HB 547 (BR 1524) - R. Webb
AN ACT relating to insurance.
Create a new section of Subtitle 2 of KRS Chapter 304 to require that the insurance commissioner be elected at the general election in 2003 and each 4 years thereafter; require the commissioner to be a competent and experienced administrator with 10 years experience as an executive in the administration of business or government, or a practicing attorney or certified public accountant; require at least 5 years experience in the field of insurance or insurance regulation; prohibit a person from becoming commissioner if the person, spouse, or resident of the person's household is registered, certified, or licensed by the department, or is employed by a entity regulated by the department or receiving funds from the department, or owns or controls more than a 10 percent interest in an entity regulated by the department or receiving funds from the department, or uses or receives a substantial amount of tangible goods, services, or funds from the department; amend KRS 304.2-030 to conform; repeal KRS 304.2-020, which provides for the appointment of the commissioner, effective January 1, 2004.
Feb 2-introduced in House
Feb 3-to Banking and Insurance (H)
Mar 1-posted in committee