Kentucky Statutes 304.9-085 – Managing general agent — License — Duties
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(1) A “managing general agent” is an 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.
(2) No individual or business entity shall in this state be, act as, or hold himself, herself, or itself out as a managing general agent unless then licensed as a managing general agent. In order to qualify for a managing general agent license, an individual shall:
(a) Hold an agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds the contract to represent;
(b) If a nonresident, hold a nonresident agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds a contract to represent in Kentucky; and
(c) Hold a surplus lines broker license if any unauthorized insurers are represented or used.
In order for a business entity to qualify for a managing general agent license, all individuals acting on behalf of the business entity under its license shall be licensed agents with property and casualty lines of authority and shall be designated with the commissioner as to the license in accordance with all provisions of KRS § 304.9-133 except for subsection (2)(a).
(3) As used in this chapter, “agent” includes managing general agent unless the context requires otherwise.
(4) A managing general agent is a representative of the insurers which the managing general agent holds a contract to represent. Each insurer is liable for the acts of the managing general agent in representing that insurer.
(5) The commissioner shall renew managing general agent licenses in accordance with
KRS § 304.9-260.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1045, effective July 15, 2010. — Amended 2002 Ky. Acts ch. 273, sec. 12, effective July 15, 2002. — Amended 2000
Ky. Acts ch. 393, sec. 5, effective July 14, 2000. — Created 1986 Ky. Acts ch. 307, sec. 2, effective July 15, 1986.
(2) No individual or business entity shall in this state be, act as, or hold himself, herself, or itself out as a managing general agent unless then licensed as a managing general agent. In order to qualify for a managing general agent license, an individual shall:
Terms Used In Kentucky Statutes 304.9-085
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity. See Kentucky Statutes 304.9-020
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Negotiate: means the act of conferring directly with, or offering advice directly to, a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See Kentucky Statutes 304.9-020
- Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See Kentucky Statutes 304.9-020
- 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) Hold an agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds the contract to represent;
(b) If a nonresident, hold a nonresident agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds a contract to represent in Kentucky; and
(c) Hold a surplus lines broker license if any unauthorized insurers are represented or used.
In order for a business entity to qualify for a managing general agent license, all individuals acting on behalf of the business entity under its license shall be licensed agents with property and casualty lines of authority and shall be designated with the commissioner as to the license in accordance with all provisions of KRS § 304.9-133 except for subsection (2)(a).
(3) As used in this chapter, “agent” includes managing general agent unless the context requires otherwise.
(4) A managing general agent is a representative of the insurers which the managing general agent holds a contract to represent. Each insurer is liable for the acts of the managing general agent in representing that insurer.
(5) The commissioner shall renew managing general agent licenses in accordance with
KRS § 304.9-260.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1045, effective July 15, 2010. — Amended 2002 Ky. Acts ch. 273, sec. 12, effective July 15, 2002. — Amended 2000
Ky. Acts ch. 393, sec. 5, effective July 14, 2000. — Created 1986 Ky. Acts ch. 307, sec. 2, effective July 15, 1986.