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304.10-070 Eligible surplus lines insurers.
(1)
(2)
(3)
A broker shall place surplus lines insurance only with an insurer that he or she
knows, or in the exercise of reasonable diligence could know:
(a) Is authorized to write the type of insurance in its domiciliary jurisdiction;
(b) Has capital and surplus or its equivalent under the laws of its domiciliary
jurisdiction that equals the greater of:
1.
The minimum capital and surplus requirements set forth in KRS 304.3120; or
2.
Fifteen million dollars ($15,000,000); and
(c) Is listed on the quarterly listing of alien insurers maintained by the National
Association of Insurance Commissioners, if the insurer is a nonadmitted
insurer domiciled outside of the United States.
A broker may:
(a) Place insurance covering certificates of investment with an insurance
company or guarantee fund which is financially sound and has capital funds
and reserves in excess of fifteen million dollars ($15,000,000); and
(b) Place insurance with a United States insurance exchange which the
commissioner, in his or her discretion, may designate for use by surplus lines
brokers licensed by the Commonwealth of Kentucky.
The commissioner may declare that a surplus lines insurer is ineligible to transact
business in Kentucky. The commissioner shall promptly mail notice of all
declarations of ineligibility to each surplus lines broker if at any time the
commissioner has reason to believe that a surplus lines insurer no longer meets the
standards set forth in this subtitle.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 8, effective July 12, 2012. -- Amended
2010 Ky. Acts ch. 24, sec. 1093, effective July 15, 2010. -- Amended 2000 Ky. Acts
ch. 393, sec. 39, effective July 14, 2000. -- Amended 1986 Ky. Acts ch. 437, sec. 15,
effective July 15, 1986. -- Amended 1984 Ky. Acts ch. 207, sec. 1, effective July 13,
1984. -- Amended 1982 Ky. Acts ch. 123, sec. 8, effective July 15, 1982. -- Amended
1978 Ky. Acts ch. 262, sec. 1, effective June 17, 1978. -- Created 1970 Ky. Acts
ch. 301, subtit. 10, sec. 7, effective June 18, 1970.
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