Kentucky House Bill 386 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 26 2019 - 100% progression
Action: 2019-03-26 - signed by Governor (KY Acts ch. 147)
Text: Latest bill text (Enrolled) [PDF]

Create new sections of Subtitle 3 of KRS Chapter 304 to define terms, including "beta test,"; "exclusivity period"; "insurance innovation"; "limited no-action letter" "permanent no-action letter," and "regulatory sandbox"; create an application process for admitting companies to the regulatory sandbox for the purpose of permitting the company to beta test an insurance innovation under a limited no-action letter; impose certain disclosure and financial stability requirements for companies making an application; establish a director of insurance innovation within the Department of Insurance; establish procedures and requirements for the review and acceptance of applications; grant the commissioner authority to modify, increase, or change certain application requirements; grant the commissioner authority to reject applications; allow companies to file a petition for reconsideration and request a hearing upon rejection of an application; establish requirements for issuing a limited no-action letter; establish how long the safe harbor of a limited no-action letter persists; set time period for a beta test at one year; allow a beta test to be extended for up to one year; establish requirements for a beta test; establish company's rights during a beta test; authorize the commissioner to issue certain orders to enforce the terms and conditions of a beta test; establish requirements for an exclusivity period; authorize the commissioner to issue an order terminating the exclusivity period; establish a cause of action for infringement of exclusivity period; establish reporting requirements for evaluation of beta test by the commissioner; establish requirements for issuance of a permanent no-action letter by the commissioner; establish that certain documents relating to the financial condition of a company are confidential and not subject to public disclosure pursuant to the Kentucky Open Records Act; establish certain disclosure rights of the commissioner; require the commissioner to submit reports relating to the administration of Sections 1 to 9 of this Act.

AN ACT relating to the insurance industry.

Rep. Bart Rowland [R]

2019-03-14 - House - House: Third Reading RCS# 330 (Y: 93 N: 3 NV: 0 Abs: 4) [PASS]
2019-03-13 - Senate - Senate: Third Reading W/SCS 1 RSN# 966 (Y: 37 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-27 - House - House: Third Reading RCS# 164 (Y: 96 N: 1 NV: 0 Abs: 3) [PASS]

Date	Chamber	Action
2019-03-26	House	signed by Governor (KY Acts ch. 147)
2019-03-14	House	delivered to Governor
2019-03-14	House	enrolled, signed by President of the Senate
2019-03-14	House	enrolled, signed by Speaker of the House
2019-03-14	House	passed 93-3
2019-03-14	House	House concurred in Senate Committee Substitute (1)
2019-03-13	House	posted for passage for concurrence in Senate Committee Substitute (1)
2019-03-13	House	to Rules (H)
2019-03-13	House	received in House
2019-03-13	Senate	3rd reading, passed 37-0 with Committee Substitute (1)
2019-03-13	Senate	posted for passage in the Consent Orders of the Day for Wednesday, March 13, 2019
2019-03-12	Senate	reported favorably, to Rules with Committee Substitute (1) as a consent bill
2019-03-06	Senate	returned to Banking & Insurance (S)
2019-03-06	Senate	2nd reading
2019-03-06	Senate	taken from Banking & Insurance (S)
2019-03-04	Senate	to Banking & Insurance (S)
2019-03-04	Senate	returned to Committee on Committees (S)
2019-03-04	Senate	1st reading
2019-03-04	Senate	taken from Committee on Committees (S)
2019-02-28	Senate	received in Senate
2019-02-27	House	3rd reading, passed 96-1 with Committee Substitute (1)
2019-02-22	House	posted for passage in the Regular Orders of the Day for Monday, February 25, 2019
2019-02-21	House	2nd reading, to Rules
2019-02-20	House	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
2019-02-15	House	posted in committee
2019-02-15	House	to Banking & Insurance (H)
2019-02-14	House	introduced in House

Type	Source
Summary	https://apps.legislature.ky.gov/record/19RS/hb386.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/19RS/hb386/orig_bill.pdf
Text	https://apps.legislature.ky.gov/recorddocuments/bill/19RS/hb386/bill.pdf
Amendment	https://apps.legislature.ky.gov/recorddocuments/bill/19RS/HB386/HCS1.pdf
Roll Call	https://apps.legislature.ky.gov/record/19RS/hb386/vote_history.pdf