Kentucky Statutes 304.10-120 – Licensing of surplus lines brokers — Reciprocity — Termination
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(1) Any person may be licensed as a surplus lines broker who:
(a) Is a resident of Kentucky or is a nonresident who is not eligible to be issued a license in accordance with KRS § 304.9-140; and
(b) Is deemed by the commissioner to be competent and trustworthy with respect to the handling of surplus lines.
(2) Application for the license shall be made to the commissioner on forms as designated and furnished by the commissioner.
(3) The license fee shall be as specified in KRS § 304.4-010.
(4) The license and licensee shall be subject to the applicable provisions of Subtitle 9 of this chapter.
(5) Notwithstanding subsection (1) of this section, on or after July 1, 2002, an applicant licensed as a surplus lines broker in the applicant’s home state may be issued a nonresident surplus lines broker’s license in Kentucky if the applicant’s home state issues surplus lines broker licenses to Kentucky residents on the same basis.
(6) If the resident surplus lines broker fails to maintain his or her agent license with lines of authority for property and casualty, or health and life for a broker procuring surplus lines insurance providing disability coverage, then the surplus lines broker license shall terminate and shall be promptly surrendered to the commissioner without demand.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 180, sec. 4, effective July 14, 2018. — Amended
2012 Ky. Acts ch. 74, sec. 9, effective July 12, 2012. — Amended 2010 Ky. Acts ch.
24, sec. 1094, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 143, sec. 19, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 273, sec. 39, effective July
15, 2002. — Amended 2000 Ky. Acts ch. 393, sec. 41, effective July 14, 2000. — Amended 1982 Ky. Acts ch. 123, sec. 10, effective July 15, 1982. — Created 1970
Ky. Acts ch. 301, subtit. 10, sec. 12, effective June 18, 1970.
(a) Is a resident of Kentucky or is a nonresident who is not eligible to be issued a license in accordance with KRS § 304.9-140; and
Terms Used In Kentucky Statutes 304.10-120
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Broker: means a surplus lines broker duly licensed as such under this subtitle. See Kentucky Statutes 304.10-030
- Home state: means :
(a) 1. See Kentucky Statutes 304.10-030 - State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Surplus lines: means nonadmitted insurance sold to, solicited by, or negotiated with an insured whose home state is Kentucky. See Kentucky Statutes 304.10-030
(b) Is deemed by the commissioner to be competent and trustworthy with respect to the handling of surplus lines.
(2) Application for the license shall be made to the commissioner on forms as designated and furnished by the commissioner.
(3) The license fee shall be as specified in KRS § 304.4-010.
(4) The license and licensee shall be subject to the applicable provisions of Subtitle 9 of this chapter.
(5) Notwithstanding subsection (1) of this section, on or after July 1, 2002, an applicant licensed as a surplus lines broker in the applicant’s home state may be issued a nonresident surplus lines broker’s license in Kentucky if the applicant’s home state issues surplus lines broker licenses to Kentucky residents on the same basis.
(6) If the resident surplus lines broker fails to maintain his or her agent license with lines of authority for property and casualty, or health and life for a broker procuring surplus lines insurance providing disability coverage, then the surplus lines broker license shall terminate and shall be promptly surrendered to the commissioner without demand.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 180, sec. 4, effective July 14, 2018. — Amended
2012 Ky. Acts ch. 74, sec. 9, effective July 12, 2012. — Amended 2010 Ky. Acts ch.
24, sec. 1094, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 143, sec. 19, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 273, sec. 39, effective July
15, 2002. — Amended 2000 Ky. Acts ch. 393, sec. 41, effective July 14, 2000. — Amended 1982 Ky. Acts ch. 123, sec. 10, effective July 15, 1982. — Created 1970
Ky. Acts ch. 301, subtit. 10, sec. 12, effective June 18, 1970.