Kentucky Insurance Agent or Consultant Bond
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How much does a resident insurance agent or consultant bond cost in Kentucky?
The Kentucky Department of Insurance - Agent Licensing Division licenses insurance agents and insurance consultants and requires applicants for both license types to submit a $20,000 surety bond.
SuretyBonds.com issues these bonds instantly to all applicants for $100, plus a 1.8% required state tax. A multi-year discount of 25% for subsequent years is available if multiple years are purchased. Simply click Buy Now to get your bond safely and securely through our online bond checkout. In just a few minutes, you can be on your way to becoming licensed as an insurance agent or consultant in Kentucky.
Why do I need this bond?
Surety bonds are required of Kentucky insurance agents and consultants pursuant to Kentucky Revised Statutes 304.9-105 and 304.9-330. They are issued in favor of the Commonwealth of Kentucky in order to offer financial protection should an agent or consultant be found to have violated any applicable statutes or regulations.
In the event that a claim is made against the licensee’s bond, the surety will pay up to $20,000 to settle the claim. Once the claim is settled, it becomes the responsibility of the licensee to reimburse the surety for all money paid out.
What’s the fine print?
Kentucky insurance agent and consultant bonds are continuous, meaning that they are effective as long as the licensee pays their annual premium. Once they have decided that they no longer need a license, they may opt not to renew the bond. The surety may also cancel the bond at any point during the term by providing the Department with 30 days’ written notice.
How to become a resident agent or consultant in Kentucky
Along with providing a surety bond, applicants who wish to become insurance agents in Kentucky must meet the following requirements:
- Must be at least 18 years old
- Fulfill residence requirement (KRS 304.9-120)
- Has not committed any act set forth in KRS 304.9-440
- Must be trustworthy, reliable, and of good reputation
- Is competent and financially responsible to exercise the license
Individuals seeking a consultant license must meet the following requirements, as well as obtaining a surety bond:
- Must be at least 18 years old
- Have at least five years actual experience as a licensed agent
- Possess thorough knowledge of of insurance and annuity contracts
- Pass written examination
- Demonstrates competence, trustworthiness under highest fiduciary standards, financial responsibility, and has a good personal and business reputation
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