SB 177 (BR 1338) - E. Scorsone
AN ACT relating to mutual insurance companies.
Create a new section of Subtitle 24 of KRS Chapter 304 to require a domestic insurer domiciled outside of Kentucky, but doing business in Kentucky, to provide written notice to the Kentucky Department of Insurance of its intent to convert to a stock insurer or other form of organization; require the Department of Insurance to conduct a public hearing within 30 days after receiving notice; require the converting mutual to provide certain information prior to the hearing; require the commissioner to transmit a report to the public on the information collected at the hearing; require a copy of the report to be available on the Department of Insurance internet website and require a copy to be transmitted to the Governor, the Legislative Research Commission, the Attorney General, the Auditor of Public Accounts, the Secretary of State, and the commissioner of insurance or other similar regulatory agency in the state in which the converting mutual is domiciled; provide that all records submitted at the hearing are public records.
Feb 19-introduced in Senate
Feb 22-to Banking and Insurance (S)