2006 Kentucky Revised Statutes - .090   General eligibility for certificate of authority -- Prior operation.

304.3-090 General eligibility for certificate of authority -- Prior operation. No foreign insurer shall be authorized to transact insurance in Kentucky, which has not been issuing its own policies as an authorized insurer for at least three (3) years in its state or country of domicile, unless the insurer is otherwise qualified for a certificate of authority under this code and is: (1)  The wholly owned subsidiary as defined in KRS 304.37-010(6) of an insurer which is already an authorized insurer in Kentucky; or (2)  The successor in interest through statutory merger or statutory consolidation, or through bulk reinsurance of substantially all of the insurance risks in this state, of an authorized insurer; or (3)  An insurer organized solely for the purpose of insuring against earthquake, flood, nuclear radiation, war or other special hazards to property or liability for which, in the opinion of the executive director, adequate provision is not made by insurers already authorized in this state. Effective: July 13, 1984 History:Amended 1984 Ky. Acts ch. 322, sec. 2, effective July 13, 1984. -- Created 1970 Ky. Acts ch. 301, subtit. 3, sec. 9, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.