House Bill 207

Last Action signed by Governor (Acts, ch. 16)
Title AN ACT relating to insurance.
Bill Documents Introduced
Bill Request Number 1220
Sponsor C. McCoy
Summary of Original Version Create a new section of Subtitle 45 of KRS Chapter 304 to require independent directors of a risk retention group and an attorney-in-fact for a reciprocal insurer to adhere to the same standards; establish a one year waiting period to qualify as independent; establish standards for and approval by the commissioner of material service provider contracts; require adoption of written policy for board of director responsibilities in the plan of operation; require and establish standards for an audit committee; allow for a waiver by the commissioner of certain audit committee requirements; establish and require disclosure of governance standards; require reporting to the commisioner of material noncompliance with the provisions of the section for risk retention groups; amend KRS 304.45-020 to define "board of directors," "director," "material relationship," and "material service provider contract"; amend KRS 304.45-030 to require notice to the commissioner of any other subsequent material changes to a risk retention group's plan of operation or feasibility study and make technical corrections; amend KRS 304.45-040 and 304.45-060 to conform; repeal and reenact KRS 304.45-050 to adopt alternative model language from the National Association of Insurance Commissioners; EFFECTIVE January 1, 2018.
Index Headings of Original Version Effective Dates, Delayed - Risk retention group or a reciprocal insurer, January 1, 2018
Insurance - Purchasing groups, exemptions for
Insurance - Risk retention groups, establish governance standards for
Insurance - Risk retention groups, governance standards, require disclosure of
Insurance - Risk retention groups, material service provider contracts with
Insurance - Risk retention groups, reporting of material non-compliance to commissioner by
Votes Vote History


  • introduced in House
  • to Banking & Insurance (H)
  • posted in committee
  • reported favorably, 1st reading, to Consent Calendar
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Thursday, February 16, 2017
  • 3rd reading, passed 95-1
  • received in Senate
  • to Banking & Insurance (S)
  • reported favorably, 1st reading, to Calendar
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Friday, March 3, 2017
  • 3rd reading, passed 37-0
  • received in House
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
  • signed by Governor (Acts, ch. 16)

Last updated: 1/16/2019 3:02 PM (EST)