Kentucky Statutes 304.3-510 – Licensing of controlling agent — Evidence of financial responsibility
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(1) A person shall not be, act as, or hold himself or herself out as a controlling agent with respect to risks located in Kentucky for an insurer authorized in Kentucky unless the person is licensed as agent by Kentucky.
(2) A person shall not be, act as, or hold himself or herself out as a controlling agent representing an insurer domiciled in Kentucky with respect to risks located outside Kentucky unless the person is licensed as an agent by Kentucky.
(3) The commissioner may require a controlling agent to provide evidence of financial responsibility in the form and amount acceptable to the commissioner for the protection of the insurer, policyholders, and claimants.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 982, effective July 15, 2010. — Created
1992 Ky. Acts ch. 139, sec. 2, effective July 14, 1992.
(2) A person shall not be, act as, or hold himself or herself out as a controlling agent representing an insurer domiciled in Kentucky with respect to risks located outside Kentucky unless the person is licensed as an agent by Kentucky.
Terms Used In Kentucky Statutes 304.3-510
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(3) The commissioner may require a controlling agent to provide evidence of financial responsibility in the form and amount acceptable to the commissioner for the protection of the insurer, policyholders, and claimants.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 982, effective July 15, 2010. — Created
1992 Ky. Acts ch. 139, sec. 2, effective July 14, 1992.