KRS 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 producer 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 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. 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 professional capacity as

attorneys, shall be exempt from this section.