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304.9-705 Reinsurance intermediary license required -- Exemption.
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No individual or business entity shall act as a reinsurance intermediary broker
in Kentucky if the reinsurance intermediary broker maintains an office either
directly or as a director, officer, member, or employee of a business entity:
(a) In Kentucky, unless the reinsurance intermediary broker is a licensed
insurance producer in Kentucky and may sell reinsurance products under
that insurance producer license; or
(b) In another state, unless the reinsurance intermediary broker is a licensed
insurance producer in Kentucky and may sell reinsurance products under
that producer license, or is licensed in another state having a law
substantially similar to KRS 304.9-700 to 304.9-759, or the reinsurance
intermediary broker is licensed in Kentucky as a nonresident reinsurance
intermediary.
No individual or business entity shall act as a reinsurance intermediary
manager:
(a) For a reinsurer domiciled in Kentucky, unless the reinsurance
intermediary manager is a licensed insurance producer in Kentucky and
may sell reinsurance products under that insurance producer license;
(b) In Kentucky, if the reinsurance intermediary manager maintains an office,
either directly or as a director, officer, member, or employee of a business
entity in Kentucky, unless the reinsurance intermediary manager is a
licensed insurance producer in Kentucky and may sell reinsurance
products under that insurance producer license; or
(c) In another state for a nondomestic insurer, unless the reinsurance
intermediary manager is a licensed insurance producer in Kentucky and
may sell reinsurance products under that insurance producer license, is
licensed in another state having a law substantially similar to KRS
304.9-700 to 304.9-759, or the person is licensed in Kentucky as a
nonresident reinsurance intermediary.
The commissioner may issue a reinsurance intermediary license to any
individual or business entity who has complied with the requirements of KRS
304.9-700 to 304.9-759 and who is financially responsible to exercise the
license. The license issued to a business entity shall be exercised only by
individuals designated with the commissioner as to the license in accordance
with KRS 304.9-133.
The commissioner may refuse to issue a reinsurance intermediary license if, in
his or her judgment, the applicant, anyone named on the application, or any
member, principal, officer, or director of the applicant is not trustworthy or of
good reputation, or that any controlling person of the applicant is not
trustworthy to act as a reinsurance intermediary, or that any of the foregoing
persons have given cause for revocation or suspension of the license, or has
failed to comply with any prerequisite for the issuance of the license.
Licensed attorneys-at-law of Kentucky, when acting in their professional
capacity as attorneys, shall be exempt from this section.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1085, effective July 15, 2010. --
Amended 2002 Ky. Acts ch. 273, sec. 38, effective July 15, 2002. -- Created
1992 Ky. Acts ch. 155, sec. 2, effective July 14, 1992.
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