{"data":{"id":"us-ky/krs-304.9-100","jurisdiction":"us-ky","citation":"KRS 304.9-100","heading":"Purpose of license -- \"Controlled business\" -- Exceptions.","body":"(1) The purpose of a license issued under this subtitle to an insurance producer is to\nauthorize and enable the licensee actively and in good faith to engage in the\nbusiness of insurance with respect to the general public, and to facilitate the public\nsupervision of such activities in the public interest; and not for the purpose of\nenabling the licensee to receive a rebate of premium in the form of \"commission\" or\nother compensation upon his or her own interest or upon those of other persons with\nwhom he or she  is closely associated in capacities other than as an insurance\nproducer.\n(2) The commissioner shall not grant, renew, continue, or permit to exist any license of\nan insurance producer as to any applicant therefor or licensee thereunder if he or she\nfinds that the license has been or is being or will probably be used by the applicant\nor licensee principally for the purpose of writing \"controlled business,\" that is:\n(a) Insurance on his or her own interest or those of his or her family or of his or\nher employer; or\n(b) Insurance or annuity contracts covering himself, herself, or members of his or\nher family, or the officers, directors, stockholders, partners, employees, or\ndebtors of a partnership, association, or corporation of which he or she, or a\nmember o f his or her family, is an officer, director, stockholder, partner,\nassociate, or employee.\n(3) Such a license shall be deemed to have been, or intended to be, used principally for\nthe purpose of writing controlled business if the commissioner finds that d uring any\ntwelve (12) months' period the aggregate premiums accruing or to accrue from\ncontrolled business have exceeded or probably will exceed the aggregate premiums\naccruing or to accrue on other business written or probably to be written by the\napplicant or licensee during the same period.\n(4) This section shall not apply as to:\n(a) Insurance of the interest of a motor vehicle sales or financing agent in a motor\nvehicle sold or financed by it;\n(b) Insurance of the interest of real property mortgagee in the mortgaged property,\nexcept title insurance;\n(c) Limited line credit insurance; and\n(d) Rental vehicle insurance.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16897","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:40Z","sha256":"3ca79c6493973bfaaab26f6ca0837caa8014290bc4f4d8f68abd305e225635c2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-090","next":"us-ky/krs-304.9-105"},"notice":"GroundRules: Original legal text. Not legal advice."}