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Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.9-410.Exchange of business; excess or rejected risks; regulation of volume of business by commissioner

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) An agent with a line of authority for property, casualty, or limited line surety insurance may:

(a) Occasionally place an insurance coverage with an insurer as to which he or she is not then appointed as an agent, and such insurer may accept such business only when placed through an appointed agent of the insurer. Both agents involved in this exchange of business must be then licensed as to all of the kinds of insurance represented by the coverage; and

(b) Without limitation, place insurance coverage with an insurer as to which he or she is not then appointed as agent, and such insurer may accept such business only if placed through a licensed managing general agent.

(2) An agent with a line of authority for life or health insurance may, occasionally, place with another insurer as to which he or she is not appointed as agent, a particular risk or portion thereof which has been rejected by the insurers as to which the agent is appointed or is known to the agent to be unacceptable to such insurers, and without then being appointed as to the other insurer.

(3) The commissioner shall, by regulation, establish the amount or volume of business that constitutes the occasional placement of business permitted by subsections (1) and (2) of this section. Such regulations may be based on a percentage or ratio of the agent's business or any other appropriate standard.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.9-410.Exchange of business; excess or rejected risks; regulation of volume of business by commissioner - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-9-410/

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