House Bill 220

Actions
Last Action 03/26/19: signed by Governor (KY Acts ch. 156)
Title AN ACT relating to the supervision of insurance companies.
Bill Documents Current/Final
Introduced
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

Actions

Top
02/05/19
  • introduced in House
02/06/19
  • to Banking & Insurance (H)
02/07/19
  • posted in committee
02/13/19
  • reported favorably, 1st reading, to Consent Calendar
02/14/19
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Friday, February 15, 2019
02/15/19
  • 3rd reading, passed 96-0
  • received in Senate
02/19/19
  • to Banking & Insurance (S)
03/12/19
  • reported favorably, 1st reading, to Consent Calendar
03/13/19
  • 2nd reading, to Rules
03/14/19
  • 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
03/26/19
  • signed by Governor (KY Acts ch. 156)


Last updated: 5/10/2019 10:34 AM (EDT)
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