An insurer shall not in any manner guarantee the payment of the principal or the interest of bonds or other obligations executed by others, other than (a) in connection with the handling of litigation relating to losses or claims involving the insurer, its insureds, its agents or its attorneys, or (b) in connection with the settlement of such losses or claims, or (c) in the event such guarantee is specifically approved by the commissioner.
KRS 304.22-040
Prohibition against guaranteeing obligations executed by others -- Exceptions
Effective: July 15, 2010 History: Amended 2010 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.