HB 415 (BR 1602) - S. Riggs
AN ACT relating to insurance.
Amend KRS 304.36-030 to expand the exclusions to the subtitle; amend KRS 304.040 to remove the word liberally from the construction directions; amend KRS 304.36-050 to define additional terms; amend KRS 304.36-080 to change the obligation duty of the association from the determination of insolvency to the order of liquidation, to set forth that the satisfaction of the obligation will be met by paying certain specified amounts, to set forth that the association will not be obligated to pay a claimant an amount in excess of the obligation of the insolvent insurer, to set forth certain conditions for covered claims to be paid; amend KRS 304.36-090 to allow the plan of operation to establish certain procedures regarding claims; amend KRS 304.36-110 to allow the association a cause of action against the insured of the insolvent insurer for sums in certain specific situation; amend KRS 304.36-120 to provide that any person having a claim against an insurer other than the policy of an insolvent insurer must first exhaust his right under provisions in certain policies; and create a new section of Subtitle 36 of KRS 304 to establish that all proceedings in which the insolvent insurer is a party or is obligated to defend a party in court is subject to waiver, stay and additional time in certain cases.
HB 415 - AMENDMENTS
HCA (1, S. Riggs) - Authorize the Kentucky Insurance Guaranty Association to assess members up to 2 percent of premiums written rather than 1 percent.
Jan 26-introduced in House
Jan 27-to Banking and Insurance (H)
Feb 2-posted in committee
Feb 12-reported favorably, 1st reading, to Calendar with Committee Amendment (1)
Feb 17-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for February 18, 1998
Feb 18-3rd reading, passed 83-11 with Committee Amendment (1)
Feb 19-received in Senate
Feb 20-to Banking and Insurance (S)
Mar 4-reported favorably, 1st reading, to Consent Calendar
Mar 5-2nd reading, to Rules
Mar 6-posted for passage in the Consent Orders of the Day for March 10, 1998
Mar 10-3rd reading, passed 32-0; received in House; enrolled, signed by Speaker of the House
Mar 11-enrolled, signed by President of the Senate; delivered to Governor
Mar 23-signed by Governor