(1) No individual or business entity shall in this state be, act as, or hold himself or herself out to be an administrator unless then licensed as an administrator by the commissioner.
(2) For the protection of the people of this state, the commissioner shall not issue, continue, or permit to exist any administrator license for any person unless such person demonstrates to the satisfaction of the commissioner that the following standards are met:
(a) If an individual, the applicant has attained the age of twenty-one (21) years;
(b) The applicant is competent, trustworthy, reliable, and of good reputation;
(c) If an individual, the applicant has attained an educational level acceptable to the commissioner;
(d) The applicant is financially responsible;
(e) The applicant has not had any license issued by the commissioner, or application therefor, terminated for cause;
(f) The applicant is a resident of Kentucky or is currently licensed and in good standing in his or her home state;
(g) The applicant has paid the fee prescribed in KRS 304.4-010;
(h) If a business entity, each individual authorized to act for the business entity under its administrator license shall be designated with the commissioner in accordance with KRS 304.9-133; and (i) Administrator licenses shall be renewed in accordance with KRS 304.9-260.