Kentucky Statutes 304.13-171 – Property or casualty insurance policy underwriting fee — Requirement for prior approval
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(1) Any policy fee as related to underwriting expenses for a property or casualty insurance contract, issued or renewed on or after July 14, 2000, by an agent licensed under KRS § 304.9-085, shall be deemed fully earned. The fee shall only be collected if coverage is provided.
(2) All fees referred to in subsection (1) of this section shall be submitted to the commissioner for prior approval.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1136, effective July 15, 2010. — Created
2000 Ky. Acts ch. 314, sec. 1, effective July 14, 2000.
(2) All fees referred to in subsection (1) of this section shall be submitted to the commissioner for prior approval.
Terms Used In Kentucky Statutes 304.13-171
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Contract: A legal written agreement that becomes binding when signed.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1136, effective July 15, 2010. — Created
2000 Ky. Acts ch. 314, sec. 1, effective July 14, 2000.