The 5th meeting of the Interim Joint Committee on Banking and Insurance was held on Tuesday, November 28, 2006, at 10:00 AM, in Room 154 of the Capitol Annex. Senator Tom Buford, Co-Chair and Representative James Bruce, Co-Chair, called the meeting to order, and the secretary called the roll.
Present were:
Members: Senator Tom Buford, Co-Chair; Representative James E Bruce, Co-Chair; Senators Julie Denton, Ernie Harris, Dorsey Ridley, Richard "Dick" Roeding, and Dan Seum; Representatives Sheldon E Baugh, James R Comer Jr, Ron Crimm, Robert R Damron, Mike Denham, Ted "Teddy" Edmonds, Joseph M Fischer, Danny R Ford, Jim Gooch Jr, J R Gray, Mike Harmon, Jimmy Higdon, Dennis Horlander, Dennis Keene, Rick W Rand, Frank Rasche, Steve Riggs, Brandon D Smith, Tommy Thompson, Ken Upchurch, Ron Weston, Rob Wilkey, and Addia Wuchner.
Guests: Julie McPeak, Executive Director, Office of Insurance.
LRC Staff: Greg Freedman, Rhonda Franklin and Jamie Griffin.
The minutes of the October 19, 2006, meeting were approved.
Julie McPeak, Executive Director, Office of Insurance, updated the Committee regarding actions taken by the Office of Insurance pertaining to the ICARE Program, and provided a handout to the members. Ms. McPeak also stated that at this time the Office of Insurance will have some housekeeping legislation for the 2007 Session, but she stated that at this time there will be no major issues the Office of Insurance will be presenting. She stated that there are some major actions to be looked at on the national level. She also provided the Committee with the 2007-2008 Long Term Care Insurance Guide.
The Committee discussed the following pre-filed legislation for the 2007 Session:
Representative Jim Gooch- BR70-AN ACT relating to basic reparation benefits.
Representative Ron Crimm- BR95-AN ACT relating to failure to maintain security on a motor vehicle as required by Subtitle 39 or KRS Chapter 304.
Representative Jim Gooch stated that BR70 would amend KRS 304.39-210, pertaining to no fault motor vehicle insurance, to require the provider of medical services to submit the statement for services within 45 days of the day the treatment is initiated and every 45 days thereafter.
Representative Ron Crimm stated that BR95 would create a new section of Subtitle 39 of KRS Chapter 304 to provide that there shall be no recovery for the first $10,000 dollars of bodily injury and the first $10,000 dollars of property damage based on any cause or right of action arising out of a motor vehicle accident if the owner or operator fails to own or maintain security as required by this subtitle.
Representative Tom Buford recognized the retiring members, Representative James Bruce and Representative Charles Meade.
Representative Mike Denham read a resolution honoring Representative James Bruce for his unprecedented legislative career and recognizing him for his years of service as a member and Chairman of the House Banking and Insurance Committee and the Interim Joint Committee on Banking and Insurance.
Representative James Bruce thanked the members for the resolution.
Representative Bob Damron presented Representative Bruce with a plaque honoring his service to the Legislature and his retirement.
The meeting adjourned at 11:45 a.m.