HB 230 (BR 972) - R. Crimm, R. Damron, J. Gooch Jr., R. Rand, S. Riggs, T. Thompson, S. Westrom
AN ACT relating to life settlements.
Create a new section of subtitle 15 of KRS 304.15 that requires insurers to provide written notice to policyowners of the option of life settlement contracts when a policyowner may surrender an insurance policy, when a policyowner requests an accelerated death benefit, when a policyowner seeks to use their policy as collateral for a loan, when a policyowner is facing the lapse of a policy, and at any other time the commissioner may require by administrative regulation; amend KRS 304.15-717 by adding language to prevent insurers from prohibiting agents from negotiating a life settlement contracts.
HB 230 - AMENDMENTS
HCS - Delete original provisions of the bill and in lieu thereof direct the Office of Insurance to research the authority afforded by other states to an insurance agent with a life line of authority and as a life settlement broker, to research whether other states' authority for the dual licensure contains any prohibition to address potential conflicts of interest or unfair trade practices, and to research whether other states have taken enforcement action or investigated complaints related to dually licensed individuals who were prohibited or restricted from performing duties of either license; and require the Office of Insurance to report its findings to the Interim Joint Committee on Banking and Insurance by October 31, 2009.
Feb 3-introduced in House
Feb 4-to Banking & Insurance (H)
Feb 23-posting waived
Feb 25-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 26-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 2, 2009
Feb 27-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
Mar 2-taken from the Consent Orders of the Day; recommitted to Banking & Insurance (H)