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SB 41 (BR 1329) - D. Karem
AN ACT relating to insurance.
Create new sections of Subtitle 14 of KRS Chapter 304 to define short-term nursing home insurance policies; authorize the commissioner of the Department of Insurance to promulgate administrative regulations regarding short-term nursing home insurance policies and loss ratio standards for short-term nursing home insurance policies; permit short-term nursing home insurance policy applicants to return the policy or certificate within 30 days of its delivery and to have the premium refunded if the applicant is not satisfied with the policy; provide that short-term nursing home insurance policies issued after the effective date of this Act shall cover services received in assisted living communities which meet the requirements of KRS 194.700 to 194.729 and any administrative regulations promulgated thereunder and any additional requirements of an assisted living community set forth in the short-term nursing home insurance policy approved by the commissioner; provide that short-term nursing home insurance policies issued after the effective date of this Act shall cover services received in an adult day care facility which meets the requirements of KRS 205.950 or 216B.0443 and any administrative regulations promulgated thereunder and any additional requirements of an adult day care center set forth in the short-term nursing home insurance policy approved by the commissioner; authorize the commissioner to promulgate administrative regulations establishing standards for premium rate practices and rate increases for long-term care benefits and incidental long-term care benefits; amend KRS 304.14-435 to allow applications required to be filed with the department to be filed in a language other than English; amend KRS 304.14-560 to require the commissioner to issue administrative regulations setting forth information to be provided by insurers writing long-term care insurance to the department to complete the biennially compiled consumer's guide to long-term care insurance in Kentucky; amend KRS 304.14-600 to define "incidental" to mean that the value of the long-term care benefits provided in a policy is less than 10% of the total value of the benefits provided over the life of the policy; include qualified long-term care policies as defined in 26 U.S.C. sec. 7702B(b) within the definition of long-term care insurance.
SB 41 - AMENDMENTS
SFA (1, D. Karem) - Amend Section 2 of the Act to insert a reference to Section 4 of the Act, and to delete a reference to section 7 of the Act; add amendment to KRS 304.14-430 to clarify that an insurance policy cover sheet is not the insurance contract; and renumber subsequent sections to conform.
HFA (1, M. Treesh) - Provide that insurance policies shall contain an explanation of any possible tax implications.
HFA (2, S. Baugh) - Require the non-English version of an application to be filed in the same format as the English version and contain all items in English followed in parenthesis with the non-English translation.
HFA (3, M. Treesh) - Retain original provisions; and require that all short-term nursing home insurance policies include a statement that short-term nursing home insurance policies may be taxable as income.
(Prefiled by the sponsor(s))
Jan 8-introduced in Senate
Jan 10-to Banking and Insurance (S)
Feb 21-reported favorably, 1st reading, to Consent Calendar
Feb 22-2nd reading, to Rules
Feb 26-posted for passage in the Consent Orders of the Day for Thursday, February 28, 2002; floor amendment (1) filed
Feb 28-3rd reading, passed 38-0 with floor amendment (1)
Mar 1-received in House
Mar 4-to Banking and Insurance (H)
Mar 7-posted in committee
Mar 13-reported favorably, 1st reading, to Calendar
Mar 14-2nd reading, to Rules
Mar 15-floor amendment (1) filed
Mar 18-floor amendment (2) filed
Mar 19-floor amendment (3) filed
Mar 21-posted for passage in the Regular Orders of the Day for Friday, March 22, 2002
Mar 22-3rd reading, passed 85-1 with floor amendment (2) ; received in Senate
Apr 1-posted for passage for concurrence in House floor amendment (2) for Monday, April 1, 2002; Senate concurred in House floor amendment (2) ; passed 33-0
Apr 2-enrolled, signed by each presiding officer; delivered to Governor
Apr 9-signed by Governor (Acts ch. 304)
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