(1) Every company licensed under this chapter shall provide to the commissioner a list of its officers and directors, their names, addresses, principal business activities, and occupations or employment. (2) Every company licensed under this chapter shall file with the commissioner a copy of any management contract, third -party administrator contract, agency contract, or any other agreement, contract, or document whereby rights or duties of the company are assigned or delegated to another entity. No agreement s hall be effective until approved by the commissioner. An agreement may be disapproved if, after a hearing under KRS Chapter 13B, the commissioner finds that the agreement does not comply with the following conditions: (a) The agreement shall be the result of an arms length transaction between the company and any other party; (b) The terms of the agreement shall be fair and reasonable to the parties, and the charges or fees for all services provided shall be reasonable; (c) The books, accounts, and records o f each party to the agreement shall be maintained to clearly and accurately disclose the precise nature and details of the transaction; and (d) The agreement shall be made for the benefit of the policyholders of the company.
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