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304.29-331 Licensing of agents of fraternal benefit societies.
(1)
(2)
(3)
(4)
(5)
An agent of a fraternal benefit society shall be licensed as an agent in
accordance with the provisions of Subtitle 9 of this chapter regulating all
aspects of agent licenses.
Subsection (1) of this section includes the requirement that the agent shall
satisfactorily complete the continuing education requirements in accordance
with KRS 304.9-295.
An agent of a society shall be appointed by the society in accordance with the
provisions of Subtitle 9 of this chapter regulating all aspects of agent
appointments.
No examination or license shall be required of any regular salaried officer,
employee, or member of a licensed society who devotes substantially all of his
services to activities other than the solicitation of fraternal insurance contracts
from the public, and who receives for the solicitation of the contracts no
commission or other compensation directly dependent upon the amount of
business obtained.
Any agent, representative, or member of a society who devotes, or intends to
devote, less than fifty percent (50%) of the person's time to the solicitation and
procurement of insurance contracts for the society shall be exempt from the
requirements of subsection (1) of this section. Any person who in the preceding
calendar year has solicited and procured life insurance contracts on behalf of
any society in an amount of insurance in excess of fifty thousand dollars
($50,000), or in the case of any other kind or kinds of insurance which the
society might write, on the persons of more than twenty-five (25) individuals
and who has received or will receive a commission or other compensation
therefor, shall be presumed to be devoting, or intending to devote, fifty percent
(50%) of time to the solicitation or procurement of insurance contracts for such
society.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 143, sec. 20, effective June 20, 2005. -Amended 1998 Ky. Acts ch. 378, sec. 2, effective July 15, 1998. -- Created 1988
Ky. Acts ch. 310, sec. 33, effective January 1, 1989.
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