Last Action | 03/26/19: signed by Governor (KY Acts ch. 147) |
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Title | AN ACT relating to the insurance industry. |
Bill Documents |
Acts Chapter 147
Current/Final Introduced |
Bill Request Number | 332 |
Sponsor | B. Rowland |
Summary of Original Version | Create new sections of Subtitle 3 of KRS Chapter 304 to define terms, including "beta test,"; "exclusivity period"; "insurance innovation"; "limited no-action letter" "permanent no-action letter," and "regulatory sandbox"; create an application process for admitting companies to the regulatory sandbox for the purpose of permitting the company to beta test an insurance innovation under a limited no-action letter; impose certain disclosure and financial stability requirements for companies making an application; establish a director of insurance innovation within the Department of Insurance; establish procedures and requirements for the review and acceptance of applications; grant the commissioner authority to modify, increase, or change certain application requirements; grant the commissioner authority to reject applications; allow companies to file a petition for reconsideration and request a hearing upon rejection of an application; establish requirements for issuing a limited no-action letter; establish how long the safe harbor of a limited no-action letter persists; set time period for a beta test at one year; allow a beta test to be extended for up to one year; establish requirements for a beta test; establish company's rights during a beta test; authorize the commissioner to issue certain orders to enforce the terms and conditions of a beta test; establish requirements for an exclusivity period; authorize the commissioner to issue an order terminating the exclusivity period; establish a cause of action for infringement of exclusivity period; establish reporting requirements for evaluation of beta test by the commissioner; establish requirements for issuance of a permanent no-action letter by the commissioner; establish that certain documents relating to the financial condition of a company are confidential and not subject to public disclosure pursuant to the Kentucky Open Records Act; establish certain disclosure rights of the commissioner; require the commissioner to submit reports relating to the administration of Sections 1 to 9 of this Act. |
Index Headings of Original Version |
Reports Mandated - Department of Insurance, reports to legislature, require submission of Insurance - Insurance innovations, no-action letters, issuance of Insurance - Regulatory sandbox for insurance innovations, creation of State Agencies - Department of Insurance, insurance innovations, no-action letters, issuance of State Agencies - Department of Insurance, reports to legislature, require submission of Claims - Infringement of exclusivity period claim, creation of |
Jump to Proposed Amendments |
House Committee Substitute 1 Senate Committee Substitute 1 |
Votes | Vote History |
02/14/19 |
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02/15/19 |
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02/20/19 |
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02/21/19 |
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02/22/19 |
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02/27/19 |
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02/28/19 |
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03/04/19 |
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03/06/19 |
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03/12/19 |
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03/13/19 |
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03/14/19 |
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03/26/19 |
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Amendment | House Committee Substitute 1 |
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Summary | Retain original provisions, except remove requirement for director to deliver a preliminary report to the commissioner and make a recommendation whether a permanant no-action letter should be issued; extend period that company may employ insurance innovation pursuant to terms and conditions of limited letter. |
Index Headings |
Insurance - Insurance innovations, no-action letters, issuance of Insurance - Regulatory sandbox for insurance innovations, creation of State Agencies - Department of Insurance, insurance innovations, no-action letters, issuance of State Agencies - Department of Insurance, reports to legislature, require submission of Claims - Infringement of exclusivity period claim, creation of Reports Mandated - Department of Insurance, reports to legislature, require submission of |
Amendment | Senate Committee Substitute 1 |
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Summary | Retain original provisions, except delete definitions for "company," "exclusivity period," "permanent no-action letter," and "startup company"; add definitions for "applicant," "participant," and "extended no-action letter"; establish that applications may be filed on or before December 31, 2025; amend application and notice of acceptance requirements; establish persons who are not authorized to make an application for admission to the sandbox; amend the minimum terms and conditions that govern a beta test; authorize the extension of the time period for a beta test only upon a request made in an application; authorize the commissioner to impose a fine for violation of the terms or conditions set forth in a limited letter; authorize commissioner to terminate a beta test that causes consumer harm; remove provisions granting an exclusivity period; establish requirements for an extended no-action letter; provide that limited and extended no-action letters shall be published on the department's Web site; and make technical corrections. |
Index Headings |
Insurance - Insurance innovations, no-action letters, issuance of Insurance - Regulatory sandbox for insurance innovations, creation of State Agencies - Department of Insurance, insurance innovations, no-action letters, issuance of State Agencies - Department of Insurance, reports to legislature, require submission of Reports Mandated - Department of Insurance, reports to legislature, require submission of Technical Corrections - HB 386 |
Last updated: 11/9/2023 3:08 PM (EST)