2006 Kentucky Revised Statutes - .020   Definitions.

304.30-020 Definitions. For the purpose of this subtitle: (1)  The term "insurance premium finance company" or "premium finance company" means a person engaged in the business of entering into insurance premium finance agreements. (2)  The term "premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge as authorized and limited by this subtitle. (3)  The term "licensee" means a premium finance company, holding a license issued by the executive director under this subtitle. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 30, sec. 2, 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.