KY SB68 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on February 12 2015 - 50% progression, died in chamber
Action: 2015-03-09 - floor amendments (1) and (2-title) filed
Text: Latest bill text (Draft #3) [MS Word]
Status: Engrossed on February 12 2015 - 50% progression, died in chamber
Action: 2015-03-09 - floor amendments (1) and (2-title) filed
Text: Latest bill text (Draft #3) [MS Word]
Summary
Create new sections of KRS 304.6-120 to 304.6-180 to define terms relating to valuation for life insurance, accident and health insurance, Fraternal Benefit Society insurance, and deposit-type insurance policies, establish valuation standards and reserve requirements for insurers; establish requirements for treatment of confidential information obtained in the course of an insurance examination, establish the governmental entities with which confidential information may be shared, and restrict the use of confidential information under the Open Records law and by the court; authorize the commissioner of insurance to exempt specific product forms or product lines of a domestic insurance company that is licensed and doing business only in Kentucky from the valuation requirements and to establish different requirements for these domestic insurers; amend KRS 304.6-130 to reference the operative date of the valuation manual adopted by the National Association of Insurance Commissioners, to cross-reference applicable sections of the bill, and to implement a timeline for implementation of the valuation manual for current or future policies; amend KRS 304.6-150 to cross-reference sections created by this Act; amend KRS 304.6-160 to require actuaries assessing reserves to be appointed rather than qualified; amend KRS 304.6-170 to provide that the rate or rates of interest used for policies not be greater than, rather than higher than rates used in calculating nonforfeiture benefits; amend KRS 304.6-171 to cross-reference new statutes and to require all life insurers to submit an annual opinion of the appointed actuary to the commissioner and establish requirements for the actuary's opinion; create a new section of KRS 304.15-310 to 304.15-360 to define "operative date of the valuation manual for Subtitle 15 of KRS Chapter 304 relating to life insurance and annuity contracts; amend KRS 304.15-342 to authorize adoption of various standardized mortality tables prior to the operative date of the valuation manual.
Title
AN ACT relating to the standard valuation of reserves for life insurance.
Sponsors
| Sen. Tom Buford [R] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-09 | House | floor amendments (1) and (2-title) filed |
| 2015-03-09 | House | taken from the Consent Orders of the Day, placed in the Regular Orders of the Day |
| 2015-03-09 | House | posted for passage in the Consent Orders of the Day for Tuesday, March 10, 2015 |
| 2015-03-04 | House | reported favorably, 2nd reading, to Rules with Committee Substitute, committee amendment (1-title) as a Consent Bill |
| 2015-03-02 | House | posting waived |
| 2015-03-02 | House | returned to Banking & Insurance (H) |
| 2015-03-02 | House | 1st reading |
| 2015-03-02 | House | taken from Banking & Insurance (H) |
| 2015-02-27 | House | posted in committee |
| 2015-02-23 | House | to Banking & Insurance (H) |
| 2015-02-12 | House | received in House |
| 2015-02-12 | Senate | 3rd reading, passed 34-0 with Committee Substitute |
| 2015-02-12 | Senate | posted for passage in the Regular Orders of the Day for Thursday, February 12, 2015 |
| 2015-02-11 | Senate | 2nd reading, to Rules |
| 2015-02-10 | Senate | reported favorably, 1st reading, to Calendar with Committee Substitute |
| 2015-02-03 | Senate | to Banking & Insurance (S) |
| 2015-01-08 | Senate | introduced in Senate |
