NABIP | Kentucky

Kentucky

Charge fee in addition to or in lieu of collecting commissions?	Specific Disclosures or written agreements required to charge fees to a client?	Admin fees for insurance placement?	Charges for services unrelated to the placement of insurance?	Additional licensing required?
Producers may receive both fees and commission in connection with placement of insurance, and agents licensed as consultants may charge fees for services unrelated to insurance placement. Ky. Rev. Stat. Ann. § 304.9-350.	Yes. 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 and compensation paid. A producer may not receive a commission for the sale of insurance to any person for whom the agent has performed any related consulting service for which he has received a fee or contracted to receive a fee within the preceding twelve (12) months unless such compensation is provided for in the agreement required. Ky. Rev. Stat. Ann. § 304.9-020; Ky. Rev. Stat. Ann. § 304.9-350.	Yes, see fees in lieu of commissions	Yes, see fees in lieu of commissions	Yes. In order to charge fees for consulting services, a producer must be licensed as a consultant. Ky. Rev. Stat. Ann. § 304.9-020; Ky. Rev. Stat. Ann. § 304.9-350.

Citation	Employer Size	Specific Stop Loss Restrictions	Aggregate Stop Loss Restrictions	Guaranteed Issue of Stop-Loss Policies	Other notes
Advisory Opinion 2020-004	All employers	N/A	N/A	No	Advisory Opinion 2020-004 advised insurers that the DOI will consider a stop-loss policy that has an annual attachment point for claims incurred per individual that is lower than $25,000 or has a minimum number of employees less than 25 to be a Health Benefit Plan.

Damage Cap Amount	State Code
Constitutional provision prohibiting caps.	N/A