KRS 304.10-120: Licensing of surplus lines brokers -- Reciprocity -- Termination.

(1) Any person may be licensed as a surplus lines broker who:

(a) Is a resident of Kentucky or is a nonresident who is not eligible to be issued a

license in accordance with KRS 304.9-140; and

(b) Is deemed by the commissioner to be competent and trustworthy w ith respect

to the handling of surplus lines.

(2) Application for the license shall be made to the commissioner on forms as

designated and furnished by the commissioner.

(3) The license fee shall be as specified in KRS 304.4-010.

(4) The license and licensee shall be subject to the applicable provisions of Subtitle 9 of

this chapter.

(5) Notwithstanding subsection (1) of this section, on or after July 1, 2002, an applicant

licensed as a surplus lines broker in the applicant's home state may be issued a

nonresident surplus lines broker's license in Kentucky if the applicant's home state

issues surplus lines broker licenses to Kentucky residents on the same basis.

(6) If the resident surplus lines broker fails to maintain his or her agent license with

lines of authority for property and casualty, or health and life for a broker procuring

surplus lines insurance providing disability coverage, then the surplus lines broker

license shall terminate and shall be promptly surrendered to the commissioner

without demand.