Title XXV, Business and Financial Institutions

transact business -- Licensee may not hold self out as insurance agent without applicable license. (1) 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 veh…

agreement. Rental vehicle insurance shall not be transacted under this subtitle at any location unless the following consumer protection disclosures are made in writing that meets the readability standards set forth in KRS 304.14-440 and the regulations promulgated thereunder pri…

conjunction with rental vehicle transaction. A rental vehicle agent who is licensed in accordance with this subtitle shall not sell, solicit, or negotiate insurance that is not sold in conjunction with a rental vehicle transaction.

As used in KRS 304.9-700 to 304.9-759, unless the context requires otherwise: (1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (2) "Controlling person" means any person, firm, association, or corporation who directly or indirectl…

(1) 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 …

insurer. Transactions between a reinsurance intermediary broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions t…

(1) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker shall keep a complete record for each transaction showing: (a) The type of contract, limits, underwriting restri…

intermediary brokers. (1) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by subsection (1) of KRS 304.9-705. (2) An insurer shall not emp…

Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At lea…

The reinsurance intermediary manager shall not: (1) Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsur…

managers. (1) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by KRS 304.9-705(2). (2) The reinsurer shall annually obtain a copy of sta…

(1) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (2) A reinsurance intermediary manager may be exam…

(1) The license of a reinsurance intermediary may be suspended or revoked, civil penalties imposed in the amount applicable to agents under KRS 304.99-020, conditions imposed on the license, or any combination thereof, on the grounds set forth in KRS 304.9-440. (2) If a reinsuran…

(1) The commissioner may promulgate reasonable administrative regulations for the implementation, interpretation, and administration of the provisions of KRS 304.9- 700 to 304.9-759. (2) Insurers or reinsurers shall not continue to utilize the services of a reinsurance intermedia…

KRS 304.9-700 to 304.9-759 may be cited as the Reinsurance Intermediary Act.

entity -- Qualifications and application for license -- Penalties. (1) A portable electronics insurance retailer license issued under this section shall permit portable electronics retailers to offer and disseminate portable electronics insurance by the licensee, its employees, a…

sell portable electronics insurance -- Restrictions on licensees. (1) A portable electronics insurance retailer license issued to a business entity under KRS 304.9-780 shall authorize an employee or authorized representative of the business entity licensee to offer and disseminat…

coverage -- Standards -- Billing and collection of charges -- Notice and correspondence. (1) At every location where portable electronics insurance is offered to customers, brochures or other written materials shall be made available to a prospective customer which: (a) Disclose …

In addition to or in lieu of the specific penalties provided for by this code, any person who violates any provision of this code or who knowingly violates any proper order of the commissioner shall, upon conviction by a court of competent jurisdiction, be fined not less than one…

having knowledge of statutory insolvency or hazardous financial condition of authorized insurer. (1) Any deputy director or any examiner who has knowledge of the statutory insolvency, or hazardous financial condition as defined by administrative regulation, of an authorized insur…

(1) For any violation of this code where the commissioner has the power to revoke or suspend a license or certificate of authority, the commissioner may in lieu thereof or in addition to such revocation or suspension impose a civil penalty against the violator of not more than th…

If any consultant or agent is found by the commissioner, after a hearing, to be in violation of KRS 304.9-350, the commissioner may, in addition to any applicable suspension, revocation, or refusal to continue the consultant's or agent's license, impose a fine in the amount of th…

Any insurer failing, without just cause, to timely file the ORSA Summary Report as required by KRS 304.3-620 shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay. The maximum penalty under this section is one thousand do…

(1) (a) The owner of any vehicle who fails to have in full force and effect the security required by Subtitle 39 of this chapter shall: 1. Be fined not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000), or sentenced to not more than ninety (90) day…

(1) Any private employer who is subject to the provisions of KRS 304.32-300 and who fails to purchase a conversion health insurance policy as required by subsection (1) shall be fined not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000), and each d…

Whoever violates KRS 304.20-160(6) or 304.20-180 shall upon conviction be punished by a fine not to exceed five hundred dollars ($500).

An insurer that fails to provide a loss run statement as required by KRS 304.20-100(2), or an insurer's agent that fails to provide a loss run statement to an insured as required by KRS 304.20-100(3), shall be subject to a fine of not less than one hundred dollars ($100) nor more…

180(1). (1) A broker that fails to file an affidavit as provided by KRS 304.10-050 shall be liable for a penalty fee of one hundred dollars ($100). (2) A broker that exhibits a pattern of failing to file affidavits as provided by KRS 304.10-050 shall be subject to a penalty fee n…

If any insurance company, association, or exchange is found by the commissioner, after a hearing, to have committed any of the acts set out in subsections (1) and (2) of KRS 304.6-030, the commissioner may require such company, association, or exchange to pay a fine not exceeding…

equal to biennial fee specified in Subtitle 4. (1) The appointment of an agent, including a rental vehicle agent and rental vehicle agent managing employee, may be renewed by an insurer under KRS 304.9-270(9) if the request and late payment for renewal is accompanied by a penalty…

Any person violating KRS 304.12-140 shall be punished by a fine of not more than two hundred fifty dollars ($250) or by imprisonment of not more than ninety (90) days, or both; and if he or she holds a license from the commissioner, he or she shall forfeit the same. The Circuit C…

Any person who violates KRS 304.12-275 shall be subject, at the discretion of the commissioner, to a fine in an amount of not less than two hundred fifty dollars ($250) nor more than five thousand dollars ($5,000). Each violation shall constitute a separate offense.

Any person who violates KRS 304.12-013(4)(d) shall be fined not less than fifty dollars ($50) nor more than one hundred dollars ($100). Each violation shall constitute a separate offense.

The commissioner may, if he or she finds that any person or organization has violated any provision of Subtitle 13, impose a penalty of not more than one thousand dollars ($1,000) for each violation, but if the commissioner finds such violation to be willful he or she may impose …

Except by previous agreement between providers and insurers, any health insurer failing to accept the uniform claim form developed pursuant to the provisions of KRS 304.14- 135 as the sole instrument for reimbursement shall: (1) For violations occurring prior to January 1, 1991, …

KRS 304.17A-593, 304.-17A-595, 304.17A-597, or 304.17A-599. In addition to any other remedies, penalties, or damages available under common law or statute, the commissioner may order reimbursement to any person who has incurred a monetary loss as a result of a violation of KRS 30…

KRS 205.593, 304.14-135, 304.99-123, and other statutes. (1) In addition to any other penalty or remedy authorized by law, the department may assess the following fines for noncompliance with KRS 304.17A-700 to 304.17A- 730 and KRS 205.593, 304.14-135, and 304.99-123: (a) A fine …

Any person violating KRS 304.14-135 shall be fined not less than one hundred dollars ($100) for each offense. Each claim that is required by the insurer to be submitted on a form which is found in violation of KRS 304.14-135 shall constitute a separate offense.

fines -- Referral to Division of Insurance Fraud Investigation. (1) When a license issued under KRS 304.15-700 is suspended or revoked, the licensee, if the commissioner directs, shall proceed, immediately following the effective date of the suspension or revocation to conclude t…

(1) A fraternal benefit society neglecting to file the annual statement in the form and within the time provided for in Subtitle 29 of this chapter shall forfeit one hundred dollars ($100) for each day during which such neglect continues, and, upon notice by the commissioner to t…

(1) Any person who shall engage in the business of financing insurance premiums in this state without obtaining a license as provided by KRS 304.30-030(1) shall, upon conviction by a court of competent jurisdiction, be guilty of a misdemeanor and shall be subject to a fine of not…

(1) Any person acting pursuant to Subtitle 45 of this chapter who violates any applicable provision of this chapter or other applicable insurance laws shall be subject to suspension or revocation of licenses, certificates of authority, or permission to do business in this state, …

(1) Any person who violates a cease and desist order of the commissioner under KRS 304.37-130(5) may, after notice and hearing and upon order of the commissioner, be subject at the discretion of the commissioner to a civil penalty of not more than ten thousand dollars ($10,000) f…

(1) Any insurer failing, without just cause, to file any registration statement as required by Subtitle 37 of this chapter, shall be required, after notice and hearing, to pay a civil penalty of ten thousand dollars ($10,000) for each day's delay to the commissioner. The maximum …

The certificate of authority of an insurer may be reinstated by the commissioner pursuant to KRS 304.3-180 if the request for reinstatement is accompanied by a fine in the amount of one thousand dollars ($1,000).