KRS 304.9-085: "Managing general agent" defined -- 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) (a) An individual or business entity in this state shall not be, act as, or hold

himself, herself, or itself out as a managing gener al agent unless then licensed

as a managing general agent. In order to qualify for a managing general agent

license, an individual shall:

1. 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;

2. 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

3. Hold a surplus lines broker license if any unauthorized insurers are

represented or used.

(b) 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:

1. Licensed agents with property and casualty lines of authority; and

2. Designated with the commissioner as to the license in accordance with

all provisions of KRS 304.9-133.

(3) As used in this chapter, "agent" includes managing general agent unless the context

requires otherwise.

(4) (a) A managing general agent is a represe ntative of the insurers which the

managing general agent holds a contract to represent.

(b) 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.