House Bill 464

Actions | Amendments
Last Action signed by Governor (Acts, ch. 194)
Title AN ACT relating to credit for reinsurance.
Bill Documents Current/Final
Introduced
Bill Request Number 1936
Sponsors J. Gooch Jr., S. Riggs, B. Rowland
Summary of Original Version Amend KRS 304.5-140 to define "NAIC"; allow commissioner of Department of Insurance to promulgate administrative regulations establishing additional requirements for certain reinsurance arrangements; require accredited reinsurers to demonstrate adequate financial capacity; authorize reduction in trusteed surplus for certain assuming insurers maintaining a trust for the payment of reinsurance claims; establish requirements for certain assuming insurers maintaining a trust for the payment of reinsurance claims; establish requirements for assuming insurers that have been certified or seek to be certified as a reinsurer in Kentucky; require the commissioner to publish a list of qualified jurisdictions under which assuming insurers are eligible to be considered for certification as a reinsurer; require the commissioner to assign and publish a list setting forth the rating for each certified reinsurer; authorize the commissioner to suspend or revoke a reinsurer's accreditation or certification and establish due process procedures; establish requirements for the management of a ceding insurer's reinsurance recoverables; allow the commissioner to permit a certified reinsurer to defer posting security for catastrophic recoverables under certain circumstances; include certain exempted assets as acceptable forms of security permitted for certain reinsurance arrangements; authorize commissioner to promulgate administrative regulations; make conforming amendments; EFFECTIVE January 1, 2019.
Index Headings of Original Version Administrative Regulations and Proceedings - Credit for reinsurance, Department of Insurance
Effective Dates, Delayed - Credit for reinsurance, January 1, 2019
Insurance - Credit for reinsurance, assuming reinsurers maintaining a trust, establishing requirements
Insurance - Credit for reinsurance, catastrophic recoverables, deferral of
Insurance - Credit for reinsurance, certified reinsurers, establishing requirements
Insurance - Credit for reinsurance, foreign reinsurers, establishing requirements
Insurance - Credit for reinsurance, NAIC model legislation, adopting
Insurance - Credit for reinsurance, reinsurance recoverables, managing
International Trade and Relations - Credit for reinsurance, foreign reinsurers, establishing requirements
Interstate Cooperation - Credit for reinsurance, NAIC model legislation, adopting
State Agencies - Credit for reinsurance, Department of Insurance, administrative regulations, authorizing
Proposed Amendments Senate Committee Substitute 1
Senate Committee Amendment 1
Votes Vote History

Actions

Top | Amendments
02/23/18
  • introduced in House
02/26/18
  • to Banking & Insurance (H)
  • posted in committee
02/28/18
  • reported favorably, 1st reading, to Consent Calendar
03/01/18
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Friday, March 2, 2018
03/02/18
  • 3rd reading, passed 82-0
03/05/18
  • received in Senate
03/06/18
  • to Banking & Insurance (S)
03/20/18
  • reported favorably, 1st reading, to Consent Calendar
03/21/18
  • 2nd reading, to Rules
03/22/18
  • posted for passage in the Consent Orders of the Day for Thursday, March 22, 2018
  • passed over and retained in the Consent Orders of the Day
  • taken from the Consent Orders of the Day
  • recommitted to State & Local Government (S)
03/27/18
  • reported favorably, to Rules with Committee Substitutes (1) committee amendment (1-title)
  • posted for passage in the Regular Orders of the Day for Tuesday, March 27, 2018
  • 3rd reading, passed 34-3 with Committee Substitute (1) committee amendment (1-title)
  • received in House
  • to Rules (H)
04/13/18
  • posted for passage for concurrence in Senate Committee Substitute and committee amendment (1-title)
  • House concurred in Senate Committee Substitute and committee amendment (1-title)
  • Bill passed 70-19
04/14/18
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/26/18
  • signed by Governor (Acts, ch. 194)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Summary Keep original provisions; direct the Department of Insurance to conduct a study of medical bills submitted to reparation obligors, EMERGENCY.
Index Headings Administrative Regulations and Proceedings - Credit for reinsurance, Department of Insurance
Effective Dates, Delayed - Credit for reinsurance, January 1, 2019
Insurance - Credit for reinsurance, assuming reinsurers maintaining a trust, establishing requirements
Insurance - Credit for reinsurance, catastrophic recoverables, deferral of
Insurance - Credit for reinsurance, certified reinsurers, establishing requirements
Insurance - Credit for reinsurance, foreign reinsurers, establishing requirements
Insurance - Credit for reinsurance, NAIC model legislation, adopting
Insurance - Credit for reinsurance, reinsurance recoverables, managing
International Trade and Relations - Credit for reinsurance, foreign reinsurers, establishing requirements
Interstate Cooperation - Credit for reinsurance, NAIC model legislation, adopting
State Agencies - Credit for reinsurance, Department of Insurance, administrative regulations, authorizing

Amendment Senate Committee Amendment 1
Sponsor J. Bowen
Summary Make title amendment.
Index Headings Administrative Regulations and Proceedings - Credit for reinsurance, Department of Insurance
Effective Dates, Delayed - Credit for reinsurance, January 1, 2019
Insurance - Credit for reinsurance, assuming reinsurers maintaining a trust, establishing requirements
Insurance - Credit for reinsurance, catastrophic recoverables, deferral of
Insurance - Credit for reinsurance, certified reinsurers, establishing requirements
Insurance - Credit for reinsurance, foreign reinsurers, establishing requirements
Insurance - Credit for reinsurance, NAIC model legislation, adopting
Insurance - Credit for reinsurance, reinsurance recoverables, managing
International Trade and Relations - Credit for reinsurance, foreign reinsurers, establishing requirements
Interstate Cooperation - Credit for reinsurance, NAIC model legislation, adopting
State Agencies - Credit for reinsurance, Department of Insurance, administrative regulations, authorizing

Last updated: 1/16/2019 3:00 PM (EST)