KY HB295 | 2012 | Regular Session

Kentucky House Bill 295 (Prior Session Legislation)

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2012 - 100% progression
Action: 2012-04-11 - signed by Governor (Acts ch. 74)
Text: Latest bill text (Draft #2) [MS Word]

Summary

Amend KRS 304.3-180 to establish a new expiration date for a certificate of authority and require a fine for reinstatement of an expired certificate of authority; amend KRS 304.9-105 to delete the requirement that agents file proof of financial responsibility with the Department of Insurance; amend KRS 304.9-320, relating to licensure as a consultant, to delete the substitution of other special experience, education or training for the five-year experience as a licensed agent; delete the bond filing requirement; amend 304.9-330 to delete the requirement that consultants file proof of financial responsibility with the commissioner of insurance; amend KRS 355.9-430 to delete the requirement that adjusters file proof of financial responsibility with the department; amend KRS 304.10-030 to define "admitted insurer," "affiliate," "exempt commercial purchaser," "home state," "nonadmitted insurance" and "nonadmitted insurer"; amend KRS 304.10-340 to clarify that a diligent search shall be performed by a licensed agent with a property and casualty line of authority and to clarify that a diligent search is not required for an exempt commercial purchaser; amend KRS 304.10-070 to clarify the requirements for surplus lines insurers including minimum capital and surplus requirements, and a listing on the quarterly National Association of Insurance Commissioners alien insurer listing if the insurer is a nonadmitted insurer domiciled outside the United States; amend KRS 304.10-120 to clarify that an agent license with a property and casualty line of authority is not required for licensure as a surplus lines broker; amend KRS 304.15-700 to delete the requirement that life settlement brokers file proof of financial responsibility with the department; create a new section of Subtitle 37 of KRS Chapter 304 to authorize the commissioner to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations; amend KRS 304.37-010 to define “enterprise risk” and “supervisory college”; amend KRS 304.37-020, 304.37-030, 304.37-040, 304.37-120, and 304.37-565 to adopt the updates to the National Association of Insurance Commissioners Holding Company Act, primarily relating to recognition of enterprise risk; amend KRS 304.49-150 to establish the insurance code subtitles to which an industrial insured captive insurer is subject; amend KRS 304.49-070 to provide that all captive insurers, except those formed as a risk retention group, are not required to file an actuarial opinion summary if a certification of loss and loss expense reserves and opinion of reserve adequacy is filed with the department; create a new section of Subtitle 99 of KRS Chapter 304 to establish a fine of $100 for reinstatement of an expired certificate of authority; amend KRS 304.99-085 to establish a penalty of $100 for a broker who fails to file an affidavit as provided by KRS 304.10-050; establish a penalty of $1,000 to $5,000 for a broker who exhibits a pattern of failing to file affidavits as provided by KRS 304.10-050; establish a penalty of $500 for a broker who fails to file a quarterly statement as required by KRS 304.10-170; amend KRS 304.99-152 to allow the commissioner to disapprove a dividend or distribution or place an insurer under supervision in accordance with Subtitle 33 of KRS Chapter 304; EFFECTIVE, IN PART, JULY 15, 2014.

Title

AN ACT relating to insurance.

History

Date	Chamber	Action
2012-04-11		signed by Governor (Acts ch. 74)
2012-03-30		delivered to Governor
2012-03-30		enrolled, signed by President of the Senate
2012-03-28		enrolled, signed by Speaker of the House
2012-03-28		received in House
2012-03-27		3rd reading, passed 37-0
2012-03-27		posted for passage in the Consent Orders of the Day for Tuesday, March 27, 2012
2012-03-21		2nd reading, to Rules
2012-03-20		reported favorably, 1st reading, to Consent Calendar
2012-02-10		to Banking & Insurance (S)
2012-02-08		received in Senate
2012-02-07		3rd reading, passed 97-0
2012-02-07		taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
2012-02-02		posted for passage in the Consent Orders of the Day for Tuesday, February 7, 2012
2012-02-02		2nd reading, to Rules
2012-02-01		reported favorably, 1st reading, to Consent Calendar
2012-01-27		posted in committee
2012-01-23		to Banking & Insurance (H)
2012-01-20		introduced in House