00RS SB245


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SB 245 (BR 2041) - D. Karem

     AN ACT relating to insurance.
     Establish Subtitle 49 of KRS Chapter 304 and create new sections thereof to permit captive insurance companies to apply to the commissioner of insurance for a certificate of authority; restrict activities of captive insurers; establish minimum unimpaired paid-in capital and surplus; subject captive insurers to KRS 271B as well as Subtitle 49 of KRS Chapter 304; require captive insurers to file on or before March 1 a report of its financial condition; subject captive insurers to the provisions of Subtitles 2 and 3 of KRS Chapter 304; regulate investments of captive insurers; permit a captive insurer to provide reinsurance on risks ceded by another insurer; exempt captive insurers from joining a rating organization; prohibit a captive insurer from joining a guaranty association; provide for a sponsored captive insurer; provide for a tax on premiums collected; direct the Kentucky Revenue Cabinet to annually distribute 10 percent of the premium taxes collected from captive insurers to the Department of Insurance for regulation of captive insurers.


     SCA (1, D. Karem) - Delete subsection (3) of Section 11; provide that a captive insurer shall not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with KRS 304.5-140.
     HCA (1, J. Bruce) - Provide that this subtitle shall not apply to any foreign captive insurer lawfully transacting business in Kentucky prior to the effective date of this Act unless the foreign captive insurer petitions the commissioner requesting that the subtitle apply to the insurer.
     HFA (1, J. Gray) - Add section to require Medicaid coverage of services that are within the lawful scope of practice of a chiropractor to the extent that the Medical Assistance Program pays for the same services provided by a physician.
     HFA (2, R. Crimm) - Create a new section of Subtitle 17A of KRS Chapter 304 to provide that any health benefit plan offered through associations may be sold by any licensed agent.

     Feb 9-introduced in Senate
     Feb 14-to Banking and Insurance (S)
     Feb 29-reported favorably, 1st reading, to Consent Calendar with committee amendment (1)
     Mar 1-2nd reading, to Rules
     Mar 3-posted for passage in the Consent Orders of the Day for Monday, March 6, 2000
     Mar 6-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; passed over and retained in the Orders of the Day
     Mar 7-3rd reading, passed 37-0 with committee amendment (1)
     Mar 8-received in House
     Mar 9-to Banking and Insurance (H)
     Mar 15-posting waived; posted in committee
     Mar 16-reported favorably, 1st reading, to Calendar with committee amendment (1)
     Mar 17-2nd reading, to Rules
     Mar 21-posted for passage in the Regular Orders of the Day for Wednesday, March 22, 2000
     Mar 23-floor amendment (1) filed ; 3rd reading, passed 98-0 with committee amendment (1)
     Mar 24-received in Senate; floor amendment (2) filed
     Mar 29-posted for passage for concurrence in House committee amendment (1) ; taken from the Regular Orders of the Day, placed in the Consent Orders of the Day; Senate concurred in House committee amendment (1) ; passed 37-0
     Apr 11-enrolled, signed by each presiding officer, delivered to Governor
     Apr 21-signed by Governor (Acts ch. 434)

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