{"data":{"id":"us-ky/krs-304.10-030","jurisdiction":"us-ky","citation":"KRS 304.10-030","heading":"Definitions for Subtitle 10.","body":"As used in this subtitle:\n(1) \"Admitted insurer\" means an insurer that is licensed or authorized to transact the\nbusiness of insurance in Kentucky;\n(2) \"Affiliate\" means, with respect to an insured, any entity that controls, is controlled\nby, or is under common control with the insured;\n(3) \"Broker\" means a surplus lines broker duly licensed as such under this subtitle;\n(4) \"Exempt commercial purchaser\" means any person purchasing commercial\ninsurance that, at the time of placement, meets the following requirements:\n(a) The person employs or retains a qualified risk manager to negotiate insurance\ncoverage;\n(b) The person has paid aggregate nationwide commercial property and casualty\ninsurance premium in excess of one hundred thousand dollars ($100,000) in\nthe immediately preceding twelve (12) months;\n(c) 1. The person meets at least one (1) of the following criteria:\na. The person possesses a net worth in excess of twenty million\ndollars ($20,000,000), adjusted pursuant to subparagraph 2. of this\nparagraph;\nb. The person generates annual revenues in excess of fifty million\ndollars ($50,000,000), as adjusted pursuant to subparagraph 2. of\nthis paragraph;\nc. The person employs more than five hundred (500) full-time or full-\ntime equivalent employees per individual insured or is a member\nof an affiliated group employing more than one thousand (1,000)\nemployees in the aggregate;\nd. The person is a not -for-profit organization or public entity\ngenerating annual budgeted expenditures of at least thirty million\ndollars ($30,000,0000), adjusted pursuant to subparagraph 2. of\nthis paragraph; or\ne. The person is a municipality with a popula tion in excess of fifty\nthousand (50,000) persons.\n2. Effective on the fifth January 1 occurring after July 12, 2012, and each\nfifth January 1 occurring thereafter, the amounts in subparagraph 1.a., b.,\nand d. of this paragraph shall be adjusted to reflect  the percentage\nchange for the five (5) year period in the consumer price index for all\nurban consumers published by the Bureau of Labor Statistics of the\nDepartment of Labor;\n(5) To \"export\" means to place in an unauthorized insurer under this Surplus Lines Law\ninsurance covering a subject of insurance resident, located or to be performed in\nKentucky;\n(6) \"Home state\" means:\n(a) 1. The state in which an insured maintains its principal place of business\nor, in the case of an individual, the individual's principal residence; or\n2. If one hundred percent (100%) of the insured risk is located out of the\nstate referred to in subparagraph 1. of this paragraph, the state to which\nthe greatest percentage of the insured's taxable premium for that\ninsurance contract is allocated; or\n(b) If more than one (1) insureds from an affiliated group are named insureds on a\nsingle nonadmitted insurance contract, the home state, as determined pursuant\nto paragraph (a) of this section, of the member of the affiliated group that h as\nthe largest percentage of premium attributed to it under the insurance contract;\n(7) \"Nonadmitted insurance\" means:\n(a) Any property and casualty insurance permitted to be placed directly or through\na surplus lines broker with a nonadmitted insurer elig ible to accept the\ninsurance; and\n(b) Any health and life insurance providing disability coverage:\n1. With policy limits in excess of those available from an admitted insurer;\n2. With participation limits; or\n3. Insuring occupations for which coverage is n ot procurable through an\nadmitted insurer;\n(8) \"Nonadmitted insurer\" means an insurer that is not authorized or admitted to\ntransact the business of insurance in Kentucky; and\n(9) \"Surplus lines\" means nonadmitted insurance sold to, solicited by, or negoti ated\nwith an insured whose home state is Kentucky.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48236","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"2511447f8ccea829d2525bd9860cde947f76e9aeda6b50ea4f93457aa393215e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.10-020","next":"us-ky/krs-304.10-040"},"notice":"GroundRules: Original legal text. Not legal advice."}