806 KAR 5:030. Surety insurance not to include bail bonds.

 

      RELATES TO: KRS 304.5-010, 304.9-030

      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 eliminates bail bonds from the term "surety insurance."

 

      Section 1. The term "surety insurance," as used in the insurance code, shall not be deemed to include bail bonds.

 

      Section 2. The term "surety insurance," as used in the insurance code, shall not be deemed to include bail bonds as a type of insurance authorized to be transacted under the license of a general lines agent.

 

      Section 3. The term "bail bond," as used in the insurance code, shall not be deemed a type of surety insurance, but shall mean an undertaking by a surety other than an insurer authorized to do a surety business as defined in KRS 304.5-060, to guarantee the appearance of (or in lieu thereof to forfeit bail) a person charged with any criminal offense or violation of law or ordinance punishable by fine, imprisonment and/or death, before any of the courts of this state, including city courts, and/or securing the payment of fines imposed or of costs assessed by such courts upon final disposition thereof. (I-5.03; 1 Ky.R. 857; eff. 5-14-75; TAm eff. 8-9-2007.)