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2021 Kentucky Revised Statutes
Chapter 304 - Insurance code
Subtitle 304.9 - Agents, Consultants, Solicitors and Adjusters
304.9-421 Sharing of commissions.

Universal Citation: KY Rev Stat § 304.9-421 (2021)
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304.9-421 Sharing of commissions. Except as otherwise provided in KRS 304.52-030, no agent, consultant, adjuster, or surplus lines broker shall directly or indirectly share his or her commission or other compensation received or to be received on account of a transaction under his or her license with any individual or business entity not also licensed as agent, consultant, adjuster, or surplus lines broker under this subtitle as to the kinds of insurance involved in the transaction. This provision shall not affect personal use of the commissions or compensation, override commission, payment of the regular salaries due employees of the agent, consultant, adjuster, or surplus lines broker, or distribution in the regular course of business of compensation and profits among members, employees, or stockholders of licensee business entities. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 36, sec. 12, effective June 29, 2021. -- Amended 2010 Ky. Acts ch. 83, sec. 9, effective July 15, 2010. -- Amended 2000 Ky. Acts ch. 393, sec. 30, effective July 14, 2000. -- Created 1984 Ky. Acts ch. 322, sec. 9, effective July 13, 1984.
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