806 KAR 5:040. Nationwide marine defined

      Section 1. The Nationwide Marine definition, as adopted by the National Association of Insurance Commissioners, which definition has been or will from time to time be published in handbook form by the National Association of Insurance Commissioners Committee on Interpretation of the Nationwide Marine definition, and is on file in the office of the Executive Director of Insurance, is hereby adopted as the definition of Marine Insurance in and for the Commonwealth of Kentucky, unless expressly rejected or modified by order of the executive director. (I-5.04; 1 Ky.R. 1074; eff. 7-2-75; TAm eff. 8-9-2007.)

Notation

      RELATES TO: KRS 304.5-080

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.5-080 defines "Marine and Transportation Insurance." The function of this administrative regulation is to incorporate within that definition the "nationwide marine definition" as adopted by the National Association of Insurance Commissioners.