(A) In order to receive a company registration, an applicant must provide evidence of insurance issued by an insurer authorized to do business in this Commonwealth, naming the company as insured in the amount of $100,000 property damages, $1,000,000 for injury or death of one person, and $3,000,000 for injury or death of more than one person per incident arising out of the employment of armed security officers. A company providing the Director with demonstrable proof that the company has sufficient assets to indemnify itself against liability to the extent listed above shall be deemed to be in compliance with this subsection.
(B) Within 72 hours after receipt of the company's registration, the company shall cause such registration to be posted and to be displayed at all times in a conspicuous place in the principal office of the company within Louisville Metro.
(C) The authority conferred upon a company by registration shall cease immediately upon its revocation. Each registration shall be surrendered to the Director within 72 hours after it has been revoked or after the company ceases to do business. If, however, the Director or a court of competent jurisdiction has before it any matter relating to the renewal, revocation or transfer of company registration, the company shall not be required to surrender the registration until the matter has been adjudicated and all appeals have been exhausted.
(D) Any company whose registration is suspended or revoked by the Director may request a hearing before the Director in accordance with the procedures set forth in § 124.11 of this chapter.
(1994 Jeff. Code, § 124.04) (Jeff. Ord. 51-1985, adopted and effective 12-10-1985; Jeff. Am. Ord. 32-1999, adopted and effective 9-28-1999; Lou. Metro Am. Ord. No. 60-2006, approved 4-19-2006) Penalty, see § 124.99