No director or officer of any insurer shall receive any money or thing of value for negotiating, procuring, recommending or aiding in any purchase or sale by the insurer of any property or investment, or any loan from or to the insurer, nor be pecuniarily interested, either as principal, co-principal, agent, or beneficiary, in any such purchase, sale, or loan, nor shall such insurer guarantee in any manner any financial obligation of any such officer or director.
Effective: June 18, 1970
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Terms Used In Kentucky Statutes 304.24-270

  • agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

History: Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 27, effective June 18, 1970.

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