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304.9-705 Reinsurance intermediary license required -- Exemption.
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No individual or business entity shall act as a reinsurance intermediary broker in
Kentucky if the reinsurance intermediary broker maintains an office either directly
or as a director, officer, member, or employee of a business entity:
(a) In Kentucky, unless the reinsurance intermediary broker is a licensed
insurance producer in Kentucky and may sell reinsurance products under that
insurance producer license; or
(b) In another state, unless the reinsurance intermediary broker is a licensed
insurance producer in Kentucky and may sell reinsurance products under that
producer license, or is licensed in another state having a law substantially
similar to KRS 304.9-700 to 304.9-759, or the reinsurance intermediary
broker is licensed in Kentucky as a nonresident reinsurance intermediary.
No individual or business entity shall act as a reinsurance intermediary manager:
(a) For a reinsurer domiciled in Kentucky, unless the reinsurance intermediary
manager is a licensed insurance producer in Kentucky and may sell
reinsurance products under that insurance producer license;
(b) In Kentucky, if the reinsurance intermediary manager maintains an office,
either directly or as a director, officer, member, or employee of a business
entity in Kentucky, unless the reinsurance intermediary manager is a licensed
insurance producer in Kentucky and may sell reinsurance products under that
insurance producer license; or
(c) In another state for a nondomestic insurer, unless the reinsurance intermediary
manager is a licensed insurance producer in Kentucky and may sell
reinsurance products under that insurance producer license, is licensed in
another state having a law substantially similar to KRS 304.9-700 to 304.9759, or the person is licensed in Kentucky as a nonresident reinsurance
intermediary.
The commissioner may issue a reinsurance intermediary license to any individual or
business entity who has complied with the requirements of KRS 304.9-700 to
304.9-759 and who is financially responsible to exercise the license. The license
issued to a business entity shall be exercised only by individuals designated with the
commissioner as to the license in accordance with KRS 304.9-133.
The commissioner may refuse to issue a reinsurance intermediary license if, in his
or her judgment, the applicant, anyone named on the application, or any member,
principal, officer, or director of the applicant is not trustworthy or of good
reputation, or that any controlling person of the applicant is not trustworthy to act as
a reinsurance intermediary, or that any of the foregoing persons have given cause
for revocation or suspension of the license, or has failed to comply with any
prerequisite for the issuance of the license.
Licensed attorneys-at-law of Kentucky, when acting in their professional capacity as
attorneys, shall be exempt from this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1085, effective July 15, 2010. --
Amended 2002 Ky. Acts ch. 273, sec. 38, effective July 15, 2002. -- Created 1992
Ky. Acts ch. 155, sec. 2, effective July 14, 1992.
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