Kentucky Revised Statutes · § 304.35-010 — Definitions -- Organization of FAIR plan and reinsurance association

(1) As used in this subtitle:

(a) "Casualty insurance" has the meaning set forth in KRS 304.5-070; and

(b) "Property insurance" has the meaning set forth in KRS 304.5-050.

(2) All insurers licensed to write property or casualty insurance in this Commonwealth on a direct basis shall, subject to approval and regulation by the commissioner of insurance, establish and maintain a "FAIR" (fair access to insurance requirements) plan and establish and maintain a reinsurance association and formulate and from time to time amend the plan and articles of association and rules and regulations in connection therewith, and assess and share on a fair and equitable basis all expenses, income, and losses incident to such "FAIR" plan and reinsurance association in a manner consistent with the provisions of this subtitle.