Kentucky
General Assembly

01/06/15	introduced in House
01/08/15	to Banking & Insurance (H)
02/06/15	posted in committee
02/11/15	reported favorably, 1st reading, to Consent Calendar
02/12/15	2nd reading, to Rules posted for passage in the Consent Orders of the Day for Tuesday, February 17, 2015 taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Friday, February 13, 2015
02/24/15	3rd reading, passed 98-0
02/25/15	received in Senate
03/02/15	to Banking & Insurance (S)
03/04/15	reported favorably, 1st reading, to Calendar with Committee Substitute, committee amendments (1-title) and (2)
03/09/15	2nd reading, to Rules
03/11/15	posted for passage in the Regular Orders of the Day for Wednesday, March 11, 2015 3rd reading committee amendment (2) withdrawn passed 36-0 with Committee Substitute, committee amendment (1-title) received in House to Rules (H) posted for passage for concurrence in Senate Committee Substitute House concurred in Senate Committee Substitute, committee amendment (1-title) Bill passed 99-0 enrolled, signed by each presiding officer delivered to Governor
03/23/15	signed by Governor (Acts, ch. 57)

Amendment	Senate Committee Substitute 1
Piggyback?	Yes
Summary	Keep original provisions; 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; amend KRS 160.310 to authorize a local school board to set aside funds for school bus basic reparation benefits as defined in KRS 304.39-020 and as provided in KRS 304.39-010 to KRS 304.39-080.
Index Headings	Insurance - Confidentiality of records, exclusions Insurance - Records of Department of Insurance, confidentiality

Amendment	Senate Committee Amendment 1
Sponsor	M. McGarvey
Summary	Make title amendment.
Index Headings	Insurance - Confidentiality of records, exclusions Insurance - Records of Department of Insurance, confidentiality

Amendment	Senate Committee Amendment 2
Sponsor	T. Buford
Summary	Keep original provisions; amend KRS 160.310 to authorize a local school board to set aside funds for school bus basic reparation benefits as defined in KRS 304.39-020 and as provided in KRS 304.39-010 to KRS 304.39-080.
Index Headings	Insurance - Confidentiality of records, exclusions Insurance - Records of Department of Insurance, confidentiality