98RS HB684


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HB 684 (BR 1871) - S. Riggs

     AN ACT relating to insurance.
     Amend various sections of Subtitle 42 of KRS Chapter 304 pertaining to the Kentucky Life and Health Insurance Guaranty Association to clarify the purpose of the association; specify conditions under which the association coverage is provided for structured settlement annuities; specify which policies the subtitle does not apply to; establish limits of coverage; provide for payment to the association of deposits not turned over to liquidator; authorize the association to intervene before a court or agency with jurisdiction over an impaired or insolvent insurer; authorize the association to request information from a person seeking coverage to aid it in determining its obligations to the person; permit the association to elect to succeed to the rights and obligations of the member insurer that accrue one year or later after the association becomes responsible for a member insurer's obligations pertaining to reinsurance agreements; allow another insurer to succeed to rights of association if association transfers its obligations to the insurer; provide that venue for suit against the association shall be Franklin County; prohibit a person from entitlement to benefits in addition to those arranged or offered under a plan or arrangement that fulfills the association's obligations; require a member to pay all assessments once a deferral has been removed; redefine the average annual premiums for purposes of two or more assessments in a calendar year with respect to insurers that become impaired or insolvent in different calendar years; require full payment of assessment when insurer protests assessment; permit association to receive a disbursement of assets out of marshaled assets to reimburse it as a credit against contractual obligations; require the association to provide to a member upon request a copy of its annual financial report; and extend immunity to other state associations of similar purposes.


     SFA (1, B. Jackson) - Amend to make technical changes.

     Feb 23-introduced in House
     Feb 24-to Banking and Insurance (H)
     Feb 25-posted in committee
     Mar 5-reported favorably, 1st reading, to Calendar
     Mar 6-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for March 9, 1998
     Mar 10-3rd reading, passed 94-0
     Mar 11-received in Senate
     Mar 12-to Banking and Insurance (S)
     Mar 18-reported favorably, 1st reading, to Consent Calendar
     Mar 19-floor amendment (1) filed; 2nd reading, to Rules
     Mar 23-posted for passage in the Consent Orders of the Day for March 25, 1998
     Mar 25-passed over and retained in the Orders of the Day
     Mar 26-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; 3rd reading, passed 36-0 with floor amendment (1); received in House; posted for passage for concurrence in Senate amendment
     Mar 31-House concurred in Senate floor amendment (1); passed 92-2
     Apr 1-enrolled, signed by each presiding officer, delivered to Governor
     Apr 13-signed by Governor

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