Kentucky Insurance Agent Bond Overview
- Purpose: To ensure insurance agents and consultants comply with state and industry laws
- Who Needs It: Insurance agents and consultants in Kentucky
- Regulating Body: The Kentucky Department of Insurance
- Bond Amount: $20,000
- Premium Price: $100
What Is a Kentucky Insurance Agent Bond?
The Kentucky Department of Insurance (DOI) requires all insurance agents and consultants to have a surety bond as outlined in Kentucky Revised Statutes 304.9-330. Kentucky insurance agent bonds prove financial responsibility and ensure compliance with state laws.
How Much Do Insurance Agent Bonds Cost in Kentucky?
You can get your $20,000 insurance agent bond instantly today for just $100. Or, you can save up to 25% by selecting a multi-year term. Get your bond now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Kentucky Insurance Agent Bond Work?
By having a Kentucky insurance agent or consultant bond, you create a legal agreement between three parties.
| Bond Party | Description |
|---|---|
| 1. Principal | You, the licensed insurance agent or consultant |
| 2. Obligee | The Kentucky Department of Insurance |
| 3. Surety | The issuing surety provider |
If you break license terms or laws, harmed parties can file a claim on the bond. The surety is responsible for paying valid claims and you are responsible for paying back the surety.
How Do I Get an Insurance Agent Bond in Kentucky?
Getting an insurance agent bond is easy. Just follow these four steps:
- Enter your personal and business information
- Checkout online
- Receive your bond via email
- File your bond with the DOI
How Do I Renew My Bond?
Your bond will expire annually. We recommend renewing your bond at least 30 days in advance to avoid a lapse in coverage.
We’ll send renewal text and email reminders starting 90 days before the expiration date. Just follow the instructions and pay the invoice. If you have any questions, call 1(800)-308-4358 to speak with a representative.
Can I Update My Bond Form?
If you need to change basic information on your bond form, we can often issue you a bond rider. If you need to make bigger updates, call 1(800)-308-4358 and a Customer Care Representative can help issue you a new bond.
How to Become an Insurance Agent or Consultant in Kentucky
To get your insurance agent or consultant license, submit your license application in the National Insurance Producer Register (NIPR). Agents and consultants require different licenses and are subject to different exam requirements and fees.
What’s the Difference Between an Agent and a Consultant?
Kentucky defines an insurance agent as a person who sells, solicits or negotiates insurance or annuity contracts.
Consultants, on the other hand, are defined as an independent contractor who advises an insured client or named beneficiary on insurance contracts, exchanges and rights.
How to Get an Agent License (Resident and Non-Resident)
To get a resident insurance agent license in Kentucky, complete the following:
- 20 hours of pre-licensing training*
- Apply for a Criminal Background Report through the KY Court of Justice
- Buy a $20,000 surety bond
- Apply through NIPR
- Pay applicable fees
*Note: Upload a signed and dated Certificate of Completion—Form CPL-01 to the DOI through eServices.
To get a non-resident agent license, you must meet the following requirements before applying in NIPR:
- Hold a consultant or managing general agent license in your resident state
- Hold same class of license and line of authority in your home state
- Comply with your state’s continuing education requirements
- Pay the applicable fees
How to Get a Consultant License
To get your consultant license, you must be deemed competent, trustworthy, financially responsible and of good reputation. Additionally, you must meet these base qualifications:
- Be at least 18 years old
- Have at least five years of experience as a licensed agent
- Have thorough knowledge of insurance and annuity contracts
- Pass a written exam by the commissioner
- Buy a $20,000 surety bond
- Pay applicable fees.
If you are a business entity, you’ll also submit the following:
- National Association of Insurance Commissioners uniform license application
- Designation of each individual authorized to act for the business
- Applicable fee payments
Learn more about exam and registration fees in NIPR:
- KY Resident Individual Licensing — Agent & Consultant
- KY Business Resident Licensing — Agent
- KY Individual Non-Resident Licensing — Agent
- KY Business Non-Resident Licensing — Agent
