Section 304.9-720 - Insurers required to engage services of only licensed reinsurance intermediary brokers(1) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by subsection (1) of KRS 304.9-705.(2) An insurer shall not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless the reinsurance intermediary broker is under common control with the insurer and is subject to Subtitle 37 of this chapter.(3) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business.Effective:7/14/1992
Created 1992 Ky. Acts ch. 155, sec. 5, effective7/14/1992.