{"data":{"id":"us-ky/krs-304.9-710","jurisdiction":"us-ky","citation":"KRS 304.9-710","heading":"Written authorization between reinsurance intermediary broker and an","body":"insurer.\nTransactions between a reinsurance intermediary broker and the insurer it represents in\nthat capacity shall only be entered into pursuant to a written authorization specif ying the\nresponsibilities of each party. The authorization shall, at a minimum, contain provisions\nthat:\n(1) The insurer may terminate the reinsurance intermediary broker's authority at any\ntime;\n(2) The reinsurance intermediary broker shall render account s to the insurer accurately\ndetailing all material transactions, including information necessary to support all\ncommissions, charges, and other fees received by, or owing, to the reinsurance\nintermediary broker, and remit all funds due to the insurer withi n thirty (30) days of\nreceipt;\n(3) All funds collected for the insurer's account shall be held by the reinsurance\nintermediary broker in a fiduciary capacity in a bank which is a qualified United\nStates financial institution;\n(4) The reinsurance intermediary broker shall comply with KRS 304.9-715;\n(5) The reinsurance intermediary broker shall comply with the written standards\nestablished by the insurer for the cession or retrocession of all risks; and\n(6) The reinsurance intermediary broker shall disclose t o the insurer any relationship\nwith any reinsurer to which business will be ceded or retroceded.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16971","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"72986c1d0796ed18381ae5bb81513311d66e0d82492feba519526661873498d7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-705","next":"us-ky/krs-304.9-715"},"notice":"GroundRules: Original legal text. Not legal advice."}