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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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