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304.9-105 General qualifications for agent license.
(1)
An individual applying for an agent license shall make application to the
commissioner on the uniform individual application or other application prescribed
by the commissioner. Before approving the application, the commissioner shall find
that the applicant:
(a) Is at least eighteen (18) years of age;
(b) Has fulfilled the residence requirements as set forth in KRS 304.9-120 or is a
nonresident who is not eligible to be issued a license in accordance with KRS
304.9-140;
(c) Has not committed any act that is a ground for denial, suspension, or
revocation set forth in KRS 304.9-440;
(d) Is trustworthy, reliable, and of good reputation, evidence of which shall be
determined through an investigation by the commissioner;
(e) Is competent to exercise the license and has:
1.
Except for variable life and variable annuities line of authority and
limited lines of authority identified in KRS 304.9-230, completed a
prelicensing course of study consisting of forty (40) hours for life and
health, forty (40) hours for property and casualty, or twenty (20) hours
for each line of authority, as applicable, for which the individual has
applied. The commissioner shall promulgate administrative regulations
to carry out the purpose of this section;
2.
Except for variable life and variable annuities line of authority and
limited lines of authority identified in accordance with KRS 304.9-230,
successfully passed the examinations required by the commissioner for
the lines of authority for which the individual has applied; and
3.
Paid the fees set forth in KRS 304.4-010; and
(f) Is financially responsible to exercise the license and has maintained in effect
while so licensed:
1.
The certificate of an insurer, that the insurer has and will keep in effect
on behalf of the person a policy of insurance covering the legal liability
of the licensed person as the result of erroneous acts or failure to act in
his or her capacity as an insurance agent, and enuring to the benefit of
any aggrieved party as the result of any single occurrence in the sum of
not less than twenty thousand dollars ($20,000) and one hundred
thousand dollars ($100,000) in the aggregate for all occurrences within
one (1) year;
2.
A cash surety bond executed by an insurer, in the sum of twenty
thousand dollars ($20,000), which shall be subject to lawful levy of
execution by any party to whom the licensee has been found to be
legally liable as the result of erroneous acts or failure to act in his or her
capacity as an agent; or
3.
An agreement by an insurer or group of affiliated insurers for which he
(2)
or she is or is to become an exclusive agent whereby the insurer or group
of affiliated insurers agrees to assume responsibility, to the benefit of
any aggrieved party, for legal liability of the licensed person as the result
of erroneous acts or failure to act in his or her capacity as an insurance
agent on behalf of the insurer or group of affiliated insurers in the sum
of twenty thousand dollars ($20,000) for any single occurrence and that
the agreement shall not be terminated until the license is surrendered to
the commissioner.
The commissioner may require additional information or submissions from
applicants and may obtain any documents or information reasonably necessary to
verify the information contained in an application.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 166, sec. 1, effective June 27, 2019. -- Amended
2012 Ky. Acts ch. 74, sec. 2, effective July 12, 2012. -- Amended 2010 Ky. Acts ch.
24, sec. 1047, effective July 15, 2010; and ch. 83, sec. 2, effective July 15, 2010. -Amended 2005 Ky. Acts ch. 143, sec. 6, effective June 20, 2005. -- Amended 2002
Ky. Acts ch. 273, sec. 15, effective July 15, 2002. -- Amended 2000 Ky. Acts ch.
393, sec. 7, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 483, sec. 9,
effective July 15, 1998. -- Amended 1986 Ky. Acts ch. 437, sec. 12, effective July
15, 1986. -- Created 1978 Ky. Acts ch. 161, sec. 1, effective June 17, 1978.
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