House Bill 220

Last Action 03/26/19: signed by Governor (KY Acts ch. 156)
Title AN ACT relating to the supervision of insurance companies.
Bill Documents Acts Chapter 156
Bill Request Number 845
Sponsors D. Lewis, B. Rowland
Summary of Original Version Create a new section of Subtitle 3 of KRS Chapter 304 to require insurers to file Corporate Governance Annual Disclosures with the Department of Insurance; specify the form and contents of the disclosures; allow insurers to comply with the section by cross-referencing other existing relevant and applicable documents; specify the level at which information shall be reported; require insurers to maintain documentation and support for information provided in the disclosure; specify the format for disclosures filed after the initial disclosure; classify disclosure-related filings, documents, and information as confidential and privileged; permit certain use and sharing of disclosure-related filings, documents, and information; permit the commissioner to retain third-party consultants and the National Association of Insurance Commissioners to assist in review of the disclosures; specify requirements for persons retained by the commissioner; amend KRS 304.37-010 to alphabetize definitions and to add definitions for "groupwide supervisor" and "internationally active insurance group"; create a new section of Subtitle 37 of KRS Chapter 304 to authorize the commissioner to act as or acknowledge another regulatory official as a groupwide supervisor for an internationally active insurance group; establish factors to be considered in making a determination of groupwide supervisor; establish criteria for when the commissioner shall acknowledge another regulatory official acting as a groupwide supervisor; authorize the commissioner to collect information; require the commissioner to make certain notifications; establish the commissioner's authority when acting as a groupwide supervisor; require certain insurers to pay the reasonable expenses of the commissioner's participation in the administration of the section; amend KRS 304.37-050 to classify information reported or provided to the department under KRS 304.37-030 and Section 3 of the Act as confidential and privileged and make technical corrections; amend KRS 304.3-090, 304.3-400, 304.24-290, and 304.37-130 to conform.
Index Headings of Original Version Insurance - Corporate Governance Annual Disclosure, filing requirement for insurers, establishing
Insurance - Internationally active insurance groups, group-wide supervision standards, establishing
State Agencies - Department of Insurance, Commissioner, supervisory authority of
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 Friday, February 15, 2019
  • 3rd reading, passed 96-0
  • received in Senate
  • to Banking & Insurance (S)
  • reported favorably, 1st reading, to Consent Calendar
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Thursday, March 14, 2019
  • 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 (KY Acts ch. 156)

Last updated: 11/9/2023 3:08 PM (EST)