(1) The commissioner may enter into interstate compacts for issuing certificates of authority to insurers if the commissioner determines that:
(a) Each state participating in the compact has requirements for issuing certificates of authority that provide protections substantially similar to or greater than the requirements of this subtitle; or (b) The interstate compact contains requirements for issuing certificates of authority that provide protections substantially similar to or greater than the requirements of this subtitle.
(2) In lieu of the documents required in KRS 304.3-150 to be filed with an application for certificate of authority, the commissioner may accept documentation in accordance with the terms of the interstate compact.
(3) The commissioner may issue certificates of authority to insurers in accordance with the terms of the interstate compact.