Kentucky Insurance Department Proposes Amending Regulation on Surplus Lines Reporting, Excise Tax Payment Structure

The Kentucky Department of Insurance Nov. 1 proposed amending a regulation on surplus lines reporting and the surplus lines premium excise tax payment structure. The proposal includes measures to provide that: 1) the Commissioner of Insurance must establish the form of the verified statement of all surplus lines transactions for a preceding calendar quarter; 2) the affidavit of insurance transactions must be filed electronically through the department’s website; 3) the department will make the quarterly report available to licensed surplus lines brokers on its website; 4) each licensed surplus lines broker will pay all the tax and any applicable penalties ...