KY HB220 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Enrolled on March 14 2019 - 75% progression
Action: 2019-03-14 - delivered to Governor
Text: Latest bill text (Introduced) [PDF]

Summary

Create a new section of Subtitle 3 of KRS Chapter 304 to require insurers to file Corporate Governance Annual Disclosures with the Department of Insurance; specify the form and contents of the disclosures; allow insurers to comply with the section by cross-referencing other existing relevant and applicable documents; specify the level at which information shall be reported; require insurers to maintain documentation and support for information provided in the disclosure; specify the format for disclosures filed after the initial disclosure; classify disclosure-related filings, documents, and information as confidential and privileged; permit certain use and sharing of disclosure-related filings, documents, and information; permit the commissioner to retain third-party consultants and the National Association of Insurance Commissioners to assist in review of the disclosures; specify requirements for persons retained by the commissioner; amend KRS 304.37-010 to alphabetize definitions and to add definitions for "groupwide supervisor" and "internationally active insurance group"; create a new section of Subtitle 37 of KRS Chapter 304 to authorize the commissioner to act as or acknowledge another regulatory official as a groupwide supervisor for an internationally active insurance group; establish factors to be considered in making a determination of groupwide supervisor; establish criteria for when the commissioner shall acknowledge another regulatory official acting as a groupwide supervisor; authorize the commissioner to collect information; require the commissioner to make certain notifications; establish the commissioner's authority when acting as a groupwide supervisor; require certain insurers to pay the reasonable expenses of the commissioner's participation in the administration of the section; amend KRS 304.37-050 to classify information reported or provided to the department under KRS 304.37-030 and Section 3 of the Act as confidential and privileged and make technical corrections; amend KRS 304.3-090, 304.3-400, 304.24-290, and 304.37-130 to conform.

Tracking Information

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Title

AN ACT relating to the supervision of insurance companies.

Sponsors


Roll Calls

2019-03-14 - Senate - Senate: Third Reading RSN# 1040 (Y: 37 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-15 - House - House: Third Reading RCS# 58 (Y: 96 N: 0 NV: 0 Abs: 4) [PASS]

History

DateChamberAction
2019-03-14Housedelivered to Governor
2019-03-14Houseenrolled, signed by President of the Senate
2019-03-14Houseenrolled, signed by Speaker of the House
2019-03-14Housereceived in House
2019-03-14Senate3rd reading, passed 37-0
2019-03-14Senateposted for passage in the Consent Orders of the Day for Thursday, March 14, 2019
2019-03-13Senate2nd reading, to Rules
2019-03-12Senatereported favorably, 1st reading, to Consent Calendar
2019-02-19Senateto Banking & Insurance (S)
2019-02-15Senatereceived in Senate
2019-02-15House3rd reading, passed 96-0
2019-02-14Houseposted for passage in the Consent Orders of the Day for Friday, February 15, 2019
2019-02-14House2nd reading, to Rules
2019-02-13Housereported favorably, 1st reading, to Consent Calendar
2019-02-07Houseposted in committee
2019-02-06Houseto Banking & Insurance (H)
2019-02-05Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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