24RS HB 371

House Bill 371

Actions | Amendments

Legislative History
Last Action	04/04/24: signed by Governor (Acts Ch.31)
Title	AN ACT relating to mine subsidence insurance.
Bill Documents	Acts Chapter 31 Current/Final Introduced
Bill Request Number	1516
Sponsors	W. Williams, J. Dixon, J. Justice, M. Pollock
Summary of Enacted Version	Amends KRS 304.44-030 to increase the maximum total insured value to be reinsured by the administrator per structure from $300,000 to $500,000, to allow the administrator to establish a different maximum total insured value reinsured per structure when certain requirements are met, to allow an insurer to implement a the maximum total insured value established by the administrator any time after receiving notice, to require that the commissioner of insurance promulgate a regulation to establish a process for notice to insurers, and to increase the coverage amount for living expenses from $25,000 to $50,000; amends KRS 304.44-050 to conform; and applies to policies issued or renewed on or after January 1, 2025; EFFECTIVE January 1, 2025.
Summary of Original Version	Amend KRS 304.44-030 to require the administrator to establish the maximum total insured value reinsured per structure; increase the coverage amount for living expenses from $25,000 to $50,000; amend KRS 304.44-050 to conform; apply to policies issued or renewed on or after January 1, 2025; EFFECTIVE January 1, 2025.
Index Headings of Original Version	Effective Dates, Delayed - Mine subsidence insurance, reinsurance maximum, January 1, 2025 Insurance - Mine subsidence, structures, reinsurance maximum Minerals and Mining - Mine subsidence insurance, structures, reinsurance maximum Property - Mine subsidence insurance, structures, reinsurance maximum State Agencies - Department of Insurance, Commissioner, mine subsidence, reinsurance maximum, approval Coal - Mine subsidence insurance, structures, reinsurance maximum
Jump to Proposed Amendments	House Committee Substitute 1 Senate Committee Substitute 1
Votes	Vote History

Actions

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01/24/24	introduced in House to Committee on Committees (H)
01/30/24	to Banking & Insurance (H)
01/31/24	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
02/01/24	2nd reading, to Rules
02/05/24	posted for passage in the Regular Orders of the Day for Tuesday, February 06, 2024
02/06/24	3rd reading, passed 95-0 with Committee Substitute (1)
02/07/24	received in Senate to Committee on Committees (S)
02/20/24	to Banking & Insurance (S)
03/05/24	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
03/06/24	2nd reading, to Rules as a consent bill
03/08/24	posted for passage in the Consent Orders of the Day for Monday, March 11, 2024
03/11/24	passed over and retained in the Consent Orders of the Day
03/12/24	passed over and retained in the Consent Orders of the Day
03/13/24	passed over and retained in the Consent Orders of the Day
03/14/24	passed over and retained in the Consent Orders of the Day
03/15/24	passed over and retained in the Consent Orders of the Day
03/21/24	3rd reading, passed 38-0 with Committee Substitute (1)
03/22/24	received in House to Rules (H)
03/25/24	posted for passage for concurrence in Senate Committee Substitute (1)
03/27/24	House concurred in Senate Committee Substitute (1) passed 96-0 enrolled, signed by Speaker of the House enrolled, signed by President of the Senate delivered to Governor
04/04/24	signed by Governor (Acts Ch.31)

Proposed Amendments

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Amendment	House Committee Substitute 1
Summary	Retain original provisions; require the commissioner to promulgate an administrative regulation to establish a process and timeframe for notifying insurers of the maximum total insured value.
Index Headings	Insurance - Mine subsidence, structures, reinsurance maximum Minerals and Mining - Mine subsidence insurance, structures, reinsurance maximum Property - Mine subsidence insurance, structures, reinsurance maximum State Agencies - Department of Insurance, Commissioner, mine subsidence, reinsurance maximum, approval Administrative Regulations and Proceedings - Commissioner, Department of Insurance, mine subsidence, structures, reinsurance maximum Coal - Mine subsidence insurance, structures, reinsurance maximum

Amendment	Senate Committee Substitute 1
Summary	Retain original provisions, except increase the amount to be reinsured per structure from $300,000 to $500,000; establish requirements for when amounts determined by the administrator are implemented; delete requirement for the insurance commissioner to establish a timeframe for notice to insurers in administrative regulation.
Index Headings	Insurance - Mine subsidence, structures, reinsurance maximum Minerals and Mining - Mine subsidence insurance, structures, reinsurance maximum Property - Mine subsidence insurance, structures, reinsurance maximum Administrative Regulations and Proceedings - Commissioner, Department of Insurance, mine subsidence, structures, reinsurance maximum Coal - Mine subsidence insurance, structures, reinsurance maximum