2021 Kentucky Revised Statutes Chapter 304 - Insurance code Subtitle 304.9 - Agents, Consultants, Solicitors and Adjusters 304.9-507 Conditions under which license authorizes employee or representative to transact business -- Licensee may not hold self out as insurance agent without applicable license.
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304.9-507 Conditions under which license authorizes employee or representative to
transact business -- Licensee may not hold self out as insurance agent without
applicable license.
(1)
(2)
A license issued to a business entity under KRS 304.9-505 shall authorize an
employee or representative of the business entity licensee to sell, solicit, or
negotiate rental vehicle insurance without being licensed, registered, or otherwise
individually identified, if all of the following are true:
(a) The employee, representative, or managing employee operates with
permission from the business entity licensee;
(b) The business entity licensee assumes responsibility for the insurance activities
of its unlicensed employees, representatives, or managing employees;
(c) The employee or representative operates under the supervision of a managing
employee who is licensed as a rental vehicle agent and who shall be available
at all times for consultation for and adequate supervision of the business
locations registered with the commissioner during the sale, solicitation, or
negotiation of rental vehicle insurance. However, a managing employee need
not be present at each business location registered with the commissioner;
(d) The business entity maintains an adequate number of managing employees
available for consultation and supervision for the employees or representatives
offering insurance products;
(e) The employee, representative, or managing employee has been instructed by
the rental vehicle agent with respect to the consumer disclosures that are
required under KRS 304.9-509 prior to the sale of the rental vehicle insurance;
(f) The employee or representative is not primarily compensated based on the
amount of insurance sold by the employee or representative; and
(g) The business location is registered with the commissioner.
A licensee shall not advertise, represent, or otherwise hold out the licensee or any
employee or representative of the licensee as a licensed insurance agent under
another section of this subtitle, unless the entity or individual actually holds the
applicable license.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch 24, sec. 1082, effective July 15, 2010; and ch. 83,
sec. 17, effective July 15, 2010. -- Created 2000 Ky. Acts ch. 380, sec. 25, effective
July 14, 2000.
Legislative Research Commission Note (7/15/2010). This section was amended by
2010 Ky. Acts chs. 24 and 83, which do not appear to be in conflict and have been
codified together.
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