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227.625 Liability insurance -- Prerequisite for license.
(1)
(2)
(3)
(4)
Before any license will be issued or renewed, the applicant shall file or have on file
with the department a liability insurance policy issued by an insurance carrier
authorized to transact insurance business within the Commonwealth of Kentucky.
The policy of insurance must be issued in the name of the applicant licensee.
The board shall by regulation establish the minimum amount of liability insurance
required herein.
No insurance carrier issuing any policy filed with the department shall be relieved
from liability under the policy until after the expiration of fifteen (15) days' notice to
the department of an intention to cancel the policy, provided, however, that a prior
cancellation may be allowed in cases where one (1) policy is substituted for another
policy when the substituted policy is in force and effect prior to the expiration of
fifteen (15) days' notice to the department of an intention to cancel the policy which
is being substituted.
Upon cancellation of any policy of insurance required by this section, all operating
rights granted by the license for which the said policy was filed, shall immediately
cease and the department shall have the authority to immediately require the
cessation of all operations conducted under the authority of the said license and to
require the surrender of all licenses, certificates, and seals previously issued
hereunder.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 421, effective July 15, 2010. -- Created
1976 Ky. Acts ch. 136, sec. 8.
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