227.625 Liability insurance -- Prerequisite for license.

226 words·~1 min read·/ky/chapter-227/227-625

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Before any license is issued or renewed, the applicant shall file or have on file

with the department a liability insurance policy issued by an insurance carrier

authorized to transact insurance business within the Commonwealth of

Kentucky. The policy of insurance shall be issued in the name of the applicant

licensee.

(2)The department shall by administrative regulation establish the minimum

amount of liability insurance coverage required under this section.

(3)An insurance carrier issuing any policy filed with the department shall not be

relieved from liability under the policy until after the expiration of fifteen

days' notice to the department of an intention to cancel the policy, provided,

however, that a prior cancellation may be allowed in cases where one

(1)policy

is substituted for another policy when the substituted policy is in force and

effect prior to the expiration of fifteen

(15)days' notice to the department of an

intention to cancel the policy which is being substituted.

(4)Upon cancellation of any policy of insurance required by this section, all

operating rights granted by the license for which the policy was filed shall

immediately cease, and the department shall have the authority to immediately

require the cessation of all operations conducted under the authority of that

license and to require the surrender of all licenses, certificates, and seals

previously issued hereunder.