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House Bill 256

Actions | Amendments

Legislative History
Last Action	04/05/24: signed by Governor (Acts Ch. 102)
Title	AN ACT relating to the promotion of stronger homes to resist losses due to catastrophic weather events and making an appropriation therefor.
Bill Documents	Acts Chapter 102 Current/Final Introduced
Fiscal Impact Statements	Fiscal Note Additional Fiscal Impact Statements Exist
Bill Request Number	1360
Sponsor	M. Pollock
Summary of Enacted Version	Creates a new section of Subtitle 2 of KRS Chapter 304 to establish the Strengthen Kentucky Homes Program, to establish purpose, to create the Strengthen Kentucky Homes Program fund, and to require that the commissioner of insurance promulgate administrative regulations to implement and administer program; creates new sections of Subtitle 13 of KRS Chapter 304 to require that property insurance companies provide a premium discount or rate reduction for properties that that have been certified as complying with any applicable FORTIFIED Home or FORTIFIED multifamily construction standards under certain circumstances, to permit the insurance commissioner to promulgate administrative regulations to establish standard discount amounts, targets, or benchmarks for coverage, to require property insurance companies to offer an optional rider, endorsement, or supplemental policy provision to upgrade non-FORTIFIED single-family dwellings under certain circumstances, to provide that Sections 2 and 3 of the Act apply to insurance policies and contracts issued or renewed on or after March 1, 2026, to provide when submissions are required for premium discounts or rate reductions and the optional rider, endorsement, or supplemental policy provision under Sections 2 and 3 of the Act, and to provide that the Act may be cited as the Strengthen Kentucky Homes Act; APPROPRIATION.
Summary of Original Version	Create a new section of Subtitle 2 of KRS Chapter 304 to establish the Strengthen Kentucky Homes Program; establish purpose; create the Strengthen Kentucky Homes Program fund; require the commissioner of insurance to promulgate administrative regulations to implement and administer program; create new sections of Subtitle 13 of KRS Chapter 304 to require property insurance companies to provide a premium discount or rate reduction for properties that have received a qualifying certificate of compliance under certain circumstances; permit the insurance commissioner to promulgate administrative regulations to establish standard discount amounts, targets, or benchmarks for coverage; require property insurance companies to offer an optional rider, endorsement, or supplemental policy provision to upgrade non-FORTIFIED single-family dwellings under certain circumstances; provide that Sections 2 and 3 of Act apply to insurance policies and contracts issued or renewed on or after March 1, 2026; provide when submissions are required for premium discounts or rate reductions and the optional rider, endorsement, or supplemental policy provision under Sections 2 and 3 of this Act; provide that the Act may be cited as the Strengthen Kentucky Homes Act; APPROPRIATION.
Index Headings of Original Version	Fiscal Note - Strengthen Kentucky Homes Program, creation Housing, Building, and Construction - Property insurance, requirements, FORTIFIED homes Housing, Building, and Construction - Strengthen Kentucky Homes Program, creation Insurance - Property insurance, requirements, FORTIFIED homes Insurance - Strengthen Kentucky Homes Program, creation Real Estate - Property insurance, requirements, FORTIFIED homes Real Estate - Strengthen Kentucky Homes Program, creation Safety - Property insurance, requirements, FORTIFIED homes Safety - Strengthen Kentucky Homes Program State Agencies - Department of Insurance, Strengthen Kentucky Homes Program, implementation and administration Administrative Regulations and Proceedings - Insurance commissioner, standard insurance discounts, targets, and benchmarks, FORTIFIED Homes Administrative Regulations and Proceedings - Insurance commissioner, Strengthen Kentucky Homes Program, implementation and administration Appropriations - Strengthen Kentucky Homes Program fund, creation Short Titles and Popular Names - Strengthen Kentucky Homes Act
Jump to Proposed Amendments	House Committee Substitute 1 with Fiscal Impact Statements House Committee Substitute 2 with Fiscal Impact Statements
Votes	Vote History

Actions

Top | Amendments

01/16/24	introduced in House to Committee on Committees (H)
01/23/24	to Banking & Insurance (H)
01/31/24	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/01/24	2nd reading, to Rules
02/02/24	recommitted to Appropriations & Revenue (H)
03/05/24	reported favorably, to Rules with Committee Substitute (2)
03/06/24	posted for passage in the Regular Orders of the Day for Thursday, March 07, 2024
03/07/24	3rd reading, passed 91-0 with Committee Substitute (2)
03/08/24	received in Senate to Committee on Committees (S)
03/13/24	to Banking & Insurance (S)
03/21/24	reported favorably, 1st reading, to Consent Calendar
03/22/24	2nd reading, to Rules as a consent bill
03/25/24	posted for passage in the Consent Orders of the Day for Tuesday, March 26, 2024
03/26/24	passed over and retained in the Consent Orders of the Day
03/27/24	passed over and retained in the Consent Orders of the Day
03/28/24	3rd reading, passed 37-1 received in House enrolled, signed by Speaker of the House enrolled, signed by President of the Senate delivered to Governor
04/05/24	signed by Governor (Acts Ch. 102)

Proposed Amendments

Top | Actions

Amendment	House Committee Substitute 1
Fiscal Impact Statement	Fiscal Note to House Committee Substitute 1
Summary	Retain original provisions, except remove exclusions of manufactured or mobile home; remove approval requirement for premium discounts or rate reductions required under Section 2 of Act; specify that an insurer may provide a premium discount or rate reduction in accordance with any standard discount amounts, targets, or benchmarks established by the insurance commissioner.
Index Headings	Fiscal Note - Property insurance, requirements, FORTIFIED homes Housing, Building, and Construction - Property insurance, requirements, FORTIFIED homes Insurance - Property insurance, requirements, FORTIFIED homes Real Estate - Property insurance, requirements, FORTIFIED homes Safety - Property insurance, requirements, FORTIFIED homes State Agencies - Department of Insurance, Strengthen Kentucky Homes Program, implementation and administration Administrative Regulations and Proceedings - Insurance commissioner, standard insurance discounts, targets, and benchmarks, FORTIFIED Homes

Amendment	House Committee Substitute 2
Fiscal Impact Statement	Fiscal Note to House Committee Substitute 2
Summary	Retain original provisions, except remove exclusions of manufactured or mobile home; provide that a financial grant may be provided to mitigate owner-occupied insurable dwellings; require the insurance commissioner to establish eligibility criteria for evaluators of insurable dwellings; amend requirements for providing a premium discount, rate reduction, or other adjustment; specify that an insurer may provide a premium discount or rate reduction in accordance with any standard discount amounts, targets, or benchmarks established by the insurance commissioner; amend definitions of "cost to upgrade the single-family dwelling" and "non-FORTIFIED dwelling."
Index Headings	Fiscal Note - Property insurance, requirements, FORTIFIED homes Housing, Building, and Construction - Property insurance, requirements, FORTIFIED homes Insurance - Property insurance, requirements, FORTIFIED homes Real Estate - Property insurance, requirements, FORTIFIED homes Safety - Property insurance, requirements, FORTIFIED homes State Agencies - Department of Insurance, Strengthen Kentucky Homes Program, implementation and administration Administrative Regulations and Proceedings - Insurance commissioner, standard insurance discounts, targets, and benchmarks, FORTIFIED Homes

Last updated: 9/26/2024 1:37 PM (EDT)