Kentucky Statutes 304.9-051 – Definitions for KRS 304.9-052 and 304.9-371 to 304.9-377
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As used in KRS § 304.9-052 and KRS § 304.9-371 to 304.9-377:
(1) An “administrator” is an individual or business entity who collects charges or premiums from or who adjusts or settles claims on, residents of this state in connection with life insurance, health insurance, annuities, nonprofit hospital, medical-surgical, dental, and health service corporation contracts, health maintenance organization contracts, or other life, health, or annuity benefit plans. The following are not considered to be acting as administrator:
(a) An employer acting on behalf of its employees or the employees of one (1) or more subsidiary or affiliated corporations of the employer;
(b) A union on behalf of its members;
(c) An insurer, which is acting as the insurer with respect to the contract if the insurer is authorized or permitted to transact business in Kentucky or if the contract is lawfully delivered or issued for delivery by it in and pursuant to the laws of a state in which it was authorized or permitted to do business;
(d) A life or health insurance agent licensed in Kentucky whose activities are limited exclusively to the sale of insurance;
(e) A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors;
(f) A trust, its trustees, agents, and employees acting thereunder, established in conformity with 29 U.S.C. § 186;
(g) A trust exempt from taxation under 26 U.S.C. § 501(a), its trustees, and employees acting thereunder, or a custodian, its agents, and employees acting pursuant to a custodian account which meets the requirements of 26 U.S.C. § 401(f);
(h) A bank, credit union, or other financial institution which is subject to supervision or examination by federal or state banking authorities;
(i) A credit card issuing company which advances for and collects premiums or charges from its credit card holders who have authorized it to do so, provided such company does not adjust or settle claims; or
(j) An individual who adjusts or settles claims in the normal course of practice or employment as an attorney-at-law, and who does not collect charges or premiums in connection with coverages issued by insurers.
(2) An “insured” is a person covered under an insurance contract, nonprofit hospital, medical-surgical, dental, and health service corporation contract, health maintenance organization contract, or other source of benefits.
(1) An “administrator” is an individual or business entity who collects charges or premiums from or who adjusts or settles claims on, residents of this state in connection with life insurance, health insurance, annuities, nonprofit hospital, medical-surgical, dental, and health service corporation contracts, health maintenance organization contracts, or other life, health, or annuity benefit plans. The following are not considered to be acting as administrator:
Terms Used In Kentucky Statutes 304.9-051
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) An employer acting on behalf of its employees or the employees of one (1) or more subsidiary or affiliated corporations of the employer;
(b) A union on behalf of its members;
(c) An insurer, which is acting as the insurer with respect to the contract if the insurer is authorized or permitted to transact business in Kentucky or if the contract is lawfully delivered or issued for delivery by it in and pursuant to the laws of a state in which it was authorized or permitted to do business;
(d) A life or health insurance agent licensed in Kentucky whose activities are limited exclusively to the sale of insurance;
(e) A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors;
(f) A trust, its trustees, agents, and employees acting thereunder, established in conformity with 29 U.S.C. § 186;
(g) A trust exempt from taxation under 26 U.S.C. § 501(a), its trustees, and employees acting thereunder, or a custodian, its agents, and employees acting pursuant to a custodian account which meets the requirements of 26 U.S.C. § 401(f);
(h) A bank, credit union, or other financial institution which is subject to supervision or examination by federal or state banking authorities;
(i) A credit card issuing company which advances for and collects premiums or charges from its credit card holders who have authorized it to do so, provided such company does not adjust or settle claims; or
(j) An individual who adjusts or settles claims in the normal course of practice or employment as an attorney-at-law, and who does not collect charges or premiums in connection with coverages issued by insurers.
(2) An “insured” is a person covered under an insurance contract, nonprofit hospital, medical-surgical, dental, and health service corporation contract, health maintenance organization contract, or other source of benefits.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 273, sec. 8, effective July 15, 2002. — Created
1986 Ky. Acts ch. 162, sec. 2, effective July 15, 1986.