Kentucky Statutes 304.9-782 – Conditions under which license authorizes employee or representative to sell portable electronics insurance — Restrictions on licensees
Current as of: 2024 | Check for updates
|
Other versions
(1) A portable electronics insurance retailer license issued to a business entity under KRS § 304.9-780 shall authorize an employee or authorized representative of the business entity licensee to offer and disseminate portable electronics insurance without being licensed, registered, or otherwise individually identified, if all of the following are true:
(a) The employee, representative, or managing employee operates with permission from the business entity licensee;
(b) The business entity licensee assumes responsibility for the insurance activities of its unlicensed employees, authorized representatives, or managing employees;
(c) The employee or authorized representative operates under the supervision of a portable electronics insurance supervising entity who shall be available for consultation for and adequate supervision of the sale, solicitation, or negotiation of portable electronics insurance. However, a portable electronics insurance supervising entity need not be present where portable electronics insurance is offered and disseminated; and
(d) The employee or authorized representative is not primarily compensated based on the amount of insurance sold by the employee or representative. However, an employee or authorized representative may receive compensation for activities under the license which is incidental to the employee’s or representative’s overall compensation.
(2) A licensee shall not advertise, represent, or otherwise hold out the licensee or any employee or authorized representative of the licensee as a licensed insurance agent under another section of this subtitle, unless the entity or individual actually holds the applicable license.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 92, sec. 5, effective July 12, 2012.
(a) The employee, representative, or managing employee operates with permission from the business entity licensee;
Terms Used In Kentucky Statutes 304.9-782
- 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
- Portable electronics: means electronic devices that are portable and the accessories and services related to the use of the device. See Kentucky Statutes 304.9-020
- Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics for any one (1) or more of the following:
1. See Kentucky Statutes 304.9-020 - Portable electronics insurance supervising entity: means a business entity that is a licensed insurer or insurance agent that is appointed by an insurer to supervise the administration of a portable electronics insurance program. See Kentucky Statutes 304.9-020
(b) The business entity licensee assumes responsibility for the insurance activities of its unlicensed employees, authorized representatives, or managing employees;
(c) The employee or authorized representative operates under the supervision of a portable electronics insurance supervising entity who shall be available for consultation for and adequate supervision of the sale, solicitation, or negotiation of portable electronics insurance. However, a portable electronics insurance supervising entity need not be present where portable electronics insurance is offered and disseminated; and
(d) The employee or authorized representative is not primarily compensated based on the amount of insurance sold by the employee or representative. However, an employee or authorized representative may receive compensation for activities under the license which is incidental to the employee’s or representative’s overall compensation.
(2) A licensee shall not advertise, represent, or otherwise hold out the licensee or any employee or authorized representative of the licensee as a licensed insurance agent under another section of this subtitle, unless the entity or individual actually holds the applicable license.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 92, sec. 5, effective July 12, 2012.