Kentucky Statutes 304.10-090 – Indorsement of contract
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Every insurance contract procured and delivered as a surplus lines coverage pursuant to this subtitle shall have conspicuously stamped upon the face page, initialed by or bearing the name of the surplus lines broker who procured it, the following:
“This insurance has been placed with an insurer not licensed to transact business in the Commonwealth of Kentucky but eligible as a surplus lines insurer. The insurer is not a member of the Kentucky Insurance Guaranty Association. Should the insurer become insolvent, the protection and benefits of the Kentucky Insurance Guaranty Association are not available.”
Effective: July 15, 1988
History: Amended 1988 Ky. Acts ch. 225, sec. 16, effective July 15, 1988. — Amended
1982 Ky. Acts ch. 123, sec. 9, effective July 15, 1982. — Created 1970 Ky. Acts ch.
301, subtit. 10, sec. 9, effective June 18, 1970.
“This insurance has been placed with an insurer not licensed to transact business in the Commonwealth of Kentucky but eligible as a surplus lines insurer. The insurer is not a member of the Kentucky Insurance Guaranty Association. Should the insurer become insolvent, the protection and benefits of the Kentucky Insurance Guaranty Association are not available.”
Terms Used In Kentucky Statutes 304.10-090
- Broker: means a surplus lines broker duly licensed as such under this subtitle. See Kentucky Statutes 304.10-030
- Contract: A legal written agreement that becomes binding when signed.
- 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
Effective: July 15, 1988
History: Amended 1988 Ky. Acts ch. 225, sec. 16, effective July 15, 1988. — Amended
1982 Ky. Acts ch. 123, sec. 9, effective July 15, 1982. — Created 1970 Ky. Acts ch.
301, subtit. 10, sec. 9, effective June 18, 1970.