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304.10-060 Open lines for export.
(1)
(2)
(3)
The commissioner 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 or she 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 commissioner.
The broker shall file with or as directed by the commissioner a memorandum
as to each such coverage placed by the broker in an unauthorized insurer, in
such form and content as the commissioner may reasonably require for the
identification of the coverage and determination of the tax payable to the state
relative thereto.
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:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1092, effective July 15, 2010. -Created 1970 Ky. Acts ch. 301, subtit. 10, sec. 6, effective June 18, 1970.
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