New Legislation- Cancellation Of Automobile Insurance Binders (October 1996)

96-7b Bulletin To: All General Lines Insurance Agents and All Insurers authorized to Transact Property & Casualty in Kentucky From: George Nichols III Commissioner of Insurance Date: October 1, 1996 Re: New Legislation Cancellation of Automobile Insurance Binders ***** ***** ***** A new section of Subtitle 39 of the Kentucky Revised Statutes was created by the 1996 General Assembly in HB 439. This new section sets forth new requirements for insurance agents licensed in Kentucky regarding automobile insurance. If an insurance agent issues a binder or other contract for temporary insurance, and the purchaser of the binder cancels the binder before an agent forwards the application to the insurance company, then the agent shall immediately notify the Department of Vehicle Regulation of the cancellation. The Department of Vehicle Regulation has requested that all reports be given on the attached form. If you have further questions, please contact Jack Bunnell at the Department of Vehicle Regulation at (502) 564-5301.