Free Kentucky Insurance FAQs | Free Kentucky Insurance Legal Documents

Are There Any Restrictions For A Surplus Lines Broker?

Tue, 29 May 2007 21:19:00 GMT

A Surplus Line Broker may place coverage through an eligible surplus lines insurer only after a diligent effort to place the risk within the authorized market. "Diligent effort" means searching not only those authorized carriers with whom the Surplus Line Broker has appointments, but also the authorized market in general.

Can I Act As A Representative Prior To Being Appointed?

Mon, 04 Jun 2007 21:51:22 GMT

An agent may act as a representative of an insurer without being appointed with that insurer for a period of 30 days from the date the first application is executed. In order to act as a representative without being appointed, the agent must have financial responsibility of at least $1,000,000 per occurrence and $2,000,000 in the aggregate on file with the Department. The financial responsibility may be in the form of an errors and omissions policy (Form 991), bond (Form 993), cash deposit, letter of credit (Form 992) or combination of any of these forms. These forms are available by contacting the Department of insurance directly.

An insurer must, within 45 days from the date the first application or agency contract is executed, file a written notice of appointment with the Commissioner and mail a copy of the notice to the agent. The Department then has 15 working days after receiving the notice to notify the insurer whether the agent is eligible for appointment. The insurer must also send the agent a copy of approval of the appointment. If the agent has not received a copy of the approval from the insurer within 30 days from the date the first application was executed, the agent must discontinue representing that insurer until approval is received. Please note that the 30day time frame for agents and the 45day time frame for insurers are almost running concurrently.

All those currently licensed agents who want to qualify for this temporary exemption from appointment need to file new financial responsibility; otherwise, the licensed agents need to be appointed with each insurer. At present, the Department's system only reflects the statutory minimum, regardless of the amount of coverage filed in the past.

Can I Be Exempt From Ce Requirements?

Tue, 29 May 2007 21:19:00 GMT

If an agent has retired or no longer acts as an agent but is required, by contract with an insurer, to maintain his or her license for the purpose of receiving renewal commission or deferred compensation , the agent may file an affidavit with the Department of Insurance requesting exemption from continuing education requirements. Agents shall not sell, solicit, negotiate, or service any insurance or annuity contracts as long as this Affidavit is on file and the Continuing Education exemption is in place. The Affidavit may be withdrawn by terminating the exemption, in writing, and attaching proof of completion of the continuing education requirements for the previous continuing education biennium.

Can My License Be Terminated For Not Completing Ce Requirements?

Tue, 29 May 2007 21:19:00 GMT

Yes, a license can be terminated for failure to complete CE requirements. If a license is terminated for failure to complete Continuing Education requirements, an agent must complete the Continuing Education requirements and provide the Department with proof of completion to have his or her license reissued. If the agent does not complete the Continuing Education requirements within 24 months of termination, the agent must complete the required number of hours of approved prelicensing training, and take any applicable examination in order to have his or her license reissued.

Do Nonresident Licenses Require Continuing Education?

Tue, 29 May 2007 21:19:00 GMT

Nonresident agents are required to comply with the continuing education requirements of their home state. The Department will verify compliance in odd numbered years through an appropriate national database or a written request to the nonresident agent to provide a letter of certification from the agent's home state.

Does Kentucky Require Continuing Education?

Tue, 29 May 2007 21:19:00 GMT

All resident agents are subject to Continuing Education for every line of authority (EXCEPT for the limited lines of authority: motor vehicle physical damage, common carrier, credit, crophail, and mechanical breakdown). The continuing education requirement of 24 hours for each continuing education biennium must be met on or before June 30 in evennumbered years. At least 6 hours must be directly related to at least one of the agent's active lines of authority and 2 hours must be in ethics.

Only courses approved by the Kentucky Department of Insurance will be accepted as approved credit hours. No more than 12 hours of correspondence courses will be accepted.

General Exam Information

Tue, 29 May 2007 21:19:00 GMT

At the Frankfort location, the examinations are computerized and graded upon completion. Applicants who successfully pass the exam will be issued a license if they have provided proof of financial responsibility. Applicants who do not pass the examination may pay on site the $50.00 retake fee and reschedule another examination.

At the regional locations a paper examination will be given. The answer sheet will be scanned in and graded at the department within 2 working days. If the applicant successfully passes the examination, a license will be mailed and a date will be displayed immediately on the Agent's record, on the department's web site. If the applicant fails the examination they will receive a detailed summary report which will give an analysis of examination results and a retake form.

All applicants need to bring an official photo id and a copy of the photo id when they report to take the exam.

How Do I Renew My License?

Tue, 29 May 2007 21:19:00 GMT

The insurer is responsible for giving written notice to any agent who will be terminated or who will not be renewed within thirty days of the nonrenewal or termination.

Appointments are renewed biennially through sponsoring insurers. Each insurer receives a list from the Department's records showing all agents currently appointed with the insurer. The insurer is responsible for terminating any appointment prior to December 31. Otherwise, the insurer must pay the renewal fee no later than March 31 for each agent that the Department's records show is currently appointed with that insurer. Renewal for life and health lines of authority is March 31 on odd years; renewal for all other lines of authority is March 31 on even years.

How Do I Renew My Nonresident License?

Tue, 29 May 2007 21:19:00 GMT

Renewal of the nonresident insurance agent licenses and appointments are done on a biennial basis. Renewal for life and health lines of authority is March 31 on odd years, renewal for all other lines of authority is March 31 on even years.

How Is The Commissioners Office Notified Of A Termination Of An Appointment?

Tue, 29 May 2007 21:19:00 GMT

An insurer must provide notification Form 8302 to the Commissioner, within 30 days, when it terminates an agent. If the termination is for cause based on any of the reasons set out in the section "Reasons for Administrative Action," the insurer must also provide supporting information regarding the termination. An insurer must provide to the agent, within 15 days of notice to the Department, a copy of the termination notice. The notice of termination for cause must be sent by certified mail to the last known address of the agent. The agent may, within 30 days of receiving the notice of termination for cause, file written comments about the substance of the termination with the Commissioner and the insurer. The agent's written comments will become part of the Department's file and accompany every copy of a report distributed or disclosed for any reason about the termination.

I Need A Certification/Clearance Letter, What Do I Do?

Mon, 04 Jun 2007 21:51:22 GMT

Certification letters (needed to license a Kentucky resident agent as a nonresident agent in another state) and clearance letters (needed to license a former Kentucky resident agent as a resident agent in another state) have been combined.

If the license is active, the letter will serve as a certification for the license activity. If the license is no longer active, the letter will indicate the last date of license and the date it became inactive, thus serving as a clearance letter.

Each letter must be requested in writing with the agent's full name, Social Security number or the agent's Department of Insurance identification number, and type of letter needed. Also, the agent must indicate where the processed paperwork should be mailed (or provide a properly addressed envelope to expedite the process). A $5 check payable to the "Kentucky State Treasurer" for each letter requested should be enclosed with the request.

If My Appointment Terminates Will My License Also Terminate?

Mon, 04 Jun 2007 21:51:22 GMT

Previously, if an agent's last appointment was terminated, the agent's license would also terminate on the same date. This would require an agent to complete a new application to reinstate his or her license. Now, a grace period of 60days has been added after the termination of an agent's last appointment. If the agent secures an appointment during that grace period, the agent will not be required to complete a new application.

What Are The Examination Requirements?

Tue, 29 May 2007 21:19:00 GMT

An examination is required for:

Adjusters
Agents with lines of authority for
Casualty
Health
Life
Marine & Transportation
Mortgage Guaranty
Property
Surety
Variable Life and Variable Annuity (unless has Life line of authority)
Nonprofit Health Service Corporation (unless has Health line of authority)
Limited Lines
Common Carrier
Mechanical Breakdown
Motor Vehicle Physical Damage
Crop Hail
Consultants
Rental Vehicle Managing Employees, administered by employer
Viatical Brokers

An examination is not required for agents for a line of authority for Limited Line Credit.

If an applicant fails to appear for a scheduled exam without proper notification, the applicant will be required to complete a retake form (Form 8304) and pay the applicable fee ($50 per examination, per retake) in order to schedule a new date to take the exam. If an applicant fails an exam, the applicant may, within 120 days, be retested two more times by completing a retake form and paying the applicable fee each time. After 120 days, the applicant must complete and submit a new application Form 8301 with the required fees ($50 per examination and $40 for each line of authority).

NOTE: A Property & Casualty combined exam is available for $50.00 for those applying for both lines of authority at the same time.

Applicants for agent licenses are exempt from examination if:

The applicant previously held a Kentucky resident license and: the applicant held an active agent license in Kentucky for the same line of authority within the past 24 months;
the license was not a temporary license; and the license was not revoked or suspended for reasons other than failure to maintain financial responsibility or failure to meeting continuing education requirements.

Applicants for agent licenses are exempt from prelicensing and examination if:

The applicant is seeking a Kentucky nonresident license and: the applicant currently holds an active agent license in another state for the same line of authority; or
the applicant held an active agent license in another state for the same line of authority, an application is received within 90 days of cancellation of that license, and the state that issued the license certifies that the applicant was in good standing.
the applicant previously held a license in another state, is now moving to Kentucky, and:
the applicant held an active agent license in the other state for the same line of authority within the last 12 months; and
an application is received within 90 days of the applicant becoming a Kentucky resident.
the applicant holds a certified life underwriter degree, a certified property and casualty underwriter degree, or a certified insurance counselor designation.

What Are The Fees For A Resident License?

Tue, 29 May 2007 21:19:00 GMT

The licensing fee for resident agents by the initial sponsoring insurer is $40 per line of authority. Appointment fees for subsequent sponsoring insurers, per insurer, are:

Property, casualty, marine and transportation, and surety lines of authority of agent, $40;
Life and health lines of authority of agent, $40; and
All other lines of authority of agent, $40 each.
The examination fee is $50, per exam.

What Are The Kentucky Continuing Education Requirements?

Tue, 29 May 2007 21:19:00 GMT

Courses approved in other states will be approved in Kentucky according to the provisions of the reciprocal agreement, as long as the course content is acceptable under Kentucky regulations. Resident agents are responsible for supplying the Kentucky Department of Insurance with a copy of other states' approval from the provider. The Department would encourage agents to obtain a copy of this approval before attending the course to assure that Kentucky can give credit for the course.

The following licensees are subject to continuing education

Agents with the following lines of authority:
Casualty
Health
Life
Marine & Transportation
Mortgage Guaranty
Property
Variable Life & Variable Annuity
Surety
Nonprofit Health Service Corporation
Rental Vehicle Managing Employees
Viatical Brokers

Agents subject to continuing education must complete 24 hours of continuing education each biennium. Of those 24 hours, 6 hours must be related to one or more of the lines of authority for which the agent is licensed. In addition, 2 hours must be related to ethics.

An agent cannot receive credit for the same course more than once during a biennium.

The following licensees are not subject to Continuing Education:
Agents with limited lines of authority:

Credit
Common Carrier
Crop Hail
Mechanical Breakdown
Motor Vehicle Physical Damage
Specialty Credit Managing Employee

What Are The Licensing Fees?

Tue, 29 May 2007 21:19:00 GMT

Licensing fee for nonresident agents by initial sponsoring insurer is $50.00, per line of authority. Appointments fee for subsequent sponsoring insurers, per insurer, are as follows:

Property, casualty, marine and transportation, and surety lines of authority of agent, $50.00;
Life and health lines of authority of agent, $50.00; and
All other lines of authority of agent, $50.00 each.
Examination fee if needed is $50.00 per exam.

What Are The Licensing Requirements If My Home State Is Reciprocal With Kentucky?

Tue, 29 May 2007 21:19:00 GMT

Is in good standing in home state;
Submits a original certification letter from home state insurance department;
Submits proper request for license;
Pays required fees;
Submits NAIC Uniform Application for Nonresident Individual;
Has complied with home state's continuing education requirements; and
Submits appointment by an admitted insurer, Form 8302.

What Are The Pre-Licensing Requirements?

Tue, 29 May 2007 21:19:00 GMT

Prelicensing Training is required for applicants as Agents with line of authority for:

Casualty
Health
Life
Marine & Transportation
Mortgage Guaranty
Property
Variable Life & Variable Annuity
Surety
Rental Vehicle Managing Employees
Viatical Brokers

No prelicensing training is required for individuals applying for:

Limited Lines (Common Carrier, Credit, Crop Hail, Mechanical Breakdown, or Motor Vehicle Physical Damage), or
Specialty Credit Managing Employee

What Are The Requirements For A Resident Or Nonresident Kentucky Business Entity Agency License For A Partnership, Limited Partnership, Limited Liability Company, Or Corporation?

Tue, 29 May 2007 21:19:00 GMT

Resident (domestic)	Nonresident (foreign)
Partnership or Limited Partnership " Partnership Agreement " Form 8301BE complete Business Entity License Application and list each partner. Both partners must be licensed in KY. Per KRS 304.9130, include any other agent who will be acting on behalf of the business entity agent license.	Partnership or Limited Partnership " Partnership Agreement " NAIC Nonresident Business Entity License Application complete and list each partner. Both partners must be licensed in KY. Per KRS 304.9130, include any other agent who will be acting on behalf of the business entity agent license. " Appointment Form 8302AP, completed by the appointing insurer. " Original Letter of Certification, from domiciled DOI.
Limited Liability Company " Form 8301BE complete Business Entity License Application. Per KRS 304.9130, must list each member, those licensed and unlicensed, in KY. Include any other agent who will be acting on behalf of the business entity agent license. Note: Must have at least one licensed agent, in KY. " Certificate of Existence from Kentucky Secretary of State	Limited Liability Company " Complete NAIC Nonresident Business Entity License Application Per KRS 304.9130, must list each member, those licensed and unlicensed, in KY. Include any other agent who will be acting on behalf of the business entity agent license. Note: Must have at least one licensed agent, in KY. " Appointment Form 8302AP, completed by the appointing insurer. " Original Letter of Certification, from domiciled DOI.. " Certificate of Existence from domiciled Secretary of State. " Certificate of Authority from KY Secretary of State's Office.
Corporation " Form 8301BE complete Business Entity License Application. Per KRS 304.9130, must list each officer, those licensed and unlicensed, in KY. Include any other agent who will be acting on behalf of the business entity agent license. Note: Must have at least one licensed agent, in KY. " Certificate of Existence	Corporation " Complete NAIC Nonresident Business Entity License Application. Per KRS 304.9130, must list each member, those licensed and unlicensed, in KY. Include any other agent who will be acting on behalf of the business entity agent license. Note: Must have at least one licensed agent, in KY. IC " Appointment Form 8302AP, completed by the appointing insurer. " Original Letter of Certification, from domiciled DOI. " Certificate of Existence from domiciled Secretary of State. " Certificate of Authority from KY Secretary of State's Office.
Licensing FEE: $100.00 per line of authority	Licensing FEE: $120.00 per line of authority

NOTE: Designated agents may be added by submitting the Designation Form 8305. Each licensed individual designated should be licensed for the same lines of authority as the business entity.

March 31 of ODD Numbered Years	March 31 of EVEN numbered years
Life/Health	Property, Casualty, Marine & Transportation, Surety, Mortgage Guaranty, Fraternal Benefit Societies, and Multiple Line Insurers

What Are The Requirements If My Home State Is Not Reciprocal With Kentucky Or I Am Not Licensed In My Home State?

Tue, 29 May 2007 21:19:00 GMT

Is at least 18 years old;
Is trustworthy, reliable, competent, and of good reputation;
Has graduated from high school or has equivalent education;
Passes a written applicable examination, unless:
held a similar license in Kentucky within past 24 months or
held a similar license in another state within past 90 days
Submits a Kentucky application (Form 8301);
Has completed 40hours of prelicensing training;
Pays required fees;
Is appointed by an admitted insurer (Form 8302); and
Provides evidence of financial responsibility.

What Are The Requirements To Become A Surplus Lines Broker?

Tue, 29 May 2007 21:19:00 GMT

Any person while licensed in this state as an agent who:

Is a resident of Kentucky;
Has been continuously licensed for at least three (3) years;
Is deemed by the commissioner to be competent and trustworthy with respect to the handling of surplus lines; and
Represents at least three (3) insurers admitted to transact property or casualty insurance in Kentucky.

What Do I Need To Do If I Am A First-Time Resident Applicant?

Tue, 29 May 2007 21:19:00 GMT

The sponsoring insurer must submit the Application From 8301 completed in its entirety for an agent license with any one of the following lines of authority, with the appropriate information.

If applying for Life, Health, Property, Casualty, Surety, Marine & Transportation, or Mortgage Guaranty, the applicant will need to:

File a Certificate of PreLicensing Course completion.
Pay all applicable fees.
Provide proof of financial responsibility, on the prescribed form:
1. an errors & omissions policy on Form 991,
2. a letter of credit on Form 992,
3. a surety bond or a cash surety bond on Form 993, or the insurer's assumption of legal liability on Form 994.

If applying for Variable Life and Variable Annuity the applicant will need to:

File proof of successful completion of SEC requirements.
Hold a current Life license.
Pay all applicable fees.
Provide proof of financial responsibility on the prescribed forms:
1. an errors & omissions policy on Form 991,
2. a letter of credit on Form 992,
3. a surety bond or a cash surety bond on Form 993, or the insurer's assumption of legal liability on Form 994.

If applying for Limited Lines for Motor Vehicle Physical Damage, Common Carrier, Mechanical Breakdown, or Crop Hail the applicant will need to:

Pass the appropriate examination.
Pay all applicable fees.
Provide proof of financial responsibility on the prescribed forms:
1. an errors & omissions policy on Form 991,
2. a letter of credit on Form 992,
3. a surety bond or a cash surety bond on Form 993, or the insurer's assumption of legal liability on Form 994.

If applying for a Limited Line Credit the applicant will need to:

Pay all applicable fees.
Provide proof of financial responsibility on the prescribed forms:
1. an errors & omissions policy on Form 991,
2. a letter of credit on Form 992,
3. a surety bond or a cash surety bond on Form 993, or the insurer's assumption of legal liability on Form 994.

If applying for Nonprofit Health Service Corporation, the applicant will need to:

Pass the appropriate examination.
Pay all applicable fees.

What Does Negotiate Mean In Insurance?

Tue, 29 May 2007 21:19:00 GMT

Negotiate means the act of conferring directly with, or offering advice directly to, a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract.

What Does Sell Mean In Insurance?

Tue, 29 May 2007 21:19:00 GMT

Sell means to exchange a contract of insurance by any means, for money or other valuable consideration, on behalf of an insurer.

What Does Solicit Mean In Insurance?

Tue, 29 May 2007 21:19:00 GMT

Solicit means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.

What Does Terminate Mean In Insurance?

Tue, 29 May 2007 21:19:00 GMT

Terminate means the cancellation of the relationship between an agent and the insurer or the termination of an agent's authority to transact insurance.

What If My Address Or Name Changes?

Tue, 29 May 2007 21:19:00 GMT

Kentucky law requires that an agent notify the Department of Insurance, in writing, of any change in residence address, business address, or legal name within 30 days of the change. Agents are subject to a penalty up to $1,000 for failure to do so.

Address changes should be submitted on Record Correction Form 8303

Name changes should be submitted, in writing, with pertinent legal documentation approving the name change. The notice of name change should include the agent's name, Social Security number, and return mailing address.

KRS 304.9200(4) requires that the license contain the licensee's name, address, and other pertinent information. As a result, an agent with a legal name change or an address change to another city, must have a new license issued with the name change or city change. To get a new license issued with the name or city change, the agent must submit a written request and the $5 fee. A license issued in the new name or new city will be mailed to the address the agent indicates.

What Is A General Lines Agent?

Tue, 29 May 2007 21:19:00 GMT

A General Lines Agent is an agent who transacts any one or more of the following kinds of insurance:

Property insurance;
Casualty insurance;
Surety insurance;
Marine and transportation insurance;
Health insurance, when transacted for an insurer also represented by the same agent as to property or casualty insurance;
Mortgage guaranty insurance.

What Is A Limited Line Credit Insurance Agent?

Tue, 29 May 2007 21:19:00 GMT

Limited line credit insurance agent means an individual or business entity who sells, solicits, or negotiates one or more forms of limited line credit insurance coverage to individuals through a master, corporate, group, or individual policy.

What Is A Surplus Lines Broker?

Tue, 29 May 2007 21:19:00 GMT

A Surplus Line Broker is a specially licensed general lines agent who is permitted to place with insurers not licensed to do business in Kentucky, certain insurance coverages not available from insurers authorized to write that kind of insurance in Kentucky, subject to the provisions of Subtitle 10 of the Kentucky Insurance Code.

What Is Considered A Business Entity?

Tue, 29 May 2007 21:19:00 GMT

A Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity.

What Is Considered A Home State?

Tue, 29 May 2007 21:19:00 GMT

A Home State means the District of Columbia and any state or territory of the United States in which a licensee maintains his or her principal place of residence or principal place of business and is licensed by that state.

What Is Limited Line Credit Insurance?

Tue, 29 May 2007 21:19:00 GMT

Limited line credit insurance includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, automobile dealer gap insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line credit insurance.

What Is The Kentucky Definition Of An Insurance Agent?

Tue, 29 May 2007 21:19:00 GMT

An "agent" is an individual, firm or corporation appointed by an insurer to solicit applications for insurance or annuity contracts or to negotiate insurance or annuity contracts on its behalf, and if authorized to do so by the insurer, to effectuate and countersign insurance contracts.

Exceptions to the definition of an agent are as follows:

Salaried employees in the office of a general lines agent, which employees devote full time to clerical and administrative services, with incidental taking of insurance applications and receiving premiums in the office of the employer agent if the employee does not receive any commissions on such applications and his compensation is not varied by the volume of applications or premiums taken or received by such employee;
The supervising managing general agent (except as defined in KRS 304.9085) or supervising officer or employee of an insurer who solicits only with duly licensed resident agents of the insurer;
Newsboys and managers of newspaper distribution offices who incidentally take applications of socalled "newspaper accident insurance" and receive premiums in connection therewith;
Employees or other representatives of a group policyholder engaged in enrolling certificate holders and performing other activities in the administration of the group policy.

What Is The Nonresident Reciprocal Agreement?

Tue, 29 May 2007 21:19:00 GMT

Agents wishing to receive a nonresident agent license in Kentucky will be issued a license if the applicant:

is currently licensed and in good standing in his or her home state;
has submitted the proper request for license and has paid the fees required;
has submitted or transmitted to the Commissioner a completed uniform application or uniform business entity application;
has complied with his or her home state's continuing education requirements;
the home state awards nonresident licenses to residents of Kentucky on the same basis; and
has complied with any other applicable legal requirements.

The Kentucky Department of Insurance may verify a nonresident applicant's license status through the database maintained by the NAIC or request a certification letter.

A nonresident licensee who changes his or her home state to a state other than Kentucky must file a change of address Form 8303 and provide certification from the new home state within 30 days of the change. No fee or license application is required.

What Is The Uniform Business Entity Application?

Tue, 29 May 2007 21:19:00 GMT

Uniform business entity application means the current version of the National Association of Insurance Commissioners Uniform Business Entity Application for resident and nonresident business entities.

What Lines Of Authority Does Kentucky Offer An Agent?

Tue, 29 May 2007 21:19:00 GMT

Life
Health
Property
Casualty
Surety
Mortgage Guaranty Insurance
Marine & Transportation
Variable Life and Variable Annuity
Nonprofit Health Service Corporation
Limited Lines
Credit
Common Carrier
Crop Hail
Mechanical Breakdown
Motor Vehicle Physical Damage

What Must Be Submitted To Apply For A Surplus Lines License?

Tue, 29 May 2007 21:19:00 GMT

To apply for a Surplus Lines Broker license, the applicant must submit:

Application Form 8301
License fee of $100.00
Proof of Financial Responsibility in the amount of at least $1,000,000 per occurrence and $2,000,000 in the aggregate, which must be in the form of: Errors and Omissions policy issued by an authorized insurer and filed on Form 991, or
Letter of Credit on Form 992, or
Surety Bond issued by an authorized corporate surety and filed on Form 993, or
A combination of a bond and a deposit filed on Form 992 and Form 993
Penal Bond issued by an authorized corporate surety in favor of the State of Kentucky in the sum of $50,000
(The policy, bond, or deposit shall not be terminated unless the issuer gives the Surplus Lines Broker and the Department of Insurance at least thirty days' prior written notice.)

What Needs Submitted To Become Appointed By Other Insurance Companies?

Tue, 29 May 2007 21:19:00 GMT

Appointments are submitted for additional affiliations by sponsoring insurers, after the original license for the line of authority has been issued, on Appointment Form 8302 with the following fees:

Property, casualty, marine and transportation, and surety lines of authority of agent, $40;
Life and health lines of authority of agent, $40; and
All other lines of authority of agent, $40 each.

What Pre-Licensing Requirements Are Need To Be Met?

Tue, 29 May 2007 21:19:00 GMT

The sponsoring insurer must submit the completed application form with a certification of completion of the prelicensing course and the applicable fees. (The application should be submitted only after the applicant has fulfilled the 40 hours of prelicensing education. Both the prelicensing course and instructor must be approved by the Kentucky Department of Insurance.)

What Special Record Keeping Is Required Of A Surplus Liners Broker?

Mon, 04 Jun 2007 21:51:22 GMT

Each Surplus Lines Broker must keep in the Broker' s office a full and true record of each surplus lines coverage procured by the Broker, including a copy of each daily report, if any, a copy of each certificate of insurance issued by the Surplus Lines Broker, and the following items as applicable:

Amount of the insurance;
Gross premium charged;
Return premium paid, if any;
Rate of premium charged upon the several items of property;
Effective date of the contract, and the terms thereof;
Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by the insurer if less than the entire risk;
Name and address of the insured;
Brief general description of the property or risk insurer and where located or to be performed; and
Other information as may be required by the commissioner.
The record shall be open to examination by the commissioner at all times within 5 years after issuance of the coverage to which it relates.

When And Where Do I Take The Examination?

Tue, 29 May 2007 21:19:00 GMT

After the prelicensing information has been submitted and reviewed, if all is in order, the applicant will receive a notice for the exam if an exam is needed. At that time, the individual must call the Examination Section at (502) 5646004 to schedule an appointment for the exam.

The applicant has 120 days to take the exam no more than 3 times. If the applicant takes an exam and does not pass it, the applicant must submit another $50 for the new test along with the Department's retake form (which will be included with results) and make another appointment. Please be advised that if an applicant schedules an appointment for an examination and fails to appear for the scheduled appointment, the applicant will be required to pay an additional retake fee and submit a new form, prior to scheduling a new appointment. If the applicant takes the test at the Department's Frankfort testing site, the applicant will receive the test scores as soon as the exam is completed. However, if the test is taken at a regional testing site outside of Frankfort, it will take approximately one week for the applicant to receive test scores.

If the applicant has already filed proof of financial responsibility, the applicant will be licensed with the sponsoring insurer submitting the application as soon as the applicant passes the exam. The information will be posted immediately to the Internet for insurer verification. The agent will receive the license at the agent's residence address on file with the Department.

All test results are good for one year. A retake form will be mailed should the agent fail to pass the exam.

When Does A Surplus Lines License Renew Or Terminate?

Tue, 29 May 2007 21:19:00 GMT

The license of a Surplus Lines Broker shall continue in force until expired, suspended, revoked, or otherwise terminated. A Surplus Lines Broker' s license will be renewed on March 31 of even numbered years if the Surplus Lines Broker has at least 5 current appointments with property or casualty insurers and pays the renewal fee of $100.00.

Who Is Eligible For A Resident Insurance License In Kentucky?

Tue, 29 May 2007 21:19:00 GMT

Individuals applying for a resident agent license shall make application to the commissioner on Application Form 8301 and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the applicant:

Is at least 18 years of age;
Has fulfilled the residence requirements, set forth in KRS 304.9120;
Has not committed any act that is a ground for denial, suspension, or revocation;
Is trustworthy, reliable, and of good reputation;
Has successfully attained a general educational level equivalent to that required for high school graduation;
Has completed the required 40hour prelicensing classroom course of study for the lines of authority for which the individual has applied (this requirement does not apply to applicants for the limited lines of authority as identified in KRS 304.9230: motor vehicle physical damage, common carrier, credit, crophail, and mechanical breakdown);
Has successfully passed examinations required for the line of authority for which the individual has applied (this requirement does not apply to applicants for limited line of authority for credit only);
Has paid the necessary fees;
Is financially responsible to exercise the license and has proven this by filing
an errors & omissions policy, a letter of credit, a surety bond or a cash surety bond, or the insurer has assumed legal liability.

Free Auto Insurance FAQs

Thu, 26 Nov 2009 09:47:15 GMT

Free Auto Insurance FAQs

Free Health Insurance FAQs

Thu, 26 Nov 2009 09:47:15 GMT

Free Health Insurance FAQs

Free Home Owners Insurance FAQs

Thu, 26 Nov 2009 09:47:15 GMT

Free Home Owners Insurance FAQs

Free Life Insurance FAQs

Thu, 26 Nov 2009 09:47:15 GMT

Free Life Insurance FAQs