304.9-085 Managing general agent -- License -- Duties. (1) A "managing general agent" is an individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts. (2) No individual or business entity shall in this state be, act as, or hold himself, herself, or itself out as a managing general agent unless then licensed as a managing general agent. In order to qualify for a managing general agent license, an individual shall: (a) Hold an agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds the contract to represent; (b) If a nonresident, hold a nonresident agent license with property and casualty lines of authority and be appointed by each authorized insurer the licensee holds a contract to represent in Kentucky; and (c) Hold a surplus lines broker license if any unauthorized insurers are represented or used. In order for a business entity to qualify for a managing general agent license, all individuals acting on behalf of the business entity under its license shall be licensed agents with property and casualty lines of authority and shall be designated with the commissioner as to the license in accordance with all provisions of KRS 304.9-133 except for subsection (2)(a). (3) As used in this chapter, "agent" includes managing general agent unless the context requires otherwise. (4) A managing general agent is a representative of the insurers which the managing general agent holds a contract to represent. Each insurer is liable for the acts of the managing general agent in representing that insurer. (5) The commissioner shall renew managing general agent licenses in accordance with KRS 304.9-260. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1045, effective July 15, 2010. -- Amended 2002 Ky. Acts ch. 273, sec. 12, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 393, sec. 5, effective July 14, 2000. -- Created 1986 Ky. Acts ch. 307, sec. 2, effective July 15, 1986.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.