Licensing of controlling agent -- Evidence of financial responsibility

(1) A person shall not be, act as, or hold himself or herself out as a controlling agent with respect to risks located in Kentucky for an insurer authorized in Kentucky unless the person is licensed as agent by Kentucky. (2) A person shall not be, act as, or hold himself or herself out as a controlling agent representing an insurer domiciled in Kentucky with respect to risks located outside Kentucky unless the person is licensed as an agent by Kentucky. (3) The commissioner may require a controlling agent to provide evidence of financial responsibility in the form and amount acceptable to the commissioner for the protection of the insurer, policyholders, and claimants.