98RS HB429


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HB 429 (BR 1864) - J. Richards

     AN ACT relating to insurance.
     Amend KRS 287.030 to provide that Kentucky-chartered banks or their subsidiaries are specifically authorized to engage in the sale of non-credit-related insurance; delete provision that prohibits a person who owns or acquires more than one-half of the capital stock of a bank from acting as an insurance agent or broker; create a new section of Subtitle 9 of KRS Chapter 304, the insurance code, to establish requirements to be met by financial institutions authorized to engage in insurance agency activities; prohibit an officer or employee of a financial institution from delaying or impeding completion of a loan transaction for the purpose of influencing a consumer's selection or purchase of any insurance; establish standards for compensating an employee of a financial institution for referral of a consumer to a licensed person.


     HFA (1, J. Bruce) - Amend to allow banks to sell non-credit related insurance.
     HFA (2, P. Hatcher Jr) - Allow an employee of a general agency to receive compensation for referral of a consumer to a licensed person.
     SCA (1, D. Seum) - Amend definition of "financial institution".

     Jan 27-introduced in House
     Jan 28-to Banking and Insurance (H); posted in committee
     Feb 5-reported favorably, 1st reading, to Calendar
     Feb 6-2nd reading, to Rules
     Feb 10-posted for passage in the Regular Orders of the Day for February 11, 1998; floor amendment (1) filed
     Feb 11-floor amendment (2) filed
     Feb 19-3rd reading, passed 89-0 with Floor Amendments (1) and (2)
     Feb 20-received in Senate
     Feb 23-to Banking and Insurance (S)
     Mar 4-reported favorably, 1st reading, to Consent Calendar with Committee Amendment (1)
     Mar 5-2nd reading, to Rules
     Mar 11-posted for passage in the Consent Orders of the Day for March 13, 1998
     Mar 13-3rd reading, passed 37-0 with committee amendment (1)
     Mar 16-received in House; posted for passage for concurrence in Senate amendment
     Mar 24-House concurred in Senate committee amendment (1); passed 95-1
     Mar 25-enrolled, signed by each presiding officer, delivered to Governor
     Apr 3-signed by Governor

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