or retained and the notice shall state:
1. The name of the appointed
actuary;
2. The title of the
appointed actuary;
3. If the
actuary is a consulting actuary, the name of the firm;
4. The manner of appointment or retention by
the company of each appointed actuary; and
5. That the person appointed or retained by
the company meets the requirements of a qualified actuary pursuant to Section 2
of this administrative regulation;
(b) If the actuary ceases to be appointed or
retained as an appointed actuary or to meet the requirements of a qualified
actuary; or
(c) If that any person
appointed or retained as an appointed actuary replaces a previously appointed
actuary, which notice shall state the reason for replacement.
(5) The asset adequacy analysis
required by Section 4 of this administrative regulation shall:
(a) Conform to the Standards of Practice as
promulgated by the Actuarial Standards Board and available at
http://www.actuarialstandardsboard.org/standards-of-practice.
to this administrative regulation, which standards shall form the basis of the
statement of actuarial opinion in accordance with this administrative
regulation; and
(b) Be based on
methods of analysis that shall be appropriate for those purposes based on
standards established by the Actuarial Standards Board.
(6) Pursuant to
KRS
304.6-171, the statement of actuarial opinion
shall apply to all in force business on the statement date, whether directly
issued or assumed, regardless of when or where issued.
(7) If the appointed actuary determines as
the result of the asset adequacy analysis that a reserve in addition to the
aggregate reserve held by the company and calculated in accordance with the
methods established in
KRS
304.6-171 is necessary, the company shall
establish the additional reserve.
(8)
(a)
Additional reserves established under subsection (7) of this section and
determined by an actuary to not be necessary in subsequent years may be
released as reserves on the company's financial statement.
(b) Any amounts released shall be disclosed
in the actuarial opinion for the applicable year.
(c) The release of reserves shall not result
in the adoption of a lower standard of valuation.
Section 4. Statement of Actuarial
Opinion Based on an Asset Adequacy Analysis.
(1) The statement of actuarial opinion
required by this section shall contain an opening paragraph, which shall:
(a) Identify the name and title of the
appointed actuary;
(b) Identify the
name of the consulting firm, if applicable;
(c) Identify the name of the
company;
(d) Identify the
qualifications of the appointed actuary;
(e) Identify the manner in which the actuary
was appointed or retained to render the actuarial opinion; and
(f) Include language identical or
substantially similar to the following:
1. For
a company actuary: "I, (name of actuary), am (title) of (name of company) and a
member of the American Academy of Actuaries. I was appointed by, or by the
authority of, the Board of Directors of said insurer to render this opinion as
stated in the letter to the commissioner dated (insert date). I meet the
Academy qualification standards for rendering the opinion and am familiar with
the valuation requirements applicable to life and health insurance companies.";
or
2. For a consulting actuary: "I,
(name and title of actuary), a member of the American Academy of Actuaries, am
associated with the firm of (insert name of consulting firm). I have been
appointed by, or by the authority of, the Board of Directors of (name of
company) to render this opinion as stated in the letter to the commissioner
dated (insert date). I meet the Academy qualification standards for rendering
the opinion and am familiar with the valuation requirements applicable to life
and health insurance companies."
(2) The statement of actuarial opinion shall
contain a scope paragraph, which shall:
(a)
Identify the subjects on which an opinion is to be expressed;
(b) Describe the scope of the work of the
appointed actuary;
(c) Include a
tabulation delineating the reserves and related actuarial items that have been
analyzed for asset adequacy and the method of analysis;
(d) Identify the reserves and related
actuarial items covered by the opinion that have not been analyzed;
and
(e) Include language identical
or substantially similar to the following: "I have examined the actuarial
assumptions and actuarial methods used in determining reserves and related
actuarial items listed below, as shown in the annual statement of the company,
as prepared for filing with state regulatory officials, as of December 31,
(year). Tabulated below in the Table of Reserves and Liabilities are those
reserves and related actuarial items that have been subjected to asset adequacy
analysis."
(3) If the
appointed actuary has relied on other experts to develop portions of the
analysis, the statement of actuarial opinion shall contain a reliance
paragraph, which shall:
(a) Describe each
situation in which the appointed actuary has deferred to another expert in
developing data, procedures, or assumptions; and
(b) Include a statement identical or
substantially similar to the following and be accompanied by a statement in
accordance with subsection (10) of this section:
1. "I have relied on (name), (title) for (for
example, anticipated cash flows from currently owned assets, including
variations in cash flows according to economic scenarios) and, as certified in
the attached statement,..."; or
2.
"I have relied on personnel as cited in the supporting memorandum for certain
critical aspects of the analysis in reference to the accompanying
statement."
(4) If the appointed actuary has examined the
underlying asset and liability records, the statement of actuarial opinion
shall include a statement identical or substantially similar to the following:
"My examination included review of the actuarial assumptions and actuarial
methods and of the underlying basic asset and liability records and tests of
the actuarial calculations as I considered necessary."; and
(5) If the appointed actuary has not examined
the underlying records, but has relied upon listings and summaries of policies
in force or asset records prepared by the company or a third party, the
statement of actuarial opinion required shall include a statement identical or
substantially similar to the following and be accompanied by a statement in
accordance with subsection (10) of this section: "In forming my opinion on
(specify types of reserves) I relied upon data prepared by (name and title of
company officer certifying in-force records) as certified in the attached
statement. I evaluated that data for reasonableness and consistency. I also
reconciled that data to (exhibits and schedules to be listed as applicable) of
the company's current annual statement. In other respects my examination
included review of the actuarial assumptions and actuarial methods and tests of
the actuarial calculations as I considered necessary."
(6) The statement of actuarial opinion
required by this section shall contain an opinion paragraph, which shall:
(a) Express the opinion of the appointed
actuary with respect to the adequacy of the supporting assets to mature the
liabilities that reserves and related actuarial values concerning the
identified statement items:
1. Are computed in
accordance with presently accepted actuarial standards consistently applied and
are fairly stated, in accordance with sound actuarial principles;
2. Are based on actuarial assumptions that
produce reserves at least as great as those called for in any contract
provision as to reserve basis and method, and are in accordance with all other
contract provisions;
3. Meet the
requirements of KRS Chapter 304, 201 KAR Chapter 1, and KAR Title 806 of the
state of domicile and are at least as great as the minimum aggregate amounts
required by the state in which this statement is filed;
4. Are computed on the basis of assumptions
consistent with those used in computing the corresponding items in the annual
statement of the preceding year-end with any exception noted; and
5. Include provision for all actuarial
reserves and related statement items established;
(b) Express an opinion as to the adequate
provision for the anticipated cash flow by including language identical or
substantially similar to the following: "The reserves and related items,
considered in light of the assets held by the company with respect to reserves
and related actuarial items including, but not limited to, the investment
earnings on assets, and the considerations anticipated to be received and
retained under applicable policies and contracts, make adequate provision,
according to presently accepted actuarial standards of practice, for the
anticipated cash flows required by the contractual obligations and related
expenses of the company.";
(c)
State that the actuarial methods, considerations, and analyses used in forming
the actuarial opinion conform to the appropriate Standards of Practice as
promulgated by the Actuarial Standards Board, which standards form the basis of
the statement of opinion;
(d) State
whether or not there has been a material change from the applicable date of the
annual statement to the date of the rendering of the actuarial opinion which
should be considered in reviewing the opinion and include language identical or
substantially similar to one (1) of the following:
1. "This opinion is updated annually as
required by statute. To the best of my knowledge, there have been no material
changes from the applicable date of the annual statement to the date of the
rendering of this opinion which should be considered in reviewing this
opinion."; or
2. "The following
material change(s) that occurred between the date of the statement for which
this opinion is applicable and the date of this opinion should be considered in
reviewing this opinion: (describe the change or changes.)";
(e) Include a statement regarding
unanticipated events which is identical or substantially similar to the
following: "The impact of unanticipated events subsequent to the date of this
opinion is beyond the scope of this opinion. The analysis of asset adequacy
portion of this opinion should be viewed recognizing that the company's future
experience may not follow all the assumptions used in the analysis";
and
(f) Contain the signature,
address, and telephone number of the appointed actuary.
(7) A change in actuarial assumptions shall
not include the adoption for a new issue, a new claim, or other new liability
of an actuarial assumption which differs from a corresponding assumption used
for a prior new issue, new claim, or other new liability.
(8) If the appointed actuary is unable to
form an opinion, the actuary shall refuse to issue a statement of actuarial
opinion.
(9) If the opinion of the
appointed actuary is adverse or qualified, the actuary shall issue an adverse
or qualified actuarial opinion explicitly stating the reason for the opinion.
This statement shall follow the scope paragraph and precede the opinion
paragraph.
(10) If the appointed
actuary relies on the certification of others on matters concerning the
accuracy or completeness of any data underlying the actuarial opinion, or the
appropriateness of any other information used by the appointed actuary in
forming the actuarial opinion, the actuarial opinion shall:
(a) Indicate the persons the actuary is
relying upon and a precise identification of the items subject to reliance;
and
(b) Provide a certification
from the persons on whom the appointed actuary relied that:
1. Precisely identifies the items on which
the person is providing information;
2. Includes a statement as to the accuracy,
completeness, or reasonableness, as applicable, of the items; and
3. Includes the following information for the
person rendering the certification:
a.
Signature and date signed;
b.
Title;
c. Company;
d. Address; and
e. Telephone number.
(11) Except as
established in subsection (12) of this administrative regulation and as an
alternative to the requirements of subsection 4(6)(a)3. of this section, the
commissioner may make one (1) or more of the following alternatives available
to the opining actuary:
(a)
1.
a. A
statement that the reserves meet the requirements of the insurance laws and
administrative regulations of the insurer's state of domicile; and
b. A formal written list of the standards and
conditions for filing an opinion based on the law of the insurer's state of
domicile.
2. If an
insurer uses this alternative, the standards and conditions in effect on July 1
of a calendar year shall apply to statements for that calendar year, and they
shall remain in effect until they are revised or revoked.
3. If no formal written list of the standards
and conditions is available, the commissioner shall not offer this
alternative;
(b)
1.
a. A
statement that the reserves meet the requirements of the insurance laws and
administrative regulations of the insurer's state of domicile;
b. Verification that the actuary's request to
file an opinion based on the law of the insurer's state of domicile has been
approved; and
c. A statement that
any conditions required by the commissioner for approval of that request have
been met.
2. If the
commissioner offers this alternative, a formal written statement of the
allowance shall be issued no later than March 31 of the year it is first
effective.
3. Subsequent to that
statement being issued, if an insurer wants to use this alternative, the
insurer shall file a request with the commissioner, along with justification
for its use, no later than April 30 of the year of the opinion to be filed. The
request shall be deemed approved on October 1 of that year if the commissioner
has not denied the request by that date; and
(c)
1.
a. A statement that the reserves meet the
requirements of the insurance laws and administrative regulations of the
insurer's state of domicile; and
b.
A statement that the actuary has submitted the required comparison as
established by the insurer's state of domicile.
2. If the commissioner offers this
alternative, a formal written list of products for which the required
comparison shall be provided shall be published on the department's Web site,
http://insurance.ky.gov.
3. If a company uses this alternative, the
formal written list of products in effect on July 1 of a calendar year shall
apply to statements for that calendar year, and it shall remain in effect until
it is revised or revoked.
4. If a
formal written list of products for which the required comparison shall be
provided is not available, this alternative shall not be allowed.
5.
a. If a
company desires to use this alternative, the appointed actuary shall provide a
comparison of the gross nationwide reserves held to the gross nationwide
reserves that would be held under National Association of Insurance
Commissioners' codification standards, as established in
KRS
304.6-171.
b. Gross nationwide reserves shall equal the
total reserves calculated for the total company in force business directly sold
and assumed, indifferent to the state in which the risk resides, without
reduction for reinsurance ceded.
c.
The comparison shall include the following:
(i) Product type;
(ii) Death benefit or account
value;
(iii) Reserves
held;
(iv) Codification reserves;
and
(v) Codification
standard.
d. The
comparison shall include all products identified by either the state of filing
or any other states that accept this alternative.
e. If there is no codification standard for
the type of product or risk in force or if the codification standard does not
directly address the type of product or risk in force, the appointed actuary
shall provide detailed disclosure of the specific method and assumptions used
in determining the reserves held.
f. The comparison provided by the company
shall be kept confidential in accordance with
KRS
304.6-171.
(12)
(a) The
commissioner may reject an opinion based on the laws and administrative
regulations of the state of the insurer's domicile and require an opinion based
on the laws of the Commonwealth of Kentucky.
(b) If an insurer is unable to provide the
opinion within sixty (60) days of the request or other period of time
determined by the commissioner after consultation with the insurer, the
commissioner may contract an independent actuary at the company's expense to
prepare and file the opinion.
Section 5. Description of Actuarial
Memorandum Including an Asset Adequacy Analysis.
(1) In accordance with
KRS
304.6-171, the appointed actuary shall
prepare a memorandum to the company that shall describe the analysis done in
support of the actuary's opinion regarding the reserves.
(2) The memorandum shall:
(a) Be made available to the commissioner,
upon request, for examination;
(b)
Be returned to the company after an examination by the commissioner;
and
(c) Not be considered a record
of the insurance department or subject to automatic filing with the
commissioner.
(3) The
commissioner may designate a qualified actuary to review the actuarial opinion
and prepare a supporting memorandum, which reasonable and necessary expense of
the independent review shall be paid by the company but shall be directed and
controlled by the commissioner, if:
(a) The
commissioner requests a memorandum and no memorandum exists;
(b) The commissioner finds that the analysis
stated in the memorandum fails to meet the standards of the Actuarial Standards
Board; or
(c) The commissioner
finds that the analysis stated in the memorandum fails to meet the standards of
this administrative regulation.
(4) In preparing the memorandum, the
appointed actuary may rely on, and include as a part of the actuarial
memorandum, memoranda prepared and signed by another actuary who is qualified
in accordance with Section 2 of this administrative regulation with respect to
the subjects covered in the memorandum.
(5) The reviewing actuary shall have the same
status as an examiner for the purposes of obtaining data from the company and
the work papers and documentation of the reviewing actuary shall be retained by
the commissioner.
(6) Any
information provided by the company to the reviewing actuary and included in
the work papers shall be considered as material provided by the company to the
commissioner and shall be kept confidential to the same extent as other
material provided by the company to the commissioner pursuant to
KRS
304.6-171.
(7) The reviewing actuary shall not be an
employee of a consulting firm involved with the preparation of any prior
memorandum or opinion for the insurer pursuant to this administrative
regulation for any one (1) of the current year or the preceding three (3)
years.
(8)
(a) In accordance with
KRS
304.6-171, the appointed actuary shall
prepare a regulatory asset adequacy issues summary in accordance with
subsection (12) of this section.
(b) The regulatory asset adequacy issues
summary shall be submitted no later than March 15 of the year following the
year for which a statement of actuarial opinion based on asset adequacy is
required.
(c) The regulatory asset
adequacy issues summary shall be kept confidential in accordance with
KRS
304.6-171(5)(h).
(9) The memorandum shall
demonstrate that the analysis has been done in accordance with the standards
for asset adequacy referred to in Section 3(5) of this administrative
regulation.
(10) The actuarial
memorandum referred to in this section shall specify:
(a) For reserves, the documentation of the
assumptions made shall be in a manner to allow an actuary reviewing the
actuarial memorandum to form a conclusion as to the reasonableness of the
assumptions and shall include:
1. Product
descriptions including a market description, underwriting and any other aspect
of a risk profile and the specific risks the appointed actuary deems
significant;
2. Source of liability
in force;
3. Reserve method and
basis;
4. Investment
reserves;
5. Reinsurance
arrangements;
6. Identification of
any explicit or implied guarantees made by the general account in support of
benefits provided through a separate account or under a separate account policy
or contract and the methods used by the appointed actuary to provide for the
guarantees in the asset adequacy analysis; and
7. Documentation of assumptions to test
reserves for the following:
a. Lapse rates,
both base and excess;
b. Interest
crediting rate strategy;
c.
Mortality;
d. Policyholder dividend
strategy;
e. Competitor or market
interest rate;
f. Annuitization
rates;
g. Commissions and expenses;
and
h. Morbidity;
(b) For assets, the
documentation of the assumptions made shall be in a manner to allow an actuary
reviewing the actuarial memorandum to form a conclusion as to the
reasonableness of the assumptions and shall include:
1. Portfolio descriptions, including a risk
profile disclosing the quality, distribution and types of assets;
2. Investment and disinvestment
assumptions;
3. Source of asset
data;
4. Asset valuation bases;
and
5. Documentation of assumptions
made for:
a. Default costs;
b. Bond call function;
c. Mortgage prepayment function;
d. Determining market value for assets sold
due to disinvestment strategy; and
e. Determining yield on assets acquired
through the investment strategy;
(c) Analysis basis:
1. Methodology;
2. Rationale for inclusion or exclusion of
different blocks of business and how pertinent risks were analyzed;
3. Rationale for degree of rigor in analyzing
different blocks of business, including the level of materiality that was used
in determining how rigorously to analyze different blocks of
business;
4. Criteria for
determining asset adequacy, including the precise basis for determining if
assets are adequate to cover reserves under moderately adverse conditions or
other conditions as established in relevant actuarial standards of practice;
and
5. Effect of federal income
tax, reinsurance, and any other relevant factor;
(d) Summary of material changes in methods,
procedures or assumptions from prior year's asset adequacy analysis;
(e) Summary of results; and
(f) Conclusion.
(11) The memorandum shall include a statement
that indicates that the memorandum conforms to the appropriate Standards of
Practice and that shall include language identical or substantially similar to
the following: "Actuarial methods, considerations, and analyses used in the
preparation of this memorandum conform to the appropriate standards of practice
as promulgated by the Actuarial Standards Board, which standards form the basis
for this memorandum."
(12) The
regulatory asset adequacy issues summary shall include:
(a) Descriptions of the scenarios tested,
including whether those scenarios are stochastic or deterministic, and the
sensitivity testing done relative to those scenarios.
1. If negative ending surplus results under
certain tests in the aggregate, the actuary shall describe those tests and the
amount of additional reserve as of the valuate date that, if held, would
eliminate the negative aggregate surplus values.
2. Ending surplus values shall be determined
by:
a. Extending the projection period until
the in-force and associated assets and liabilities at the end of the projection
period are immaterial; or
b.
Adjusting the surplus amount at the end of the projection period by an amount
that appropriately estimates the value that can reasonably be expected to arise
from the assets and liabilities remaining in force;
(b) The extent to which the
appointed actuary uses assumptions in the asset adequacy analysis that are
materially different than the assumptions used in the previous asset adequacy
analysis;
(c) The amount of
reserves and the identity of the product lines that had been subjected to asset
adequacy analysis in the prior opinion but were not subject to analysis for the
current opinion;
(d) Comments on
any interim results that may be of significant concern to the appointed
actuary;
(e) The methods used by
the actuary to recognize the impact of reinsurance on the company's cash flows,
including both assets and liabilities, under each of the scenarios tested;
and
(f) Whether or not the actuary
has been satisfied that all options, whether explicit or embedded, in any asset
or liability, including those affecting cash flows embedded in fixed income
securities, and equity-like features in any investments have been appropriately
considered in the asset adequacy analysis.
(13) The regulatory asset adequacy issues
summary shall contain the name of the company for which the regulatory asset
adequacy issues summary is being supplied and shall be signed and dated by the
appointed actuary rending the actuarial opinion.
(14) The appointed actuary shall retain on
file, for at least seven (7) years, sufficient documentation so that it will be
possible to determine the procedures followed, the analyses performed, the
bases for assumptions, and the results obtained.
Section 6. Additional Considerations for
Analysis.
(1) An appropriate allocation of
assets in the amount of the interest maintenance reserve (IMR), whether
positive or negative, shall be used in any asset adequacy analysis.
(2) Analysis of risks regarding asset default
may include an appropriate allocation of assets supporting the asset valuation
reserve (AVR).
(3) AVR assets shall
not be applied for any other risks with respect to reserve adequacy.
(4) Analysis of these and other risks may
include assets supporting other mandatory or voluntary reserves available to
the extent not used for risk analysis and reserve support.
(5) The amount of the assets used for the AVR
shall be disclosed in the Table of Reserves and Liabilities and in the
memorandum.
(6) The method used for
selecting particular assets or allocated portions of assets shall be disclosed
in the memorandum.
Section
7. Incorporation by Reference.
(1) The "Table of Reserves and Liabilities",
5/2009, is incorporated by reference.
(2) This material may be inspected, copied,
or obtained, subject to applicable copyright law, at the Department of
Insurance, 500 Mero Street, Frankfort, Kentucky 40601, Monday through Friday, 8
a.m. to 4:30 p.m. Forms may also be obtained on the department's internet Web
site at:
http://insurance.ky.gov.
STATUTORY AUTHORITY:
KRS
304.2-110(1),
304.6-171