| Last Action | signed by Governor (Acts, ch. 119) |
|---|---|
| Title | AN ACT relating to the financial solvency of insurance companies. |
| Bill Documents |
Bill
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| Bill Request Number | 333 |
| Sponsors | B. Damron, R. Crimm, J. Greer |
| Summary of Original Version | Create new sections of KRS Chapter 304, Subtitle 3 to define terms including "Own Risk and Solvency Assessment," (ORSA) and establish the following requirements for the insurer assessment: maintain a risk management framework; perform an ORSA assessment at least annually and any time there are significant changes to the risk profile of the insurer or insurance group; submit a summary report to the commissioner of insurance upon request; establish requirements for the summary report; establish exemptions from the assessment and reporting requirements for insurers or insurance groups; require the ORSA summary report be prepared in accordance with the ORSA guidance manual and require that documentation be maintained and made available upon examination; establish privacy and nondisclosure requirements for documents, materials, or other information in the possession of the Department of Insurance obtained pursuant to the ORSA Summary Report, recognized as being proprietary and containing trade secrets; authorize the commissioner to share documents, materials, or other ORSA-related materials including proprietary and trade secret documents with other state, federal, or international financial regulatory agencies, a supervisory college as defined in KRS 304.37-010, the NAIC, or any third-party consultant designated by the commissioner, subject to agreement by the recipient to maintain confidentiality; require a written agreement between the commissioner and the NAIC or a third-party consultant to govern sharing and use of the confidential and privileged information; authorize the commissioner to receive ORSA-related information including privileged documents, materials, or information including proprietary and trade-secret information from other regulatory officials of foreign or domestic jurisdictions including members of any supervisory college and the NAIC and require the commissioner to maintain confidentiality of the privileged information; create a new section of KRS Chapter 304, Subtitle 99 to establish a daily penalty of $100 for failure to timely file an ORSA Summary Report to a maximum of $1,000; amend KRS 304.32-130, relating to a nonprofit hospital, medical-surgical, dental, or other health service plan, to delete the cap on unencumbered reserve or surplus over and above the required reserves and not to be deemed an excessive accumulation; EFFECTIVE January 1, 2015. |
| Index Headings of Original Version |
Effective Dates, Delayed - Health service plans, unencumbered reserve or surplus on dues and fees, remove cap Insurance - Insurers, financial solvency assessment, require Insurance - Insurers, Own Risk and Solvency Assessment (ORSA), define and establish Insurance, Health - Health service plans,unencumbered reserve or surplus on dues and fees, remove cap |
| Proposed Amendments |
House Committee Substitute 1 Senate Committee Substitute 1 Senate Committee Amendment 1 |
| Votes | Vote History |
| 01/07/14 |
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| 01/08/14 |
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| 01/09/14 |
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| 01/15/14 |
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| 01/16/14 |
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| 01/22/14 |
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| 01/23/14 |
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| 01/28/14 |
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| 03/21/14 |
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| 03/24/14 |
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| 03/25/14 |
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| 03/26/14 |
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| 03/27/14 |
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| 03/28/14 |
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| 03/31/14 |
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| 04/11/14 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Summary | Make technical corrrections. |
| Index Headings |
Effective Dates, Delayed - Health service plans, unencumbered reserve or surplus on dues and fees, remove cap Insurance - Insurers, financial solvency assessment, require Insurance - Insurers, Own Risk and Solvency Assessment (ORSA), define and establish Insurance, Health - Health service plans,unencumbered reserve or surplus on dues and fees, remove cap |
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions, except create a new section of Subtitle 17A of KRS Chapter 304 to define "anticancer medications"; require that health benefit plans not require a higher copayment, coinsurance, or deductible for patient administered anticancer medications than are required for anti-cancer medications injected or intravenously administered by a health care provider, prohibit specified actions to circumvent this provision; add a subsection to provide that subsection (4) of this section does not apply to a health benefit plan that meets the federal definition of a high deductible health plan to be used in conjunction with a health savings account until the insured's deductible has been satisfied. |
| Index Headings |
Effective Dates, Delayed - Health service plans, unencumbered reserve or surplus on dues and fees, remove cap Insurance - Insurers, financial solvency assessment, require Insurance - Insurers, Own Risk and Solvency Assessment (ORSA), define and establish Insurance, Health - Health service plans,unencumbered reserve or surplus on dues and fees, remove cap |
| Amendment | Senate Committee Amendment 1 |
|---|---|
| Sponsor | T. Buford |
| Summary | Make title amendment. |
| Index Headings |
Effective Dates, Delayed - Health service plans, unencumbered reserve or surplus on dues and fees, remove cap Insurance - Insurers, financial solvency assessment, require Insurance - Insurers, Own Risk and Solvency Assessment (ORSA), define and establish Insurance, Health - Health service plans,unencumbered reserve or surplus on dues and fees, remove cap |
Last updated: 8/27/2019 6:52 PM (EDT)