12RS House Bill 295

House Bill 295

Actions

Last Action	signed by Governor (Acts ch. 74)
Title	AN ACT relating to insurance.
Bill Documents	Bill
Bill Request Number	1329
Sponsor	B. Damron
Summary of Original Version	Amend KRS 304.3-180 to establish a new expiration date for a certificate of authority and require a fine for reinstatement of an expired certificate of authority; amend KRS 304.9-105 to delete the requirement that agents file proof of financial responsibility with the Department of Insurance; amend KRS 304.9-320, relating to licensure as a consultant, to delete the substitution of other special experience, education or training for the five-year experience as a licensed agent; delete the bond filing requirement; amend 304.9-330 to delete the requirement that consultants file proof of financial responsibility with the commissioner of insurance; amend KRS 355.9-430 to delete the requirement that adjusters file proof of financial responsibility with the department; amend KRS 304.10-030 to define "admitted insurer," "affiliate," "exempt commercial purchaser," "home state," "nonadmitted insurance" and "nonadmitted insurer"; amend KRS 304.10-340 to clarify that a diligent search shall be performed by a licensed agent with a property and casualty line of authority and to clarify that a diligent search is not required for an exempt commercial purchaser; amend KRS 304.10-070 to clarify the requirements for surplus lines insurers including minimum capital and surplus requirements, and a listing on the quarterly National Association of Insurance Commissioners alien insurer listing if the insurer is a nonadmitted insurer domiciled outside the United States; amend KRS 304.10-120 to clarify that an agent license with a property and casualty line of authority is not required for licensure as a surplus lines broker; amend KRS 304.15-700 to delete the requirement that life settlement brokers file proof of financial responsibility with the department; create a new section of Subtitle 37 of KRS Chapter 304 to authorize the commissioner to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations; amend KRS 304.37-010 to define “enterprise risk” and “supervisory college”; amend KRS 304.37-020, 304.37-030, 304.37-040, 304.37-120, and 304.37-565 to adopt the updates to the National Association of Insurance Commissioners Holding Company Act, primarily relating to recognition of enterprise risk; amend KRS 304.49-150 to establish the insurance code subtitles to which an industrial insured captive insurer is subject; amend KRS 304.49-070 to provide that all captive insurers, except those formed as a risk retention group, are not required to file an actuarial opinion summary if a certification of loss and loss expense reserves and opinion of reserve adequacy is filed with the department; create a new section of Subtitle 99 of KRS Chapter 304 to establish a fine of $100 for reinstatement of an expired certificate of authority; amend KRS 304.99-085 to establish a penalty of $100 for a broker who fails to file an affidavit as provided by KRS 304.10-050; establish a penalty of $1,000 to $5,000 for a broker who exhibits a pattern of failing to file affidavits as provided by KRS 304.10-050; establish a penalty of $500 for a broker who fails to file a quarterly statement as required by KRS 304.10-170; amend KRS 304.99-152 to allow the commissioner to disapprove a dividend or distribution or place an insurer under supervision in accordance with Subtitle 33 of KRS Chapter 304; EFFECTIVE, IN PART, JULY 15, 2014.
Index Headings of Original Version	Insurance - Adjuster, requirement for filing proof of financial responsibility with commissioner, deletion Insurance - Exempt commercial purchase, requirements Insurance - Industrial insured captive insurer, insurance code subtitles, subject to Insurance - Insurers, certificate of authority, expiration date Insurance - Insurers, expiration of certificate of authority, fine for reinstatement Insurance - Insurers, requirement for filing bond with commissioner, deletion Insurance - Insurers, requirement for filing financial statement with commissioner, deletion Insurance - Licensed consultant, authority for cash deposit with commissioner, deletion Insurance - Life settlement provider, requirement for filing evidence of financial responsibility Insurance - NAIC, Holding Company Act updates, adoption Insurance - Nonadmitted insurer, requirements Insurance - Surplus lines, capital and surplus amount Insurance - Surplus lines, requirements for bond termination, deletion Effective Dates, Delayed - JULY 15, 2014
Votes	Vote History

01/20/12	introduced in House
01/23/12	to Banking & Insurance (H)
01/27/12	posted in committee
02/01/12	reported favorably, 1st reading, to Consent Calendar
02/02/12	2nd reading, to Rules posted for passage in the Consent Orders of the Day for Tuesday, February 7, 2012
02/07/12	taken from the Consent Orders of the Day, placed in the Regular Orders of the Day 3rd reading, passed 97-0
02/08/12	received in Senate
02/10/12	to Banking & Insurance (S)
03/20/12	reported favorably, 1st reading, to Consent Calendar
03/21/12	2nd reading, to Rules
03/27/12	posted for passage in the Consent Orders of the Day for Tuesday, March 27, 2012 3rd reading, passed 37-0
03/28/12	received in House enrolled, signed by Speaker of the House
03/30/12	enrolled, signed by President of the Senate delivered to Governor
04/11/12	signed by Governor (Acts ch. 74)