Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.10-070.Eligible surplus lines insurers

Current as of January 01, 2021 | Updated by FindLaw Staff

(1) 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) 1. Is authorized to write the type of insurance in its domiciliary jurisdiction;

2. Has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction that equals the greater of:

a. The minimum capital and surplus requirements set forth in KRS 304.3-120; or

b. Fifteen million dollars ($15,000,000); and

3. 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; or

(b) Is an association, including incorporated and individual unincorporated underwriters, that is authorized to transact insurance in this state pursuant to KRS 304.3-070(3), provided that the syndicates within the association with whom surplus lines coverage is to be placed are listed on the quarterly listing of alien insurers maintained by the National Association of Insurance Commissioners. The association's authorized status pursuant to KRS 304.3-070(3) shall not preclude the association from also being an eligible surplus lines insurer pursuant to this section.

(2) 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.

(3) 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.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.10-070.Eligible surplus lines insurers - last updated January 01, 2021 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-10-070/

Read this complete Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.10-070.Eligible surplus lines insurers on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Kentucky Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard