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HB 481 (BR 1306) - C. Belcher, B. Crall
AN ACT relating to insurance.
Create a new section of Subtitle 2 of KRS Chapter 304 to deem certain documents and materials in control of the Commissioner of the Department of Insurance as confidential and privileged; amend KRS 304.2-065 to require the early warning analyst to report annually rather than biannually to the Banking and Insurance Committee; amend KRS 304.2-080 and 304.2-150 to make technical changes; amend KRS 304.2-250 to make certain examination documents in control of the commissioner confidential; amend KRS 304.2-260 to permit limited disclosure of examination workpaper; amend KRS 304.2-270, 304.2-300, and 304.2-360 to make technical changes; amend KRS 304.3-110 to provide that only an insurer with a certificate of authority to sell life insurance may grant and issue annuities; amend KRS 304.3-150 to make a technical change; amend KRS 304.3-180 to prohibit use of the same accountant for preparing the audited financial statement for more than 7 rather than 4 years; amend KRS 304.3-240 to permit annual statement of a foreign or alien insurer to be executed or verified by facsimile or reproduced signature; amend KRS 304.3-320 to delete reference to custodian of insurance securities; create a new section of Subtitle 6 of KRS Chapter 304 to define "accounting practices and procedures manual" and "SSAP;" amend KRS 304.6-010 to declare collectible interest 180 days past due on a mortgage loan in default as a nonadmitted asset; clarify what are nonadmitted assets; amend KRS 304.6-020 to clarify what shall not be allowed as assets in determining the financial condition of an insurer; amend KRS 304.6-040 to allow deferred tax liabilities to be charged against assets; amend KRS 304.6-050 to allow daily pro rata method to compute the unearned premium reserve; amend KRS 304.6-090 to require mortgage guaranty insurer to maintain statutory contingency reserve; amend KRS 304.6-100 to delete the minimum reserve for unpaid losses certain casualty insurance; amend KRS 304.6-171 to make certain documents pertaining to a life insurance actuarial opinion confidential; amend KRS 304.6-180 to require recognition of premium deficiency reserves; amend KRS 304.8-010 and 304.8-020 to delete references to custodian of securities; amend KRS 304.8-090 to remove the limit on the number of banks the commissioner may designate as depositories for assets of insurers; amend KRS 304.8-095, 304.8-100, 304.8-110, 304.8-150, 304.8-170 and 304.8-180 to make technical changes; amend KRS 304.8-190 to delete reference to custodian of securities; amend KRS 304.13-390 to allow the commissioner to revoke or suspend an insurer's license upon notice by fire marshal of failure to comply with KRS 227.250; amend KRS 304.24-040 to delete requirement that a majority of incorporators must be Kentucky residents; amend KRS 304.24-300 to clarify when a surplus note may be reported as surplus and not as debt; amend KRS 304.24-415 to make technical changes; amend KRS 304.24-500 to require approval of transfer of domicile filed with commissioner; amend 304.27-060 and 304.28-070 to make technical changes; amend KRS 304.29-101 to delete requirement that the majority of persons creating a fraternal benefit society must be Kentucky residents; amend KRS 304.29-281 to subject fraternal benefit societies to certain provisions of the insurance code; amend KRS 304.30-060 to allow examination of premium finance companies as often as necessary; create a new section of Subtitle 32 to establish restrictions if license of corporation is suspended or revoked; amend KRS 304.32-030 and 304.32-140 to make technical changes; amend KRS 304.32-210 and 304.32-270 to make certain provisions of the insurance code apply to subtitle 32 corporations; amend KRS 304.33-110 to make a technical change; amend KRS 304.37-050 to make certain documents confidential; amend KRS 304.37-580 to make technical changes; amend KRS 304.38-120 and 304.38-130 to subject health maintenance organizations to certain provisions of the insurance code; amend KRS 304.38-170 to make a technical change; create a new section of Subtitle 48 and amend KRS 304.48-110 to subject liability self-insurers to certain provisions of the insurance code; amend KRS 136.410, 304.2-195, and 431.510 to conform; repeal KRS 304.8-060, 304.8-070, 304.13-043, 304.32-220, 304.32-230, 304.34-010, 304.34-020, 304.34-030, 304.34-040, 304.34-042, 304.34-045, 304.34-050, 304.34-060, 304.34-070, 304.34-075, 304.34-080, 304.34-090, 304.34-100, 304.34-110, 304.34-120, 304.34-130, 304.34-140, 304.34-160, and 304.99-030.
HB 481 - AMENDMENTS
HCS - Retain original provisions; clarify that confidential documents are subject to inspection in a criminal action; provide that such documents shall be produced in a civil action in response to a court order; make technical changes.
HFA (1, J. Vincent) - Amend KRS 304.39-210 to provide that the remedies in this section are not exclusive and shall supplement other remedies available to the insured, including remedies under KRS 304.12-230; provide that the trier of fact shall determine if delay in payment was without reasonable foundation.
HFA (2, R. Damron) - Delete exemption of records in control of commissioner from the Open Records Act.
HFA (3, J. Vincent) - Amend KRS 304.12-230 to provide it is an unfair claims settlement practice to utilize a computer program in the claims adjustment process to value an insured's claim if the program is not specific to Kentucky claims and is used without reliance on the circumstances of the insured's claim.
HFA (4, J. Vincent) - Amend KRS 304.39-250 to prohibit set-off by reason of payment of third parties for properly payable medical expenses.
HFA (5, J. Vincent) - Amend KRS 304.12-230 to provide it is an unfair claims settlement practice to utilize a computer program for determining the value of bodily injury claims if the program is not specific to Kentucky claims and is used without reliance on the circumstances of the individual's claim.
HFA (6, R. Damron) - Create a new section of Subtitle 13 of KRS Chapter 304 to designate that rates and premiums for an automobile insurance policy shall be based on the factors listed in decreasing order of importance.
HFA (7, C. Belcher) - Provide that liability self-insurance groups are subject to Subtitle 1 rather than Subtitles 1 and 2; clarify that no other provisions of KRS Chapter 304 apply to liability self-insurance groups except as set forth in Subtitle 48 of KRS Chapter 304.
Jan 24-introduced in House
Jan 25-to Banking and Insurance (H)
Feb 1-posted in committee
Feb 13-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 14-2nd reading, to Rules; floor amendments (1) and (2) filed to Committee Substitute
Feb 15-floor amendments (3) and (4) filed to Committee Substitute
Feb 19-posted for passage in the Regular Orders of the Day for Wednesday, February 20, 2002; floor amendment (5) filed to Committee Substitute
Feb 20-floor amendment (6) filed to Committee Substitute
Feb 27-floor amendment (7) filed to Committee Substitute
Feb 28-3rd reading; floor amendment (6) ruled not germane ; passed 93-5 with Committee Substitute, floor amendments (2) and (7)
Mar 1-received in Senate
Mar 5-to Banking and Insurance (S)
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