{"data":{"id":"us-ky/krs-304.9-700","jurisdiction":"us-ky","citation":"KRS 304.9-700","heading":"Definitions for KRS 304.9-700 to 304.9-759.","body":"As used in KRS 304.9-700 to 304.9-759, 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) \"Controlling person\" means any person, firm, association, or corporation w ho\ndirectly or indirectly has the power to direct or cause to be directed the\nmanagement, control, or activities of the reinsurance intermediary;\n(3) \"Insurer\" means any person, firm, association, or corporation duly authorized by the\ncommissioner pursuant to the applicable provisions of this chapter as an insurer;\n(4) \"Licensed producer\" means an agent, surplus lines broker, or reinsurance\nintermediary licensed pursuant to the applicable provisions of this chapter;\n(5) \"Reinsurance intermediary\" means a re insurance intermediary broker or a\nreinsurance intermediary manager as defined in subsections (6) and (7) of this\nsection;\n(6) \"Reinsurance intermediary broker\" means any person, other than an officer or\nemployee of the ceding insurer, firm, association, o r corporation who solicits,\nnegotiates, or places reinsurance cessions or retrocessions on behalf of a ceding\ninsurer without the authority or power to bind reinsurance on behalf of the insurer;\n(7) \"Reinsurance intermediary manager\" means any person, firm , association, or\ncorporation who has authority to bind or manages all or part of the assumed\nreinsurance business of a reinsurer (including the management of a separate\ndivision, department, or underwriting office) and acts as an agent for a reinsurer\nwhether known as a reinsurance intermediary manager, manager, or by other similar\nterm. However, the following persons shall not be considered a reinsurance\nintermediary manager with respect to the reinsurer for the purposes of KRS 304.9 -\n700 to 304.9-759:\n(a) An employee of the reinsurer;\n(b) A United States manager of the United States branch of an alien reinsurer;\n(c) An underwriting manager which, pursuant to contract, manages all the\nreinsurance operations of the reinsurer, is under common control with the\nreinsurer, subject to Subtitle 37 of this chapter, and whose compensation is\nnot based on the volume of premiums written; or\n(d) The manager of a group, association, pool, or organization of insurers which\nengage in joint underwriting or joint reinsurance  and who are subject to\nexamination by the insurance regulatory official of the state in which the\nmanager's principal business office is located;\n(8) \"Reinsurer\" means any person, firm, association, or corporation duly authorized in\nKentucky pursuant to t his chapter as an insurer with the authority to assume\nreinsurance;\n(9) \"To be in vi olation\" means that the reinsurance intermediary, insurer, or reinsurer\nfor whom the reinsurance intermediary was acting failed to comply substantially\nwith the provisions of KRS 304.9-700 to 304.9-759; and\n(10) \"Qualified United States financial institution\" means an institution that:\n(a) Is organized or, in the case of a United States office of a foreign banking\norganization, licensed under the laws of the United States or any state thereof;\n(b) Is regulated, supervised, and examined by the United States government or\nstate authorities having regulatory authority over banks and trust companies;\nand\n(c) Has been determined by either the commissioner, or the Securities Valuation\nOffice of the National Association of Insurance Commissioners, to meet the\nstandards of financial condition and standing considered necessary and\nappropriate to regulate the quality of financial institutions whose letters of\ncredit will be acceptable to the commissioner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16969","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"0ef12b3f61d4f805268e8d65e9490e421c8788e1663c3ffc43560d892ea699a6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-513","next":"us-ky/krs-304.9-705"},"notice":"GroundRules: Original legal text. Not legal advice."}