{"data":{"id":"us-ky/krs-304.10-070","jurisdiction":"us-ky","citation":"KRS 304.10-070","heading":"Eligible surplus lines insurers.","body":"(1) A broker shall place surplus lines insurance only with an insurer that he or she\nknows, or in the exercise of reasonable diligence could know:\n(a) 1. Is authorized to write the type of insurance in its domiciliary\njurisdiction;\n2. Has capital and surplus or its equivalent under the laws of its domiciliary\njurisdiction that equals the greater of:\na. The minimum capital and surplus requirements set forth in KRS\n304.3-120; or\nb. Fifteen million dollars ($15,000,000); and\n3. Is listed on the quarterly listing o f alien insurers maintained by the\nNational Association of Insurance Commissioners, if the insurer is a\nnonadmitted insurer domiciled outside of the United States; or\n(b) Is an association, including incorporated and individual unincorporated\nunderwriters, that is authorized to transact insurance in this state pursuant to\nKRS 304.3 -070(3), provided that the syndicates within the association with\nwhom surplus lines coverage is to be placed are listed on the quarterly listing\nof alien insurers maintained by t he National Association of Insurance\nCommissioners. The association's authorized status pursuant to KRS 304.3 -\n070(3) shall not preclude the association from also being an eligible surplus\nlines insurer pursuant to this section.\n(2) A broker may:\n(a) Place insurance covering certificates of investment with an insurance\ncompany or guarantee fund which is financially sound and has capital funds\nand reserves in excess of fifteen million dollars ($15,000,000); and\n(b) Place insurance with a United States insuran ce exchange which the\ncommissioner, in his or her discretion, may designate for use by surplus lines\nbrokers licensed by the Commonwealth of Kentucky.\n(3) The commissioner may declare that a surplus lines insurer is ineligible to transact\nbusiness in Kentucky. The commissioner shall promptly mail notice of all\ndeclarations of ineligibility to each surplus lines broker if at any time the\ncommissioner has reason to believe that a surplus lines insurer no longer meets the\nstandards set forth in this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43231","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"a43db79efce518c9c75f28eb3126c83a33a68e2e39446cf710b559f4a168cc66","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.10-060","next":"us-ky/krs-304.10-080"},"notice":"GroundRules: Original legal text. Not legal advice."}