§ 304-9-705

304.9 -705 Reinsurance intermediary license required -- Exemption. (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, unl ess 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 produc er 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. (2) 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

, 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 reinsuran ce 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 insur ance 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 304.9 - 759, or the person is licensed in Kentucky as a nonresident reinsur ance intermediary. (3) 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.

einsurance 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 l icense 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. (4) The commissioner may refuse to issue a reinsurance intermediary license if, in his or her jud gment, 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 inte rmediary, 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. (5) Licensed attorneys -at-law of Kentucky, when acting in their prof essional 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.

al 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. A cts ch. 155, sec. 2, effective July 14, 1992.