(1) An authorized insurer may reinsure its risks, or any part of its risks, in any insurer authorized to do business in this state, in any other state of the United States, or in the District of Columbia, or in any alien insurer.
(2) An authorized insurer may reinsure an insurer eligible for export pursuant to Subtitle 10 of KRS Chapter 304, in whole or in part, as to property and casualty insurance policies which principally contemplate performance in Kentucky or as to such policies the principal subjects of risk of which are located in Kentucky.
(3) The provisions of this section shall apply to reinsurance agreements which have had an inception, anniversary, or renewal date on or after January 1, 2005.