SB 107 (BR 922) - T. Buford
AN ACT relating to viatical settlement brokers.
Amend KRS 304.15-700 to provide that an insurance agent licensed with a life line of authority shall be deemed to meet the requirements of a viatical settlement broker without obtaining a license as a viatical settlement broker; require a life insurance agent operating as a viatical settlement broker to have in force evidence of financial responsibility in the form of an insurance policy in the sum of not less than $20,000 for any single occurrence and $100,000 in the aggregate for all occurrences in 1 year, or cash deposited with the executive director in the sum of $20,000, or an agreement with a viatical settlement provider that the provider assumes the responsibility; exempt life insurance agents operating as viatical settlement brokers from the viatical settlement brokers financial responsibility requirement of $500,000 for one occurrence and $1.5 million in the aggregate for all occurrences in one year.
SB 107 - AMENDMENTS
SCS - Retain original provisions, except provide that one option for proof of financial responsibility may include an agreement between the viatical settlement provider and the agent to add the agent as an additional insured on the viatical settlement provider's errors and ommission insurance in the amount of $20,000, rather than allowing the viatical settlement provider to enter an agreement assuming responsibility for the agent.
Jan 20-introduced in Senate
Jan 24-to Banking and Insurance (S)
Feb 10-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 13-2nd reading, to Rules
Feb 16-posted for passage in the Regular Orders of the Day for Wednesday, February 22, 2006
Feb 22-3rd reading, passed 37-1 with Committee Substitute
Feb 23-received in House
Feb 28-to Banking and Insurance (H)
Mar 3-posted in committee
Mar 8-reported favorably, 1st reading, to Calendar
Mar 9-2nd reading, to Rules
Mar 14-posted for passage in the Regular Orders of the Day for Wednesday, March 15, 2006
Mar 15-3rd reading, passed 99-0
Mar 16-received in Senate; enrolled, signed by President of the Senate
Mar 17-enrolled, signed by Speaker of the House; delivered to Governor
Mar 28-signed by Governor (Acts ch. 54)