2006 Kentucky Revised Statutes - .060   Open lines for export.

304.10-060 Open lines for export. (1) The executive director may by order declare eligible for export generally and without compliance with the provisions of subsections (2) and (3) of KRS 304.10- 040, and 304.10-050, any class or classes of insurance coverage or risk for which he finds, after a hearing of which notice was given to each insurer authorized to transact such class or classes in this state, that there is not a reasonable or adequate market among authorized insurers either as to acceptance of the risk, contract terms or premium or premium rate. Any such order shall continue in effect during the existence of the conditions upon which predicated, but subject to earlier termination by the executive director. (2) The broker shall file with or as directed by the executive director a memorandum as to each such coverage placed by him in an unauthorized insurer, in such form and content as the executive director may reasonably require for the identification of the coverage and determination of the tax payable to the state relative thereto. (3) The broker, or a licensed agent of the authorized insurer may also place with authorized insurers any insurance coverage made eligible for export generally under subsection (1) of this section, and without regard to rate or form filings which may otherwise be applicable as to the authorized insurer. As to coverages so placed in an authorized insurer the premium tax thereon shall be reported and paid by the insurer as required generally under KRS Chapter 136. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 10, sec. 6, 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.