Kentucky Statutes 304.52-060 – Licensed persons who may handle travel insurance without adjuster license — Insurer’s responsibility
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(1) A person holding a managing general agent license or an administrator license in this state, or an insurance agent licensed in this state with property and casualty lines of authority for activities permitted under that license, may directly or indirectly underwrite, collect charges, collateral, or premiums from, or adjust or settle claims without an adjuster license on residents of this state, in connection with travel insurance.
(2) An insurer is responsible for:
(a) The acts of a managing general agent, administrator, or licensed insurance agent administering travel insurance underwritten by the insurer; and
(b) Ensuring that the managing general agent, administrator, or licensed insurance agent maintains all books and records relevant to the insurer, which shall be made available by the managing general agent, administrator, or licensed insurance agent to the commissioner upon request.
Effective: June 29, 2021
History: Created 2021 Ky. Acts ch. 36, sec. 6, effective June 29, 2021.
(2) An insurer is responsible for:
Terms Used In Kentucky Statutes 304.52-060
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- managing general agent: is a n individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts. See Kentucky Statutes 304.9-085
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) The acts of a managing general agent, administrator, or licensed insurance agent administering travel insurance underwritten by the insurer; and
(b) Ensuring that the managing general agent, administrator, or licensed insurance agent maintains all books and records relevant to the insurer, which shall be made available by the managing general agent, administrator, or licensed insurance agent to the commissioner upon request.
Effective: June 29, 2021
History: Created 2021 Ky. Acts ch. 36, sec. 6, effective June 29, 2021.