806 KAR 30:020. Abuse of minimum service charge.

 

      RELATES TO: KRS 304.30-050

      STATUTORY AUTHORITY: KRS 304.30-070

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 304.30-070 authorized the executive director to make reasonable administrative regulations to effectuate the provisions of Subtitle 30 of the Kentucky Insurance Code and to regulate the manner in which licensed insurance premium finance companies conduct their business. This administrative regulation sets forth an untrustworthy act to be considered as sufficient to revoke or to suspend a license.

 

      Section 1. Abuse of Minimum Service Charge Prohibited. No insurance agent or broker or premium finance agency shall induce an insured to become obligated under more than one (1) premium finance agreement for the purpose of obtaining more than one (1) minimum service change of ten (10) dollars. (1 Ky.R. 1086; eff. 7-2-75; TAm eff. 8-9-2007.)