| Last Action | 2nd reading, to Rules |
|---|---|
| Title | AN ACT relating to insurance loss run statements. |
| Bill Documents |
Bill
|
| Bill Request Number | 436 |
| Sponsors | J. Greer, S. Riggs, S. Santoro, T. Thompson |
| Summary of Original Version | Create a new section of subtitle 12 of KRS Chapter 304 to define loss run statement; require an insurer to provide a loss run statement within 10 days of a written request submitted by another insurer; provide that the loss run statement shall be for a three-year loss run history or a complete history if less than three years; prohibit the receiving agent from divulging consumer information to a third party; prohibit an insurer from charging a fee for a loss run statement; and, create a new section of subtitle 99 of KRS Chapter 304 to provide that an insurer who does not provide a loss run statement as requested shall be fined not less than $100 nor more than $250 for each day the insurer fails to provide the loss run statement. |
| Index Headings of Original Version |
Insurance - Loss run statement, define Insurance - Loss run statement, written request by insurer Insurance - Time frame, response to written request for loss run statement Insurance - Insurer, protection of consumer financial information Insurance - Loss run statement, prohibit fee Insurance - Penalty, failure to timely submit loss run statement |
| Proposed Amendments |
House Committee Substitute 1 House Floor Amendment 1 |
| Votes | Vote History |
| 02/04/09 |
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|---|---|
| 02/05/09 |
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| 02/09/09 |
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| 02/11/09 |
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| 02/12/09 |
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| 02/13/09 |
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| 02/23/09 |
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| 02/24/09 |
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| 02/25/09 |
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| 02/27/09 |
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| 03/09/09 |
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| 03/10/09 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Summary | Create a new section of Subtitle 20 of KRS Chapter 304, relating to casualty insurance, to define "commercial property and casualty" and "loss run statement"; create a new section of Subtitle 20 of KRS Chapter 304 to require that a loss run statement be provided to an insured or the insurer's agent by an insurer within ten days of a written request by the insured or an insurer's agent; require an insurer's agent who receives a loss run statement to provide the statement to the insured within five calendar days; require the loss run statement contain a three year loss run history unless the history is less than three years; require an agent who receives a loss run statement to not divulge its contents and to maintain privacy of the consumer's information; prohibit charging a fee for provision of a loss run statement; and retain the penalty provision for failure to provide a loss run statement upon request as required, but apply it to an insurer's agent in addition to the insurer. |
| Index Headings |
Insurance - Loss run statement, define Insurance - Loss run statement, written request by insurer Insurance - Time frame, response to written request for loss run statement Insurance - Insurer, protection of consumer financial information Insurance - Loss run statement, prohibit fee Insurance - Penalty, failure to timely submit loss run statement |
| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | J. Greer |
| Summary | Clarify that an insurer's agent is the agent of the subject insurer; clarify that information be held confidential as required by law, rather than require privacy of other customer information; and make technical amendments. |
| Index Headings |
Insurance - Loss run statement, define Insurance - Loss run statement, written request by insurer Insurance - Time frame, response to written request for loss run statement Insurance - Insurer, protection of consumer financial information Insurance - Loss run statement, prohibit fee Insurance - Penalty, failure to timely submit loss run statement |
Last updated: 8/28/2019 8:17 AM (EDT)