2006 Kentucky Revised Statutes - .080   Prohibited interest, rewards.

304.2-080 Prohibited interest, rewards. (1) The executive director or any deputy, examiner, actuary, assistant or employee of the office, shall not be connected with the management of, or be financially interested, directly or indirectly, in any insurer, insurance agency or broker, or insurance transaction except as policyholder or claimant under a policy; except, that as to matters wherein a conflict of interest does not exist on the part of any such individual, the executive director may employ or retain from time to time insurance actuaries, examiners, accountants, attorneys, or other technicians who are independently practicing their profession even though from time to time similarly employed or retained by insurers or others. (2) No person shall directly or indirectly give or pay to the executive director or any deputy, examiner, actuary, assistant, employee or technician retained by the office; and the executive director, or any deputy, examiner, actuary, assistant, employee or technician retained by the office, shall not directly or indirectly receive or accept any fee, compensation, loan, gift or other thing of value in addition to the compensation and expense allowance provided by law, or by contract with the executive director, for any service rendered or to be rendered, as such executive director, deputy, examiner, actuary, assistant, employee or technician, or in connection therewith. (3) Subsection (1) of this section shall not be deemed to prohibit receipt by any such person of commissions or retirement benefits to which entitled by reason of services performed prior to becoming executive director or prior to employment by the executive director. Effective: July 13, 2004 History:Amended 2004 Ky. Acts ch. 24, sec. 2, effective July 13, 2004. -- Created 1970 Ky. Acts ch. 301, subtit. 2, sec. 8, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1