00RS HB634


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HB 634 (BR 1215) - S. Cave

     AN ACT relating to investments.
     Create new sections of Subtitle 7 of KRS Chapter 304 to establishment definitions; to establish the manner in which insurers may acquire, hold, or invest investments, or engage in investment practices; to require that the insurer's board of directors adopt, direct, and discharge certain specific duties; to prohibit insurers from participating directly or indirectly in certain specific investment activities; to prohibit insurers from certain investment practices unless prior written approval has been obtained from the commissioner; to permit the commissioner to promulgate administrative regulations; to establish investment practices applicable to life and health insurers of domestic insurers and United States branches of alien insurers entered through this state; to establish investment practices applicable to property and casualty, financial guaranty, and mortgage guaranty insurers, of domestic insurers and United States branches of alien insurers entered through this state; amend KRS 304.7-240 and 304.7-350 to conform; repeal KRS 304.7-020, 304.7-030, 304.7-050, 304.7-060, 304.7-070, 304.7-080, 304.7-085, 304.7-090, 304.7-100, 304.7-110, 304.7-130, 304.7-140, 304.7-145, 304.7-150, 304.7-160, 304.7-170, 304.7-180, 304.7-190, 304.7-200, 304.7-205, 304.7-210, 304.7-220; 304.7-230, 304.7-270, 304.7-290; 304.7-300; and 304.7-310.


     HFA (1, S. Cave) - Make technical changes; restrict application of subtitle to investments and investment practices of domestic insurers and United States branches of alien insurers entered through Kentucky; prohibit application of the subtitle to separate accounts of an insurer except as provided in Section 31 of the Act.
     SCA (1, T. Buford) - Amend to permit a foreign insurer to hold as admitted assets certain investments; repeal KRS 304.7-040, 304.7-120, 304.7-260, 304.7-265, and 304.7-340; and make technical corrections.

     Feb 9-introduced in House
     Feb 10-to Banking and Insurance (H)
     Feb 14-posted in committee
     Feb 17-reported favorably, 1st reading, to Calendar
     Feb 18-2nd reading, to Rules
     Feb 22-posted for passage in the Regular Orders of the Day for Wednesday, February 23, 2000; floor amendment (1) filed
     Feb 23-3rd reading, passed 92-0 with floor amendment (1)
     Feb 24-received in Senate
     Feb 28-to Banking and Insurance (S)
     Mar 21-reported favorably, 1st reading, to Consent Calendar with committee amendment (1)
     Mar 22-2nd reading, to Rules
     Mar 23-posted for passage in the Consent Orders of the Day for Friday, March 24, 2000
     Mar 24-3rd reading, passed 38-0 with committee amendment (1) ; received in House; posted for passage for concurrence in Senate committee amendment (1)
     Mar 28-House concurred in Senate committee amendment (1) ; passed 98-0
     Mar 29-enrolled, signed by each presiding officer, delivered to Governor
     Apr 7-signed by Governor (Acts ch. 388)

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