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304.3-270 Retaliatory provision.
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(2)
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The purpose of this section is to aid in the protection of insurers formed under the
laws of Kentucky and transacting insurance in other states or countries against
discriminatory or onerous requirements under the laws of such states or countries or
the administration thereof.
When by or pursuant to the laws of any other state or foreign country or province
any taxes, licenses and other fees, in the aggregate, and any fines, penalties, deposit
requirements or other material obligations, prohibitions or restrictions are or would
be imposed upon Kentucky insurers, or upon the agents or representatives of such
insurers, which are in excess of such taxes, licenses and other fees, in the aggregate,
or which are in excess of the fines, penalties, deposit requirements or other
obligations, prohibitions, or restrictions directly imposed upon similar insurers, or
upon the agents or representatives of such insurers, of such other state or country
under the statutes of this state, so long as such laws of such other state or country
continue in force or are so applied, the same taxes, licenses and other fees, in the
aggregate, or fines, penalties, or deposit requirements or other material obligations,
prohibitions, or restrictions of whatever kind shall be imposed by the commissioner
upon the insurers, or upon the agents or representatives of such insurers, of such
other state or country doing business or seeking to do business in Kentucky. Any
tax, license or other fee or other obligation imposed by any city, county, or other
political subdivision or agency of such other state or country on Kentucky insurers
or their agents or representatives shall be deemed to be imposed by such state or
country within the meaning of this section.
This section shall not apply as to personal income taxes, nor as to ad valorem taxes
on real or personal property, nor as to special purpose obligations or assessments
imposed by another state in connection with particular kinds of insurance other than
property insurance; except that deductions, from premium taxes or other taxes
otherwise payable, allowed on account of real estate or personal property taxes paid
shall be taken into consideration by the commissioner in determining the propriety
and extent of retaliatory action under this section.
For the purposes of this section the domicile of an alien insurer, other than insurers
formed under the laws of Canada, or a province thereof, shall be that state
designated by the insurer in writing filed with the commissioner at time of
admission to this state or within six (6) months after the effective date of this code,
whichever date is the later, and may be any one (1) of the following states:
(a) That in which the insurer was first authorized to transact insurance;
(b) That in which is located the insurer's principal office; or
(c) That in which is held the largest deposit of trusteed assets of the insurer for
the protection of its policyholders in the United States.
If the insurer makes no such designation its domicile shall be deemed to be that
state in which is located its principal office.
For the purpose of this section assessments by insurance guaranty associations or
similar organizations in any other state shall not be considered or used in
determining retaliatory taxation to be imposed by the commissioner upon insurers
doing business in this state that are incorporated or organized under the laws of such
other state, or upon their agents.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 976, effective July 15, 2010. -- Amended
1972 Ky. Acts ch. 137, sec. 18, effective June 16, 1972. -- Created 1970 Ky. Acts ch.
301, subtit. 3, sec. 27, effective June 18, 1970.
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