HB 264 (BR 436) - J. Greer, S. Riggs, S. Santoro, T. Thompson
AN ACT relating to insurance loss run statements.
Create a new section of subtitle 12 of KRS Chapter 304 to define loss run statement; require an insurer to provide a loss run statement within 10 days of a written request submitted by another insurer; provide that the loss run statement shall be for a three-year loss run history or a complete history if less than three years; prohibit the receiving agent from divulging consumer information to a third party; prohibit an insurer from charging a fee for a loss run statement; and, create a new section of subtitle 99 of KRS Chapter 304 to provide that an insurer who does not provide a loss run statement as requested shall be fined not less than $100 nor more than $250 for each day the insurer fails to provide the loss run statement.
HB 264 - AMENDMENTS
HCS - Create a new section of Subtitle 20 of KRS Chapter 304, relating to casualty insurance, to define "commercial property and casualty" and "loss run statement"; create a new section of Subtitle 20 of KRS Chapter 304 to require that a loss run statement be provided to an insured or the insurer's agent by an insurer within ten days of a written request by the insured or an insurer's agent; require an insurer's agent who receives a loss run statement to provide the statement to the insured within five calendar days; require the loss run statement contain a three year loss run history unless the history is less than three years; require an agent who receives a loss run statement to not divulge its contents and to maintain privacy of the consumer's information; prohibit charging a fee for provision of a loss run statement; and retain the penalty provision for failure to provide a loss run statement upon request as required, but apply it to an insurer's agent in addition to the insurer.
HFA (1, J. Greer) - Clarify that an insurer's agent is the agent of the subject insurer; clarify that information be held confidential as required by law, rather than require privacy of other customer information; and make technical amendments.
Feb 4-introduced in House
Feb 5-to Banking & Insurance (H)
Feb 9-posting waived
Feb 11-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 12-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Tuesday, February 24, 2009
Feb 13-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
Feb 23-floor amendment (1) filed to Committee Substitute
Feb 24-3rd reading, passed 99-0 with Committee Substitute, floor amendment (1)
Feb 25-received in Senate
Feb 27-to Banking & Insurance (S)
Mar 9-reported favorably, 1st reading, to Consent Calendar
Mar 10-2nd reading, to Rules