{"data":{"id":"us-ky/krs-304.10-080","jurisdiction":"us-ky","citation":"KRS 304.10-080","heading":"Evidence of the insurance -- Changes -- Penalty.","body":"(1) Upon placing a surplus lines coverage, the broker shall promptly issue and deliver\nto the insured evidence of the insurance consisting either of the policy as issued by\nthe insurer, or, if such policy is not then available, the surplus lines broker's\ncertificate. Such a certificate shall be executed by the broker and shall show the\ndescription and location of the subject of the insurance, coverage, conditions and\nterm of the insurance, the premium and rate charged and taxes collected from the\ninsured, and t he name and address of the insured and insurer. If the direct risk is\nassumed by more than one (1) insurer, the certificate shall state the name and\naddress and proportion of the entire direct risk assumed by each such insurer.\n(2) No broker shall issue an y such certificate or any cover note or purport to insure or\nrepresent that insurance will be or has been granted by any unauthorized insurer,\nunless he has prior written authority from the insurer for the insurance or has\nreceived information from the ins urer in the regular course of business that such\ninsurance has been granted, or an insurance policy providing the insurance actually\nhas been issued by the insurer and delivered to the insured.\n(3) If after the issuance and delivery of any such certificate there is any change as to the\nidentity of the insurers, or the proportion of the direct risk assumed by an insurer as\nstated in the broker's original certificate, or in any other material respect as to the\ninsurance evidenced by the certificate, the broker shall promptly issue and deliver to\nthe insured a substitute certificate accurately showing the current status of the\ncoverage and the insurers responsible thereunder.\n(4) If a policy issued by the insurer is not available upon placement of the insurance and\nthe broker has issued and delivered his certificate as hereinabove provided upon\nrequest therefor by the insurer the broker shall as soon as reasonably possible\nprocure from the insurer its policy evidencing such insurance and deliver such\npolicy to the insured in replacement of the broker's certificate theretofore issued.\n(5) Any surplus lines broker who knowingly or negligently issues a false certificate of\ninsurance, or who fails promptly to notify the insured of any material change with\nrespect to such insurance by delivery to the insured of a substitute certificate as\nprovided in subsection (3) of this section, shall upon conviction be subject to the\npenalty provided by Subtitle 99 of this chapter or to any greater applicable penalty\notherwise provided by law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16988","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"1cc1f24d204f14957000b6f2f37df274faa7f1b809ee71c3c38c578d93e7df53","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.10-070","next":"us-ky/krs-304.10-090"},"notice":"GroundRules: Original legal text. Not legal advice."}