KY HB126 | 2014 | Regular Session
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Passed on April 11 2014 - 100% progression
Action: 2014-04-11 - signed by Governor (Acts, ch. 119)
Text: Latest bill text (Draft #3) [MS Word]
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Passed on April 11 2014 - 100% progression
Action: 2014-04-11 - signed by Governor (Acts, ch. 119)
Text: Latest bill text (Draft #3) [MS Word]
Summary
Create new sections of KRS Chapter 304, Subtitle 3 to define terms including "Own Risk and Solvency Assessment," (ORSA) and establish the following requirements for the insurer assessment: maintain a risk management framework; perform an ORSA assessment at least annually and any time there are significant changes to the risk profile of the insurer or insurance group; submit a summary report to the commissioner of insurance upon request; establish requirements for the summary report; establish exemptions from the assessment and reporting requirements for insurers or insurance groups; require the ORSA summary report be prepared in accordance with the ORSA guidance manual and require that documentation be maintained and made available upon examination; establish privacy and nondisclosure requirements for documents, materials, or other information in the possession of the Department of Insurance obtained pursuant to the ORSA Summary Report, recognized as being proprietary and containing trade secrets; authorize the commissioner to share documents, materials, or other ORSA-related materials including proprietary and trade secret documents with other state, federal, or international financial regulatory agencies, a supervisory college as defined in KRS 304.37-010, the NAIC, or any third-party consultant designated by the commissioner, subject to agreement by the recipient to maintain confidentiality; require a written agreement between the commissioner and the NAIC or a third-party consultant to govern sharing and use of the confidential and privileged information; authorize the commissioner to receive ORSA-related information including privileged documents, materials, or information including proprietary and trade-secret information from other regulatory officials of foreign or domestic jurisdictions including members of any supervisory college and the NAIC and require the commissioner to maintain confidentiality of the privileged information; create a new section of KRS Chapter 304, Subtitle 99 to establish a daily penalty of $100 for failure to timely file an ORSA Summary Report to a maximum of $1,000; amend KRS 304.32-130, relating to a nonprofit hospital, medical-surgical, dental, or other health service plan, to delete the cap on unencumbered reserve or surplus over and above the required reserves and not to be deemed an excessive accumulation; EFFECTIVE January 1, 2015.
Title
AN ACT relating to the financial solvency of insurance companies.
Sponsors
| Rep. Robert Damron [D] | Rep. Ron Crimm [R] | Rep. Jeff Greer [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2014-04-11 | House | signed by Governor (Acts, ch. 119) |
| 2014-03-31 | House | delivered to Governor |
| 2014-03-31 | House | enrolled, signed by each presiding officer |
| 2014-03-28 | House | passed 96-1 |
| 2014-03-28 | House | House concurred in Senate Committee Substitute, committee amendment (1-title) |
| 2014-03-28 | House | posted for passage for concurrence in Senate Committee Substitute, committee amendment (1-title) |
| 2014-03-28 | House | taken from Rules |
| 2014-03-27 | House | to Rules (H) |
| 2014-03-27 | House | received in House |
| 2014-03-26 | Senate | 3rd reading, passed 38-0 with Committee Substitute, committee amendment (1-title) |
| 2014-03-26 | Senate | posted for passage in the Consent Orders of the Day for Wednesday, March 26, 2014 |
| 2014-03-25 | Senate | reported favorably, to Rules with Committee Substitute, committee amendment (1-title) as a Consent Bill |
| 2014-03-24 | Senate | returned to Banking & Insurance (S) |
| 2014-03-24 | Senate | 2nd reading |
| 2014-03-24 | Senate | taken from Banking & Insurance (S) |
| 2014-03-21 | Senate | returned to Banking & Insurance (S) |
| 2014-03-21 | Senate | 1st reading |
| 2014-03-21 | Senate | taken from Banking & Insurance (S) |
| 2014-01-28 | Senate | to Banking & Insurance (S) |
| 2014-01-23 | Senate | received in Senate |
| 2014-01-22 | House | 3rd reading, passed 96-0 with Committee Substitute |
| 2014-01-16 | House | posted for passage in the Consent Orders of the Day for Wednesday, January 22, 2014 |
| 2014-01-16 | House | 2nd reading, to Rules |
| 2014-01-15 | House | reported favorably, 1st reading, to Consent Calendar with Committee Substitute |
| 2014-01-09 | House | posted in committee |
| 2014-01-08 | House | to Banking & Insurance (H) |
| 2014-01-07 | House | introduced in House |
