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304.3-270 Retaliatory provision.
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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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