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House Bill 207

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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

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02/07/17
  • introduced in House
02/09/17
  • to Banking & Insurance (H)
  • posted in committee
02/10/17
  • reported favorably, 1st reading, to Consent Calendar
02/13/17
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Thursday, February 16, 2017
02/16/17
  • 3rd reading, passed 95-1
02/17/17
  • received in Senate
02/21/17
  • to Banking & Insurance (S)
02/28/17
  • reported favorably, 1st reading, to Calendar
03/01/17
  • 2nd reading, to Rules
03/03/17
  • posted for passage in the Regular Orders of the Day for Friday, March 3, 2017
  • 3rd reading, passed 37-0
  • received in House
03/06/17
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/16/17
  • signed by Governor (Acts, ch. 16)


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