Kentucky Statutes 304.39-083 – Binder cancellation — Notification to Department of Vehicle Regulation
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(1) If the owner of a motor vehicle has been issued a binder, or other contract for temporary insurance, for motor vehicle security and subsequently contacts the agent who issued the binder or other contract for temporary insurance to cancel the motor vehicle security before the agent has forwarded the person’s application for a binder or other contract for temporary insurance to the insurance company, the agent shall immediately notify the Department of Vehicle Regulation that the owner has canceled the binder for motor vehicle security.
(2) The agent notification required by subsection (1) of this section may be through verbal communication or written communication with the Department of Vehicle Regulation. The agent shall notify the department of the following information:
(a) The name, address, and telephone number of the owner who canceled the binder or other contract for temporary insurance;
(b) The name of the insurer who issued the binder or other contract for temporary insurance;
(c) The year, make or model, and vehicle identification number of the motor vehicle on which the binder or other contract for temporary insurance was issued;
(d) The date the binder or other contract for temporary insurance was issued; and (e) The date the binder or other contract for temporary insurance was canceled. The department shall respond to all agent notifications in writing confirming that an
agent notified the department with the information required by this subsection. If
the agent notifies the department verbally, the agent shall, within five (5) business days of the initial notification, send a letter to the department, setting forth the required information in writing.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 341, sec. 9, effective July 15, 1996.
(2) The agent notification required by subsection (1) of this section may be through verbal communication or written communication with the Department of Vehicle Regulation. The agent shall notify the department of the following information:
Terms Used In Kentucky Statutes 304.39-083
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Motor vehicle: means any vehicle which transports persons or property upon the public highways of the Commonwealth, propelled by other than muscular power except road rollers, road graders, farm tractors, vehicles on which power shovels are mounted, such other construction equipment customarily used only on the site of construction and which is not practical for the transportation of persons or property upon the highways, such vehicles as travel exclusively upon rails, and such vehicles as are propelled by electrical power obtained from overhead wires while being operated within any municipality or where said vehicles do not travel more than five (5) miles beyond the said limits of any municipality. See Kentucky Statutes 304.39-020
- Owner: means a person, other than a lienholder or secured party, who owns or has title to a motor vehicle or is entitled to the use and possession of a motor vehicle subject to a security interest held by another person. See Kentucky Statutes 304.39-020
- Security: means any continuing undertaking complying with this subtitle, for payment of tort liabilities, basic reparation benefits, and all other obligations imposed by this subtitle. See Kentucky Statutes 304.39-020
- Year: means calendar year. See Kentucky Statutes 446.010
(a) The name, address, and telephone number of the owner who canceled the binder or other contract for temporary insurance;
(b) The name of the insurer who issued the binder or other contract for temporary insurance;
(c) The year, make or model, and vehicle identification number of the motor vehicle on which the binder or other contract for temporary insurance was issued;
(d) The date the binder or other contract for temporary insurance was issued; and (e) The date the binder or other contract for temporary insurance was canceled. The department shall respond to all agent notifications in writing confirming that an
agent notified the department with the information required by this subsection. If
the agent notifies the department verbally, the agent shall, within five (5) business days of the initial notification, send a letter to the department, setting forth the required information in writing.
Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 341, sec. 9, effective July 15, 1996.