Kentucky Statutes 304.9-705 – Reinsurance intermediary license required — Exemption
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(1) No individual or business entity shall act as a reinsurance intermediary broker in Kentucky if the reinsurance intermediary broker maintains an office either directly or as a director, officer, member, or employee of a business entity:
(a) In Kentucky, unless the reinsurance intermediary broker is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license; or
(b) In another state, unless the reinsurance intermediary broker is a licensed insurance producer in Kentucky and may sell reinsurance products under that producer license, or is licensed in another state having a law substantially similar to KRS § 304.9-700 to KRS § 304.9-759, or the reinsurance intermediary broker is licensed in Kentucky as a nonresident reinsurance intermediary.
(2) No individual or business entity shall act as a reinsurance intermediary manager:
(a) For a reinsurer domiciled in Kentucky, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license;
(b) In Kentucky, if the reinsurance intermediary manager maintains an office, either directly or as a director, officer, member, or employee of a business entity in Kentucky, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license; or
(c) In another state for a nondomestic insurer, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license, is licensed in another state having a law substantially similar to KRS § 304.9-700 to KRS § 304.9-
759, or the person is licensed in Kentucky as a nonresident reinsurance intermediary.
(3) The commissioner may issue a reinsurance intermediary license to any individual or business entity who has complied with the requirements of KRS § 304.9-700 to
304.9-759 and who is financially responsible to exercise the license. The license issued to a business entity shall be exercised only by individuals designated with the commissioner as to the license in accordance with KRS § 304.9-133.
(4) The commissioner may refuse to issue a reinsurance intermediary license if, in his or her judgment, the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant is not trustworthy or of good reputation, or that any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary, or that any of the foregoing persons have given cause for revocation or suspension of the license, or has failed to comply with any prerequisite for the issuance of the license.
(5) Licensed attorneys-at-law of Kentucky, when acting in their professional capacity as attorneys, shall be exempt from this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1085, effective July 15, 2010. —
Amended 2002 Ky. Acts ch. 273, sec. 38, effective July 15, 2002. — Created 1992
Ky. Acts ch. 155, sec. 2, effective July 14, 1992.
(a) In Kentucky, unless the reinsurance intermediary broker is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license; or
Terms Used In Kentucky Statutes 304.9-705
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity. See Kentucky Statutes 304.9-020
- Insurance producer: includes agent, managing general agent, surplus lines broker, reinsurance intermediary broker and manager, rental vehicle agent and rental vehicle agent managing employee, and consultant. See Kentucky Statutes 304.9-020
- Sell: means to exchange a contract of insurance by any means, for money or other valuable consideration, on behalf of an insurer. See Kentucky Statutes 304.9-020
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) In another state, unless the reinsurance intermediary broker is a licensed insurance producer in Kentucky and may sell reinsurance products under that producer license, or is licensed in another state having a law substantially similar to KRS § 304.9-700 to KRS § 304.9-759, or the reinsurance intermediary broker is licensed in Kentucky as a nonresident reinsurance intermediary.
(2) No individual or business entity shall act as a reinsurance intermediary manager:
(a) For a reinsurer domiciled in Kentucky, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license;
(b) In Kentucky, if the reinsurance intermediary manager maintains an office, either directly or as a director, officer, member, or employee of a business entity in Kentucky, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license; or
(c) In another state for a nondomestic insurer, unless the reinsurance intermediary manager is a licensed insurance producer in Kentucky and may sell reinsurance products under that insurance producer license, is licensed in another state having a law substantially similar to KRS § 304.9-700 to KRS § 304.9-
759, or the person is licensed in Kentucky as a nonresident reinsurance intermediary.
(3) The commissioner may issue a reinsurance intermediary license to any individual or business entity who has complied with the requirements of KRS § 304.9-700 to
304.9-759 and who is financially responsible to exercise the license. The license issued to a business entity shall be exercised only by individuals designated with the commissioner as to the license in accordance with KRS § 304.9-133.
(4) The commissioner may refuse to issue a reinsurance intermediary license if, in his or her judgment, the applicant, anyone named on the application, or any member, principal, officer, or director of the applicant is not trustworthy or of good reputation, or that any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary, or that any of the foregoing persons have given cause for revocation or suspension of the license, or has failed to comply with any prerequisite for the issuance of the license.
(5) Licensed attorneys-at-law of Kentucky, when acting in their professional capacity as attorneys, shall be exempt from this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1085, effective July 15, 2010. —
Amended 2002 Ky. Acts ch. 273, sec. 38, effective July 15, 2002. — Created 1992
Ky. Acts ch. 155, sec. 2, effective July 14, 1992.