806 KAR 2:020. Interests and rewards prohibited

Link to law: http://www.lrc.ky.gov/kar/806/002/020.htm
Published: 2015

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      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.)