806 KAR 10:050. Surplus lines affidavits

Link to law: http://www.lrc.ky.gov/kar/806/010/050.htm
Published: 2015

      806 KAR 10:050. Surplus lines

affidavits.

 

      RELATES TO: KRS 304.1-070, 304.10-030,

304.10-040, 304.10-050, 304.10-060, 304.10-070, 304.10-160

      STATUTORY AUTHORITY: KRS 304.2-110,

304.10-050, 304.10-210, EO 2009-535

      NECESSITY, FUNCTION, AND CONFORMITY: EO

2009-535, signed June 12, 2009, created the Department of Insurance, headed by

the Commissioner of Insurance. KRS 304.2-110 authorizes the executive director

to promulgate administrative regulations necessary for or as an aid to the

effectuation of the Kentucky Insurance Code, as defined in KRS 304.1-010. KRS

304.10-050 requires the executive director to promulgate administrative

regulations prescribing the affidavit form and the manner and form of filing

the surplus lines broker affidavit of eligibility for export. KRS 304.10-210 requires

the executive director to promulgate administrative regulations to effectuate

the surplus lines law. This administrative regulation established the manner

and form for surplus line brokers to furnish to the Department of Insurance

evidence of eligibility for export required by KRS 304.10-050.

 

      Section 1. Definitions. (1) "Alien

insurer" is defined in KRS 304.1-070(3).

      (2) "Broker" or "surplus

lines broker" is defined in KRS 304.10-030(1).

      (3) "Department" means the Department

of Insurance.

      (4) "Export" is defined in KRS

304.10-030(2).

      (5) "Foreign insurer" is

defined in KRS 304.1-070(2).

 

      Section 2. Time Period for Filing. An affidavit of

eligibility for export shall be filed by the licensed surplus line broker with

the Department of Insurance within sixty (60) days after the effective date of each

premium bearing surplus lines transaction with a foreign insurer. The affidavit

shall be filed within ninety (90) days after the effective date of each premium

bearing surplus lines transaction with an alien insurer.

 

      Section 3. Method of Filing. (1) A

surplus lines affidavit shall be filed electronically through:

      (a) The Department of Insurance Web site,

https://insurance.ky.gov/kentucky/secured/Eservices/default.aspx;

or

      (b) File Transfer Protocol through prior

arrangement with the Department of Insurance.

      (2) The broker shall maintain records of

each transaction, including evidence of efforts to place insurance with

insurers authorized to transact and actually writing insurance in this state,

which shall be subject to examination by the Department of Insurance pursuant

to KRS 304.10-160.

 

      Section 4. Effective Date. This

administrative regulation shall apply to affidavits submitted on and after July

1, 2010. (31 Ky.R. 513; Am. 706; eff. 11-5-2004; 36 Ky.R. 473, 796; eff. 11-6-2009.)
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