{"data":{"id":"us-ky/krs-304.3-500","jurisdiction":"us-ky","citation":"KRS 304.3-500","heading":"Definitions for KRS 304.3-500 to 304.3-570.","body":"As used in KRS 304.3-500 to 304.3-570, unless the context requires otherwise:\n(1) \"Actuary\" means a person who is a member in good standing of the American\nAcademy of Actuaries;\n(2) \"Insurer\" means any person duly authorized as an insurer by the commissioner;\n(3) \"Controlling agent\" means any person who negotiates and binds ceding reinsurance\ncontracts on behalf of an insurer or manages all or part of the insurance business of\nan insurer, including the management of a separate division, department, or\nunderwriting office, and acts as an agent for the insurer whether known as a\ncontrolling agent or other name, who, with or without the authority, either\nseparately or together with affiliates, produces, directly or indirectly, and\nunderwrites an amount of gross  direct written premium equal to more than five\npercent (5%) of the policyholder surplus as reported in the last annual statement of\nthe insurer in any one (1) quarter or year, and who also adjusts or pays claims in\nexcess of an amount determined by the co mmissioner, or negotiates reinsurance on\nbehalf of the insurer. The following persons shall not be considered controlling\nagents:\n(a) An employee of the insurer;\n(b) A United States manager of the United States branch of an alien insurer;\n(c) An underwriti ng manager which, pursuant to contract, manages all the\ninsurance operations of the insurer, is under common control with the insurer,\nsubject to Subtitle 37 of this chapter, and whose compensation is not based on\nthe volume of premiums written; and\n(d) The attorney -in-fact authorized by and acting for the subscribers of a\nreciprocal insurer, Lloyd's plan insurer, or interinsurance exchange under\npowers of attorney; and\n(4) \"Underwrite\" means the authority to accept or reject risks on behalf of the insurer.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16740","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:37Z","sha256":"933a2db3e46cc0dfeba200b161c2d487f694a5084101ab535ec30c9a427892df","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.3-430","next":"us-ky/krs-304.3-510"},"notice":"GroundRules: Original legal text. Not legal advice."}