304.3-400 Definitions for KRS 304.3-400 to 304.3-430.
As used in KRS 304.3-400 to 304.3-430, unless the context requires otherwise:
(1) "Accredited state" means a state in which the insurance regulatory agency has
qualified as meeting the minimum financial regulatory standards promulgated and
established from time to time by the National Association of Insurance
Commissioners;
(2) "Control" or "controlled" has the meaning set forth in KRS 304.37-010(8);
(3) "Controlled insurer" means an authorized insurer which is controlled, directly or
indirectly, by a producer;
(4) "Controlling producer" means a producer who directly or indirectly, controls an
insurer;
(5) "Authorized insurer" or "insurer" means an insurer holding a certificate of authority
from the commissioner to transact property or casualty insurance business in
Kentucky. The following, among others, are not authorized insurers for the
purposes of KRS 304.3-400 to 304.3-430:
(a) All risk retention groups as defined in the Superfund Amendments
Reauthorization Act of 1986, (P.L. 99-499, 100 Stat. 1613, and the Liability
Risk Retention Act, 15 U.S.C. secs. 3901 et seq.) and Subtitle 45 of this
chapter;
(b) All residual market mechanisms and joint underwriting authorities or
associations; and
(c) All captive insurers, that is, insurers owned by another organization whose
exclusive purpose is to insure risks of the parent organization and affiliated
companies or, in the case of groups and associations, insurance organizations
owned by the insureds whose exclusive purpose is to insure risks to member
organizations or group members and their affiliates; and
(6) "Producer" means a person, firm, association, or corporation, when, for any
compensation, commission, or other thing of value, the person, firm, association, or
corporation acts or aids in any manner in soliciting, negotiating, or procuring the
making of any insurance contract on behalf of an insured other than the person,
firm, association, or corporation.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 978, effective July 15, 2010. -- Created
1992 Ky. Acts ch. 157, sec. 1, effective July 14, 1992.
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