Download as PDF
304.9-700 Definitions for KRS 304.9-700 to 304.9-759.
As used in KRS 304.9-700 to 304.9-759, unless the context requires otherwise:
(1) "Actuary" means a person who is a member in good standing of the American
Academy of Actuaries;
(2) "Controlling person" means any person, firm, association, or corporation who
directly or indirectly has the power to direct or cause to be directed the
management, control, or activities of the reinsurance intermediary;
(3) "Insurer" means any person, firm, association, or corporation duly authorized
by the commissioner pursuant to the applicable provisions of this chapter as an
insurer;
(4) "Licensed producer" means an agent, surplus lines broker, or reinsurance
intermediary licensed pursuant to the applicable provisions of this chapter;
(5) "Reinsurance intermediary" means a reinsurance intermediary broker or a
reinsurance intermediary manager as defined in subsections (6) and (7) of this
section;
(6) "Reinsurance intermediary broker" means any person, other than an officer or
employee of the ceding insurer, firm, association, or corporation who solicits,
negotiates, or places reinsurance cessions or retrocessions on behalf of a
ceding insurer without the authority or power to bind reinsurance on behalf of
the insurer;
(7) "Reinsurance intermediary manager" means any person, firm, association, or
corporation who has authority to bind or manages all or part of the assumed
reinsurance business of a reinsurer (including the management of a separate
division, department, or underwriting office) and acts as an agent for a
reinsurer whether known as a reinsurance intermediary manager, manager, or
by other similar term. However, the following persons shall not be considered a
reinsurance intermediary manager with respect to the reinsurer for the
purposes of KRS 304.9-700 to 304.9-759:
(a) An employee of the reinsurer;
(b) A United States manager of the United States branch of an alien
reinsurer;
(c) An underwriting manager which, pursuant to contract, manages all the
reinsurance operations of the reinsurer, is under common control with the
reinsurer, subject to Subtitle 37 of this chapter, and whose compensation
is not based on the volume of premiums written; or
(d) The manager of a group, association, pool, or organization of insurers
which engage in joint underwriting or joint reinsurance and who are
subject to examination by the insurance regulatory official of the state in
which the manager's principal business office is located;
(8) "Reinsurer" means any person, firm, association, or corporation duly
authorized in Kentucky pursuant to this chapter as an insurer with the authority
to assume reinsurance;
(9) "To be in violation" means that the reinsurance intermediary, insurer, or
reinsurer for whom the reinsurance intermediary was acting failed to comply
substantially with the provisions of KRS 304.9-700 to 304.9-759; and
(10) "Qualified United States financial institution" means an institution that:
(a) Is organized or, in the case of a United States office of a foreign banking
organization, licensed under the laws of the United States or any state
thereof;
(b) Is regulated, supervised, and examined by the United States government
or state authorities having regulatory authority over banks and trust
companies; and
(c) Has been determined by either the commissioner, or the Securities
Valuation Office of the National Association of Insurance Commissioners,
to meet the standards of financial condition and standing considered
necessary and appropriate to regulate the quality of financial institutions
whose letters of credit will be acceptable to the commissioner.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1084, effective July 15, 2010. -Created 1992 Ky. Acts ch. 155, sec. 1, effective July 14, 1992.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.