KRS 304.3-400: Definitions for KRS 304.3-400 to 304.3-430.

As used in KRS 304.3-400 to 304.3-430, unless the context requires otherwise:

(1) "Accredited state" means a state in which the insurance regulatory agency has

qualified as meeting the minimum financial regulatory standards promulgated and

established from time to time by the National Association of Insurance

Commissioners;

(2) "Control" or "controlled" has the meaning set forth in KRS 304.37-010;

(3) "Controlled insurer" means an authorized insurer which is controlled, directly or

indirectly, by a producer;

(4) "Controlling producer" means a producer who directly or indirectly, controls an

insurer;

(5) "Authorized insurer" or "insurer" means an insurer holding a certificate of authority

from the commissioner to transact property or casualty insurance busine ss in

Kentucky. The following, among others, are not authorized insurers for the

purposes of KRS 304.3-400 to 304.3-430:

(a) All residual market mechanisms and joint underwriting authorities or

associations; and

(b) All captive insurers, other than risk re tention groups as defined in 15 U.S.C.

secs. 3901 et seq. and 42 U.S.C. sec. 9671, including insurers owned by

another organization whose exclusive purpose is to insure risks of the parent

organization and affiliated companies or, in the case of groups and

associations, insurance organizations owned by the insureds whose exclusive

purpose is to insure risks to member organizations or group members and

their affiliates; and

(6) "Producer" means a person, firm, association, or corporation, when, for any

compensation, commission, or other thing of value, the person, firm, association, or

corporation acts or aids in any manner in soliciting, negotiating, or procuring the

making of any insurance contract on behalf of an insured other than the person,

firm, association, or corporation.