KRS 304.10-060: Open lines for export.

(1) The commissioner may by order declare eligible for export generally and without

compliance with the provisions of KRS 304.10 -040(1)(b) and (c) 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. A ny such order shall continue in effect during the existence of the

conditions upon which predicated, but subject to earlier termination by the

commissioner.

(2) The broker shall file with or as directed by the commissioner a memorandum as to

each such cove rage 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.

(3) The broker, or a licens ed 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.