HB 249/FN (BR 417) - J. Vincent
AN ACT relating to insurance premium surcharges.
Amend KRS 91A.080 to make a willful violation by an insurance company punishable by a penalty equal to 10% of the license fee or tax owed to the city, county, or urban-county government; require insurers to file an annual report with the Department of Insurance identifying all policies issued and the premium charged therefor; require the annual report to provide a breakdown of all collections in the preceding year for stated categories of insurance; require the report to categorize the license fee or tax remitted according to city, county, or urban-county government; provide that any city, county, or urban-county government may have access to the information maintained by the department upon written request of the appropriate legislative body; provide that the information furnished shall be at the requesting entity's expense; require all agents to notify the Department of Insurance of premiums that would qualify for a license fee or tax; provide that any agent who fails to notify the department may be subject to disciplinary action under KRS 304.9-440; provide that all information obtained and collected by the department under this section shall be given confidential treatment and shall not be open to public inspection under KRS 61.870 to 61.884.
HB 249 - AMENDMENTS
HCS/FN - Delete provisions of the original bill; amend KRS 91A.080 to allow the Department of Insurance, upon a finding by the department that an insurance company has willfully engaged in a pattern of business conduct that fails to properly collect and remit the fee or tax imposed, to assess insurance companies a penalty of no greater than 10% of the license fees or taxes owed to local governments; require the department to collect the penalty and distribute the fee as prescribed; permit any insurance company or agent held responsible for a penalty to request a departmental hearing; and provide for refunds of overpayments to any insurance company or agent who overpaid.
SCS/FN - Retain the original provisions of the HB249/GA, except provide that the penalty for failure to remit a fee or tax shall be in addition to other statutory penalties as provided in Subtitle 99 of KRS Chapter 304; retain provisions that any overdue fee or tax shall bear interest until paid.
Feb 4-introduced in House
Feb 5-to Local Government (H)
Feb 10-posted in committee
Feb 19-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 20-2nd reading, to Rules
Feb 24-posted for passage in the Regular Orders of the Day for Tuesday, February 25, 2003
Feb 25-3rd reading, passed 94-0 with Committee Substitute
Feb 26-received in Senate
Feb 28-to State and Local Government (S)
Mar 4-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 5-2nd reading, to Rules