{"data":{"id":"us-ky/krs-304.9-730","jurisdiction":"us-ky","citation":"KRS 304.9-730","heading":"Certain actions by reinsurance intermediary managers prohibited.","body":"The reinsurance intermediary manager shall not:\n(1) Bind retrocessions on behalf of the reinsurer, except that the reinsurance\nintermediary manager may bind facultative retrocessions pursuant to obligatory\nfacultative agreements if the contract with the re insurer contains reinsurance\nunderwriting guidelines for those retrocessions. The guidelines shall include a list of\nreinsurers with which automatic agreements are in effect, and for each reinsurer, the\ncoverages and amounts or percentages that may be rein sured, and the commission\nschedules;\n(2) Commit the reinsurer to participate in reinsurance syndicates;\n(3) Appoint any producer without assuring that the producer is lawfully licensed to\ntransact the type of reinsurance for which he is appointed;\n(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim,\nnet of retrocessions, that exceeds the lesser of an amount specified by the reinsurer\nor one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of\nthe last complete calendar year;\n(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim\nsettlement with a retrocessionaire, without prior approval of the reinsurer. If prior\napproval is given, a report shall be promptly forwarded to the reinsurer;\n(6) Jointly employ an individual who is employed by the reinsurer; or\n(7) Appoint a subreinsurance intermediary manager.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16975","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:41Z","sha256":"e0e2a6e5a5eb5cc420c5c365a650db3cbc69abc41091f44583e1bf336ef94bd8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-725","next":"us-ky/krs-304.9-735"},"notice":"GroundRules: Original legal text. Not legal advice."}