2021 Kentucky Revised Statutes Chapter 304 - Insurance code Subtitle 304.9 - Agents, Consultants, Solicitors and Adjusters 304.9-410 Exchange of business -- Excess or rejected risks -- Regulation of volume of business by commissioner.
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304.9-410 Exchange of business -- Excess or rejected risks -- Regulation of volume
of business by commissioner.
(1)
(2)
(3)
An agent with a line of authority for property, casualty, or limited line surety
insurance may:
(a) Occasionally place an insurance coverage with an insurer as to which he or
she is not then appointed as an agent, and such insurer may accept such
business only when placed through an appointed agent of the insurer. Both
agents involved in this exchange of business must be then licensed as to all of
the kinds of insurance represented by the coverage; and
(b) Without limitation, place insurance coverage with an insurer as to which he or
she is not then appointed as agent, and such insurer may accept such business
only if placed through a licensed managing general agent.
An agent with a line of authority for life or health insurance may, occasionally,
place with another insurer as to which he or she is not appointed as agent, a
particular risk or portion thereof which has been rejected by the insurers as to which
the agent is appointed or is known to the agent to be unacceptable to such insurers,
and without then being appointed as to the other insurer.
The commissioner shall, by regulation, establish the amount or volume of business
that constitutes the occasional placement of business permitted by subsections (1)
and (2) of this section. Such regulations may be based on a percentage or ratio of
the agent's business or any other appropriate standard.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1072, effective July 15, 2010. -Amended 2002 Ky. Acts ch. 273, sec. 32, effective July 15, 2002. -- Amended 1986
Ky. Acts ch. 307, sec. 5, effective July 15, 1986. -- Created 1970 Ky. Acts ch. 301,
subtit. 9, sec. 41, effective June 18, 1970.
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