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HB331

10RS

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HB 331 (BR 1467) - J. Greer, S. Riggs

     AN ACT relating to insurance loss run statements.
     Create a new section of Subtitle 20 of KRS Chapter 304 to define "commercial property and casually" and "loss run statement"; require an insurer to provide a loss run statement within ten days of a written request from another insurer; require the receiving insurer to provide the statement to the insured within five calendar days of receipt; provide that a loss run statement shall be for a five-year loss run history or a complete history of the insured if less than five years; prohibit the receiving insurance agent from divulging confidential consumer information to a third person; prohibit an insurer from charging a fee for preparing and furnishing a loss run statement; create a new section of Subtitle 99 of KRS Chapter 304 to provide that an agent who fails to provide a loss run statement as requested within the specified time frame to another insurer or an insured shall be fined not less than $100 nor more than $250 for each day the agent fails to provide the statement.

HB 331 - AMENDMENTS


     SCS - Retain original provisions, except define "provide" as it relates to loss run statements; increase the time for providing a loss run statement from 10 days to 14 days; clarify that a person who fails to timely provide a loss run statement shall be subject to the specified fines.

     CCR - Cannot agree.

     FCCR - Create a new section of Subtitle 20 of KRS Chapter 304 to define "commercial property and casualty," "loss run statement," and "provide"; require an insurer to provide a loss run statement within 14 days of a written request from another insurer; require the receiving insurer to provide the statement to the insured within five calendar days of receipt; provide that a loss run statement shall be for a five-year loss run history or a complete history of the insured if less than five years; prohibit the receiving insurance agent from divulging confidential consumer information to a third person; prohibit an insurer from charging a fee for preparing and furnishing a loss run statement; create a new section of Subtitle 99 of KRS Chapter 304 to provide that an agent who fails to provide a loss run statement as requested within the specified time frame to another insurer or an insured shall be fined not less than $100 nor more than $250 for each day the agent fails to provide the statement; create a new section of Subtitle 12 of KRS Chapter 304 to require insurers to inform claimants upon notification of a motor vehicle damage claim that the claimant has a right to choose their repair facility and provide that appraisals for motor vehicle damage claims must include a notice regarding claimants rights under this Act; create a new section of Subtitle 99 of KRS Chapter 304 to provide that persons violating this Act shall be subject to civil fines in an amount not less than $250 and not more than $5,000.

     Jan 27-introduced in House
     Jan 28-to Banking & Insurance (H)
     Feb 8-posted in committee
     Feb 10-reported favorably, 1st reading, to Consent Calendar
     Feb 11-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Wednesday, February 17, 2010
     Feb 17-3rd reading, passed 98-0
     Feb 18-received in Senate
     Feb 22-to Banking & Insurance (S)
     Mar 9-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
     Mar 10-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Thursday, March 11, 2010
     Mar 11-3rd reading, passed 36-0 with Committee Substitute ; received in House; to Rules (H)
     Mar 17-posted for passage for concurrence in Senate Committee Substitute for Thursday, March 18, 2010
     Mar 29-House refused to concur in Senate Committee Substitute ; received in Senate; posted for passage for receding from Senate Committee Substitute ; Senate refused to recede from Committee Substitute ; Conference Committee appointed in Senate
     Apr 1-Conference Committee appointed in House; Conference Committee report filed in House and Senate; Conference Committee report adopted in House and Senate; Free Conference Committee appointed in House and Senate; Free Conference Committee report filed in House and Senate
     Apr 14-Free Conference Committee report adopted in Senate; Bill passed 36-1
     Apr 15-received in House; Free Conference Committee report adopted in House; Bill passed 95-0; enrolled, signed by Speaker of the House

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