Is there an ongoing relationship with DOI after licensure? What are the ongoing requirements?
Monitoring and Examination
- Material changes must be approved
- Board of Directors must hold annual meeting in Kentucky
- Retain deposit accounts with approved bank and retain captive manager doing business in Kentucky
- Captives are subject to examination by the DOI every 3-5 years
- Ongoing analysis of captive’s audited financial statements
How is confidentiality addressed?
- New statutory changes permit business to designate some or all of its application, examination reports, and other documents as confidential and proprietary