(1) The purpose of KRS 304.20-320 to 304.20-350 is to regulate declinations, cancellations, and refusals to renew certain policies of property or casualty insurance as defined in KRS 304.5-050 and 304.5-070 which are delivered, issued for delivery, or renewed after July 15, 1986, and to require specific reasons for such action.
(2) KRS 304.20-320 to 304.20-350 does not apply to:
(a) Automobile liability insurance policies protected by KRS 304.20-040; or (b) Any policy issued through a residual market mechanism.