| Last Action | floor amendments (1) and (2-title) filed |
|---|---|
| Title | AN ACT relating to the standard valuation of reserves for life insurance. |
| Bill Documents |
Bill
|
| Bill Request Number | 849 |
| Sponsor | T. Buford |
| Summary of Original Version | Create new sections of KRS 304.6-120 to 304.6-180 to define terms relating to valuation for life insurance, accident and health insurance, Fraternal Benefit Society insurance, and deposit-type insurance policies, establish valuation standards and reserve requirements for insurers; establish requirements for treatment of confidential information obtained in the course of an insurance examination, establish the governmental entities with which confidential information may be shared, and restrict the use of confidential information under the Open Records law and by the court; authorize the commissioner of insurance to exempt specific product forms or product lines of a domestic insurance company that is licensed and doing business only in Kentucky from the valuation requirements and to establish different requirements for these domestic insurers; amend KRS 304.6-130 to reference the operative date of the valuation manual adopted by the National Association of Insurance Commissioners, to cross-reference applicable sections of the bill, and to implement a timeline for implementation of the valuation manual for current or future policies; amend KRS 304.6-150 to cross-reference sections created by this Act; amend KRS 304.6-160 to require actuaries assessing reserves to be appointed rather than qualified; amend KRS 304.6-170 to provide that the rate or rates of interest used for policies not be greater than, rather than higher than rates used in calculating nonforfeiture benefits; amend KRS 304.6-171 to cross-reference new statutes and to require all life insurers to submit an annual opinion of the appointed actuary to the commissioner and establish requirements for the actuary's opinion; create a new section of KRS 304.15-310 to 304.15-360 to define "operative date of the valuation manual for Subtitle 15 of KRS Chapter 304 relating to life insurance and annuity contracts; amend KRS 304.15-342 to authorize adoption of various standardized mortality tables prior to the operative date of the valuation manual. |
| Index Headings of Original Version |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
| Proposed Amendments |
Senate Committee Substitute 1 House Committee Substitute 1 House Committee Amendment 1 House Floor Amendment 1 House Floor Amendment 2 |
| Votes | Vote History |
| 01/08/15 |
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|---|---|
| 02/03/15 |
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| 02/10/15 |
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| 02/11/15 |
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| 02/12/15 |
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| 02/23/15 |
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| 02/27/15 |
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| 03/02/15 |
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| 03/04/15 |
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| 03/09/15 |
|
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Summary | Amend several technical errors relating to internal references; amend Section 4 allowing the valuation manual discretion in specifying other requirements; amend Section 6 to change the criteria under which the commissioner of insurance may share confidential information; amend Section 7 to clarify when certain sections apply; amend Section 8 to restore deleted language and to exempt certain companies that are exempt under Section 7 from certain requirements. |
| Index Headings |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
| Amendment | House Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions; create a new section of subtitle 14 of KRS Chapter 304 to define "policy" and "discretionary clause"; provide that any discretionary clause in a policy shall be void and unenforceable; authorize the commissioner of the Department of Insurance to adopt administrative regulations to implement and ensure compliance with this section; provide that this section shall apply to all policies as defined in this section, notwithstanding the scope of the subtitle provided by KRS 304.14-010; provide that this section does not limit an insurer's ability to contract with a licensed administrator; provide that this section shall apply to any discretionary clause in a policy issued, renewed, or in force on or after the effective date of this Act. |
| Index Headings |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
| Amendment | House Committee Amendment 1 |
|---|---|
| Sponsor | C. Harris |
| Summary | Make title amendment. |
| Index Headings |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
| Amendment | House Floor Amendment 1 |
|---|---|
| Piggyback? | Yes |
| Sponsor | J. Greer |
| Summary | Create a new section of KRS Chapter 158 requiring high schools to include CPR training in the health education curriculum. |
| Index Headings |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
| Amendment | House Floor Amendment 2 |
|---|---|
| Sponsor | J. Greer |
| Summary | Make title amendment. |
| Index Headings |
Insurance - Life, appointed actuary requirements, establish Insurance - Life, exempt domestic insurers from some reserve requirements Insurance - Life, revise reserve requirements Insurance - Life, valuation manual adoption |
Last updated: 1/16/2019 3:10 PM (EST)