03RS SB189


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SB 189 (BR 1778) - R. Sanders Jr

     AN ACT relating to insurance.
     Amend KRS 304.9-430, 304.24-040, 304.27-060, and 304.29-101 to make minor changes to Kentucky law relating to recommendations under the General Agreement on Trade in Services; add reciprocity provisions for foreign countries; require incorporators of domestic stock and mutual insurance companies who are also directors, officers, or material parts of management to file a biographical affidavit demonstrating competency, honesty, trustworthiness, and favorable business repute; delete requirement that a majority of incorporators must be citizens of the United States and residents of Kentucky; require articles of incorporation to contain the names and addresses of incorporators; require incorporators of domestic mutual or domestic combined stock and mutual insurers to file a $100,000 penal bond or cash deposit in accordance with KRS 304.24-110 and to certify under oath that assets in the amount necessary to qualify for authority to transact the kinds of insurance proposed are the bona fide property of the proposed corporation; allow any 25 persons, rather than only persons domiciled in the state, to organize a domestic reciprocal insurer; require each original subscriber of a reciprocal insurer who is also a director, officer, or material part of management to file a biographical affidavit demonstrating his competency, honesty, trustworthiness, and favorable business repute; allow 7 or more individuals, rather than 7 or more citizens of the United States a majority of whom are citizens of this state, to form a domestic fraternal benefit society.


     HCS - Attach the provisions of HB 454 and House floor amendment 1.

     Feb 18-introduced in Senate
     Feb 20-to Banking and Insurance (S)
     Feb 24-reported favorably, 1st reading, to Consent Calendar
     Feb 25-2nd reading, to Rules
     Feb 27-posted for passage in the Consent Orders of the Day for Friday, February 28, 2003
     Feb 28-3rd reading, passed 35-0; received in House
     Mar 3-to Banking and Insurance (H)
     Mar 4-posting waived; posted in committee
     Mar 5-reported favorably, 1st reading, to Calendar with Committee Substitute
     Mar 6-2nd reading, to Rules
     Mar 10-recommitted to Appropriations and Revenue (H)

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