Lloyd's Plan Insurers

KRS tit. XXV, ch. 304, subtit. 28

in effect

KRS 304.28-010 "Underwriters" defined

304.28-010. "Underwriters" defined Persons or associations of persons hereby designated "underwriters" not heretofore authorized, are authorized to transact any insurance, except life, title, or mortgage guaranty insurance in this state, on the Lloyd's plan, by executing articles of agreement expressing their purpose so to do and complying with the requirements set forth in this code. Effective: July 15, 1994 History: Amended 1994 Ky. Acts ch. 93, sec. 16, effective July 15, 1994. -- Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 1, effective June 18, 1970.

KRS 304.28-020 "Attorney" defined

304.28-020. "Attorney" defined Policies of insurance may be executed by an attorney or by attorneys-in-fact or other representative, hereby designated "attorney," authorized by and acting for such underwriters. The principal office of such attorneys shall be maintained at such place as may be designated by the underwriters. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 2, effective June 18, 1970.

KRS 304.28-030 Application for license

304.28-030. Application for license Underwriters shall file with the commissioner for an original certificate of authority, an application, signed and sworn to by their duly authorized attorney, setting forth in addition to matters required in KRS 304.3-150: (1) The name of the attorney and title under which the business is to be conducted, which title shall contain the name Lloyd's and shall not be so similar to any name or title in use in this state as to be likely to confuse or deceive; (2) The names and addresses of all the underwriters proposing to engage in the business; (3) The number of underwriters, which shall not be less than twenty-five (25), and that each underwriter is worth in his or her own right not less than $20,000 over and above all his or her liabilities; (4) A copy of each form of policy or contract by which such insurance is to be effected; (5) A copy of the form of power of attorney by virtue of which the attorney is to act for and bind the several underwriters and a copy of the articles of agreement entered into between the underwriters themselves and the attorney; (6) A financial statement showing in detail the assets contributed or accumulated in the hands of the attorney, committee of underwriters, trustees and/or other officers of such underwriters at Lloyd's, together with the liabilities incurred and outstanding and the income received and disbursements made by the attorney for the underwriters; and (7) An instrument executed by each and all of the underwriters specially empowering the attorney to accept services of process for each underwriter in any action on any policy or contract of insurance and an instrument from the attorney to the commissioner, delegating the attorney's powers in this respect to the commissioner. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1388, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 3, effective June 18, 1970.

KRS 304.28-040 Authorization of underwriters

304.28-040. Authorization of underwriters (1) Upon the filing of the documents required, the commissioner shall examine them. If it appears that all the statements made are true and that the rights of the policyholders will be protected thereunder, and that the insurer is otherwise qualified therefor, the commissioner shall issue a certificate of authority to the underwriters under the name chosen and approved, authorizing them to transact the business of insurance as specified in the application. (2) Prior to the issuance of an original certificate of authority, a Lloyd's organization shall submit to examination of its affairs, by the commissioner, or, if acceptable to the commissioner, shall file with the commissioner a certified copy of an examination of its affairs made within two (2) years by the proper supervising official of some other state. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1389, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 4, effective June 18, 1970.

KRS 304.28-050 Liability of substitutes

304.28-050. Liability of substitutes Additional or substituted underwriters shall be bound in the same manner and to the same extent as original subscribers to the articles of agreement and power of attorney on file with the commissioner, and the acts of the duly appointed deputy or substitute attorney of any attorney licensed under this subtitle in accepting powers of attorney from underwriters and in making and issuing policies and contracts of insurance and in doing any additional acts incident thereto shall be deemed authorized by the license issued to the original attorney. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1390, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 5, effective June 18, 1970.

KRS 304.28-060 Reserves

304.28-060. Reserves Underwriters at Lloyd's are required to compute reserve liabilities for all outstanding business and for all incurred losses upon the same basis required for stock insurance companies doing the same classes and character of business in this state. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 6, effective June 18, 1970.

KRS 304.28-070 Action on policy

304.28-070. Action on policy Action on any policy or contract of insurance made by the attorney for the underwriters may be brought against the attorney or against the attorney and the underwriters or any of them. In an action, summons and process shall be served on either the Secretary of State as provided in KRS 304.3-230 or on the attorney and when so served shall have the same force and effect as if served on the attorney and on each underwriter personally. A judgment in any such action against the attorney or against any of the underwriters shall be binding upon and be a judgment against each and all of the underwriters as their several liabilities may appear in the contract of insurance on which the action is brought. Effective: July 13, 2004 History: Amended 2004 Ky. Acts ch. 24, sec. 33, effective July 13, 2004. -- Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 7, efffective June 18, 1970.

KRS 304.28-080 Provisions applicable to foreign Lloyd's

304.28-080. Provisions applicable to foreign Lloyd's All of the provisions of this subtitle are applicable to underwriters at Lloyd's who are nonresidents of this state, or who maintain their principal office outside of this state, in the same manner that they are applicable to underwriters of Lloyd's who are residents of this state and who maintain their principal office in this state. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 28, sec. 8, effective June 18, 1970.

Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=38742Fetched: 10/20/2026