HB 84 (BR 860) - M. Denham, S. Riggs
AN ACT relating to life insurance.
Amend KRS 304.16-030, pertaining to life insurance on lives of employees, to delete the provision prohibiting employees from paying the entire premium if the amount of insurance does not exceed $2,000; delete requirement of at least 75 percent participation by employees if part of the premium is to be paid by employees; amend KRS 304.16-085, pertaining to coverage of dependents of insured employees, to delete the provision prohibiting the amount of coverage to be in excess of 50 percent of the insurance on the life of the employee or members.
HB 84 - AMENDMENTS
HCS - Amend KRS 304.16-030 pertaining to life insurance held by the employer on lives of employees to delete the authorization to pay the entire premium for funds contributed by employees if the amount of insurance does not exceed $2,000 on the life of an employee; require a policy where no part of the premium is paid by employees to insure all eligible employees; delete requirement that the policy must cover at least two employees; amend KRS 304.16-040 to define "debtors" insured by a creditor under a life policy; place limit on amount of insurance on life of any debtor; amend KRS 304.16-050 pertaining to life insurance issued to a labor union to delete requirement that at least 25 members must be insured; provide exceptions to requirement that all eligible members must be insured if members pay no part of the premium; amend KRS 304.16-060 pertaining to life insurance issued to trustees of a fund established by two or more employers in the same industry or one or more labor unions to delete requirement that if the insured persons are to contribute to the premiums at least 75 percent of eligible persons must contribute; permit an insurer to exclude or limit coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer; amend KRS 304.16-070 pertaining to life insurance issued to local governments and universities and school districts to delete requirement that at least 75% of eligible members be covered; amend KRS 304.16-080 to establish requirements for an association to which a policy is issued; amend KRS 304.16-085 that permits extension of coverage to dependents to delete requirement that such coverage cannot be in excess of 50% of the insurance on the life of the employee or member; amend KRS 304.16-090 pertaining to life policies issued to a credit union to delete requirement that if the insured persons are to contribute to the premiums at least 75% of eligible persons must contribute; delete the requirement that at least 25 members must be covered; delete requirement that the amount of insurance cannot exceed the amount of total shares and deposits of the member in or with the credit union; amend KRS 304.16-170 to permit insurer to pay up to $2000 rather than $500 to a person equitably entitled by reason of having incurred funeral or other expenses incident to the last illness or death of the individual insured; amend KRS 304.16-190 to make conversion privilege available to a surviving dependent and dependent of an employee or member upon termination of coverage of dependent; amend KRS 304.16-200 to application to the insured dependent of a covered person.
(Prefiled by the sponsor(s).)
Jan 8-introduced in House
Jan 9-to Banking & Insurance (H)
Jan 11-posted in committee
Jan 23-reported favorably, 1st reading, to Calendar with Committee Substitute
Jan 24-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, January 25, 2008
Jan 29-3rd reading, passed 95-0 with Committee Substitute
Jan 30-received in Senate
Feb 1-to Banking & Insurance (S)
Mar 4-reported favorably, 1st reading, to Consent Calendar
Mar 5-2nd reading, to Rules
Mar 12-recommitted to Banking & Insurance (S)
Apr 14-taken from committee Banking & Insurance (S); returned to Rules; posted for passage in the Consent Orders of the Day for Tuesday, April 15, 2008
Apr 15-3rd reading, passed 37-0; received in House; enrolled, signed by each presiding officer; delivered to Governor
Apr 24-signed by Governor (Acts Ch. 140)