Section 304.9-150 - Application for license issued under this subtitle, surplus lines broker license, life settlement broker license, or life settlement provider license(1) Application for a license issued under this subtitle, surplus lines broker license, life settlement broker license, or life settlement provider license shall be made by the applicant. Applications under this subsection shall be certified by the applicant as true, correct, and complete to the best of the applicant's knowledge and belief under penalty of perjury and under penalty of refusal, suspension, or revocation of the license.(2) The form of application shall require full answers to any questions as may be reasonably necessary to determine the applicant's identity, residence, personal history, business record, financial responsibility, experience in insurance, purpose for which the license is to be used, and other facts as required by the commissioner to determine whether the applicant meets the applicable qualifications for the license applied for.(3) The application shall state the kinds of insurance and any applicable lines of authority proposed to be transacted.(4) The application of a resident individual shall show whether the applicant is a citizen of the United States. If the applicant is not a citizen of the United States, the applicant shall attach to the application a copy of his or her legal work authorization document.(5) The application shall also show whether the applicant was ever convicted of or is currently charged with committing a crime; whether the applicant was ever involved in an administrative proceeding regarding any professional or occupational license; whether the applicant has a history of not being financially responsible; whether the applicant has any delinquent tax obligation that is not the subject of a repayment agreement; whether the applicant is currently charged with or has ever been found liable of fraud, misappropriation, conversion of funds, misrepresentation, or breach of fiduciary duty; whether the applicant has child support obligations in arrearage or is subject to a child support-related subpoena or warrant; and whether the applicant has ever had a business relationship with an insurer terminated for any alleged misconduct, and the facts thereof.(6) The commissioner may require additional information or submissions from applicants and may obtain any documents or information reasonably necessary to verify the information contained in an application.(7) All applications shall be accompanied by:(a) The applicable license fee and examination fee, in the respective amounts stated in KRS 304.4-010; and(b) Documentation supporting affirmative answers to the questions posed in the background section.(8) An individual designating Kentucky as his or her home state shall submit to the commissioner the applicant's criminal background report from the Kentucky Administrative Office of the Courts.(9) No applicant for any license shall willfully misrepresent or withhold any fact or information called for in the application form or in connection therewith.(10) If the licensee is a business entity, the licensee shall notify the commissioner of all changes among its members, directors, officers and other individuals designated in or registered as to the license, within thirty (30) days of such change.(11) A business entity applicant or licensee shall not be authorized to transact insurance in Kentucky if that applicant or licensee has or uses a name which is the same as, or deceptively similar to, that of another business entity licensee already so authorized.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 1054, effective7/15/2010; and ch. 83, sec. 4, effective7/15/2010. -- Amended 2008, Ky. Acts ch. 32, sec. 14, effective 7/15/2008. -- Amended 2005, Ky. Acts ch. 58, sec. 3, effective 6/20/2005; and ch. 143, sec. 9, effective 6/20/2005. -- Amended 2002, Ky. Acts ch. 273, sec. 19, effective 7/15/2002. -- Amended 2000, Ky. Acts ch. 393, sec. 12, effective 7/14/2000. -- Amended 1998, Ky. Acts ch. 483, sec. 10, effective 7/15/1998. --Amended 1974 Ky. Acts ch. 386, sec. 58, effective 6/21/1974. -- Created 1970 Ky. Acts ch. 301, subtit. 9, sec. 15, effective 6/18/1970.