HB 414 (BR 1604) - J. Gooch
AN ACT relating to insurance.
Amend KRS 304.15-020 to define "viatical settlement broker", "viatical settlement contract", "viatical settlement provider" and "viator"; create a new section of Subtitle 15 of KRS Chapter 304 to require that a license be obtained before a person may act as a viatical settlement provider; allow the commissioner to examine the business and affairs of any licensee or license applicant; require a viatical settlement provider to disclose certain information to the viator before the viatical settlement contract is signed by all parties; require that a viatical settlement provider entering into a viatical settlement contract with any person with a catastrophic or life threatening illness or condition first obtain certain information, all viatical settlement contracts to contain an unconditional refund provision with time limitations; give authority to the commissioner to promulgate administrative regulations and to carry out specific duties; establish that the activities regulated by this Act are the business of insurance and subject to Subtitle 12 of KRS Chapter 304.
HB 414 - AMENDMENTS
HFA (1, J. Gooch) - Amend to require that the examination of the contract will take place with the company's approval process, and to require that the application be filed on forms no later than November 1, 1998; amend to require that the funds be available within two (2) business days of notification from the insurer; amend to change receipt from viator to receipt from the insurer of the effect of the transfer of ownership of the insurance policy, and to require the provider to pay the proceeds of the settlement to an account in a custodian bank within two (2) business days of receipt; and amend the standards for evaluating payments under the contract to include type of illness, life expectancy, insurance company rating, amount of premium payment, policy type, market factors and other reasonable factors, and to eliminate the requirement of a bond.
HCA (1, J. Bruce) - Make technical change.
HFA (2, J. Gooch) - Amend to require all licensed viatical settlement providers to have the viator's medical condition reviewed by a qualified third-party physician.
Jan 26-introduced in House
Jan 27-to Banking and Insurance (H)
Jan 28-posted in committee
Feb 19-reported favorably, 1st reading, to Calendar with Committee Amendment (1)
Feb 20-2nd reading, to Rules
Feb 24-posted for passage in the Regular Orders of the Day for February 25, 1998
Feb 25-floor amendment (1) filed; 3rd reading; returned to the Orders of the Day
Feb 26-floor amendment (2) filed
Mar 4-passed 95-0 with Committee Amendment (1) and Floor Amendments (1) and (2)
Mar 5-received in Senate
Mar 6-to Banking and Insurance (S)
Mar 18-reported favorably, 1st reading, to Calendar
Mar 19-2nd reading, to Rules
Mar 23-posted for passage in the Regular Orders of the Day for March 25, 1998
Mar 25-3rd reading, passed 37-0
Mar 26-received in House; enrolled, signed by each presiding officer
Mar 27-delivered to Governor
Apr 7-signed by Governor