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304.9-240 Insurance vending machines.
(1)
(2)
A licensed agent may solicit for and issue personal travel accident insurance
policies by means of mechanical vending machines supervised by the agent and
placed at airports and similar places of convenience to the traveling public, if the
commissioner finds that:
(a) The policy provides reasonable coverage and benefits, is suitable for sale and
issuance by vending machine, and that use of such a machine in a proposed
location would be of material convenience to the public;
(b) The type of machine proposed to be used is reasonably suitable for the
purpose;
(c) Reasonable means are provided for informing prospective purchasers of
policy coverages and restrictions;
(d) Reasonable means are provided for the refund of money inserted in defective
machines and for which insurance so paid for is not received; and
(e) The cost of maintaining such a machine at a particular location is reasonable
in amount.
For each machine to be used, the commissioner shall issue to the agent upon his or
her application a special vending machine license. The license shall specify the
name and address of the insurer and agent, the name of the policy to be sold, the
serial number and operating location of the machine. The license shall be subject to
annual continuation, to expiration, suspension or revocation coincidentally with that
of the agent. The commissioner shall also revoke the license of any machine as to
which he or she finds that the license qualifications no longer exist. The license fee
shall be the same as specified in KRS 304.4-010, for an agent, for each license year
or part thereof for each respective machine. Proof of the existence of a subsisting
license shall be displayed on or about each machine in use, in such manner as the
commissioner reasonably requires.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1061, effective July 15, 2010. -Amended 2002 Ky. Acts ch. 273, sec. 54, effective July 15, 2002. -- Created 1970
Ky. Acts ch. 301, subtit. 9, sec. 24, effective June 18, 1970.
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