806 KAR 9:280. Business entity election.

      RELATES TO: KRS 304.9-030, 304.9-485

      STATUTORY AUTHORITY: KRS 304.2-110

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.2-110 provides that the Executive Director of the Office of Insurance may promulgate administrative regulations necessary for or as an aid to the effectuation of any provision of the Kentucky Insurance Code. This administrative regulation sets forth the business entity applicant’s election to obtain either the specialty credit insurance producer license or the agent license with a "limited line credit" line of authority.

      Section 1. A business entity applicant may elect to apply for either a specialty credit insurance producer license or an agent license with "limited line credit" line of authority. The applicant’s election shall become effective upon issuance of the license and shall remain binding upon the licensee until the time of renewal of the license.

      Section 2. Upon renewal, the business entity licensee may either continue the existing license or elect to apply for other applicable licenses to sell credit insurance products. Any subsequent election for the specialty credit insurance producer license or the agent license with "limited line credit" line of authority shall remain binding upon the licensee until the time of renewal of the license. (27 Ky.R. 1692; Am. 2156; eff. 2-15-2001; TAm eff. 8-9-2007.)