806 KAR 2:020. Interests and rewards prohibited.

 

      RELATES TO: KRS 304.2-080

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Executive Director of Insurance may make reasonable rules and administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. This administrative regulation requires Office of Insurance personnel to file an affidavit showing a lack of financial interest in the insurance industry in order to assure the executive director of full compliance with KRS 304.2-080.

 

      Section 1. The Executive Director of Insurance and every deputy, examiner, actuary, assistant, or employee of the Office of Insurance, shall, within twenty (20) days of employment prepare and file, on a form prescribed by the Executive Director of Insurance, an affidavit wherein such person states, under oath, whether or not he or a member of his immediate family is connected with the management of, or is financially interested, directly or indirectly, in any insurer, insurance agency or broker, or insurance transaction except as policyholder or claimant under a policy.

 

      Section 2. Such person shall, within ten (10) days of any change in the facts recited therein, refile such affidavit indicating such change.

 

      Section 3. The original of the affidavit shall be retained in the personnel files of the Office of Insurance.

 

      Section 4. The furnishing of technical advisors or the payment of the expenses of advisory boards or expenses of the office employees in connection therewith shall not be deemed to be a fee, compensation, loan, gift, or other thing of value within the meaning of KRS 304.2-080(2). (I-2.02; 1 Ky.R. 854; eff. 5-14-75; Am. 8 Ky.R. 925; eff. 4-7-82; TAm eff. 8-9-2007.)