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304.9-300 Temporary license as agent -- Conditions -- Sponsor may be
required.
(1)
(2)
(3)
The commissioner may issue a temporary license for a period not to exceed
one hundred eighty (180) days without requiring an examination or prelicensing
course of study if the commissioner deems that a temporary license is
necessary for the servicing of an insurance business in the following cases:
(a) To the surviving spouse or court-appointed personal representative of a
licensed agent who dies or becomes mentally or physically disabled, to
allow adequate time for the:
1.
Sale of the insurance business owned by the agent;
2.
Recovery or return of the agent to the business; or
3.
Training and licensing of new personnel to operate the agent's
business;
(b) To a member or employee of a business entity licensed as an agent,
upon the death or disability of the sole individual designated in the
business entity application or the license;
(c) To the designee of a licensed agent entering upon active service in the
Armed Forces of the United States; and
(d) In any other circumstance where the commissioner deems that the public
interest will best be served by the issuance of this license.
In addition to the restrictions on temporary licenses set forth in KRS 304.9-310,
the commissioner may, by order, limit the authority of any temporary licensee in
any way deemed necessary to protect insureds and the public. The
commissioner may require the temporary licensee to have a suitable sponsor
who is a licensed agent or insurer and who assumes responsibility for all acts
of the temporary licensee, and may impose other similar requirements
designed to protect insureds and the public. The commissioner may, by order,
revoke a temporary license if the interests of insureds or the public are
endangered. A temporary license shall not continue after the owner or the
personal representative disposes of the business.
Application for a temporary license shall be filed with the commissioner in the
form and containing the information as the commissioner may reasonably
require, and be accompanied by the application fee as specified in KRS
304.4-010.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1066, effective July 15, 2010. -Amended 2000 Ky. Acts ch. 393, sec. 25, effective July 14, 2000. -- Amended
1978 Ky. Acts ch. 161, sec. 3, effective June 17, 1978. -- Created 1970 Ky. Acts
ch. 301, subtit. 9, sec. 30, effective June 18, 1970.
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