Licensing Requirements: Surplus lines brokers are required to be licensed under Kentucky law. Ky. Rev. Stat. Ann. §§ 304.10-120, 304.9-140. To qualify as a surplus lines broker, an applicant must
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All premiums collected from an
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Producers may receive both fees and commission in connection
Licensed consultants may charge fees for services unrelated to placement of insurance only under the terms of a written agreement signed by the client specifying the services to be rendered
What entities are covered? Any “information holder,” defined as “any person or business entity that conducts business in [Kentucky].” § 365.732(1)(b). Is there a requirement for service providers? Yes. “Any
