HB 546 (BR 2040) - J. Gooch
AN ACT relating to state risk.
Amend KRS 44.055 to make technical change; amend KRS 56.080 to require the Department of Insurance to reconsider its appraisal and valuation of all real property belonging to or under the control and use of the state or state agency before July 1 each year; require each state agency to receive an independent appraisal for the value of all personal property and submit it by July 1 each year to the Department of Insurance or submit the certified value to the department; amend KRS 56.090 to require the department before July 1 each year to fix the rate of premium upon all real property and each class of personal property based upon one hundred percent of the valuation of all real property and each class of personal property; amend KRS 56.100 to provide that no premium shall be charged on any 1 risk upon a valuation of more than $1,000,000 unless the department has contracted for reinsurance that limits the liability of the fund to $1,000,000 upon such subject of risk; amend KRS 56.120 to provide that no debit, credit, or payment on account of the damage to any 1 subject of risk shall be in excess of $1,000,000 unless the department has contracted for reinsurance that limits the liability of the fund to $1,000,000; amend KRS 56.140 to permit the State Treasurer to invest the state fire and tornado insurance fund in compliance with KRS 42.500; amend 56.150 to restrict expenses of the fund to not more than 10% of the total calculated premiums prior to the application of any experience credits; amend KRS 56.160 to conform; amend KRS 56.170 to provide that if the department becomes aware of a hazard in a building owned by the state, the department may make recommendations regarding removal or correction of the hazard to the agency having control or custody of the building.
HB 546 - AMENDMENTS
HCS - Delete Section 1 of the Act; amend KRS 56.080 to require each state agency to notify the Department of Insurance of the value of the personal property belonging to or under the control of the state agency by July 1 of each year; amend KRS 56.140 and 56.150 to delete reference to State Treasurer.
HCA (1/Title, J. Gooch) - Make title amendment.
Feb 19-introduced in House
Feb 20-to Banking and Insurance (H)
Feb 24-posted in committee
Mar 17-reported favorably, 1st reading, to Calendar with Committee Substitute, committee amendment (1-title)
Mar 18-2nd reading, to Rules
Mar 23-recommitted to Appropriations and Revenue (H)
