HB 233 (BR 1043) - J. Greer, S. Riggs, D. Keene
AN ACT relating to insurance licensing.
Amend KRS 304.9-020 to move the definitions for "rental vehicle agent" and "rental vehicle agent managing employee" from KRS 304.9-501 to the subtitle definitions statute; update the definitions of "public adjuster," "independent" and "staff adjuster" to reflect the new uniform definitions; amend the definition of "negotiate" to adopt the definition in the NAIC Producer Model Act; amend KRS 304.9-105 to clarify that a license will "terminate" rather than be revoked if a producer fails to provide proof of financial responsibility; amend KRS 304.9-130 and 304.9-133 to remove the requirement that licensed business entities file an annual report of all designated individuals not terminated on or prior to December 31; amend KRS 304.9-150 to prohibit authorization of entity with same or similar name as licensee already authorized; amend KRS 304.9-230 to add rental vehicle insurance as a limited line of authority; amend KRS 304.9-260 to clarify that a penalty for failure to comply with the renewal procedures will be assessed from the first day after expiration, clarify that the producer will have 60 day grace period before the license will expire to provide continuing education compliance documentation, renewal fee, and penalty fee; amend KRS 304.9-280 to clarify termination-without-cause provisions; amend KRS 304.9-295 to clarify that a license will expire rather than terminate for noncompliance with the continuing education requirements; amend KRS 304.9-421 and 304.9-425 to adopt language from the NAIC Producer Licensing Model Act to expand the scope to all licensees; remove the requirement that an individual receiving override commissions be licensed; amend KRS 304.9-430 and 304.9-432 and create new sections of Subtitle 9 of KRS Chapter 304 to adopt the NAIC Adjuster Model Act; amend KRS 304.9-505, 304.9-436, 304.9-507, and 304.9-509 to provide conforming changes that rental vehicle insurance will now be governed by general statutes related to limited lines of authority; amend KRS 304.12-100 to conform; repeal KRS 304.9-070, 304.9-485, 304.9-501, 304.9-503, and 304.9-513.
HB 233 - AMENDMENTS
HCS - Delete Section 3, which contained an amendment to KRS 304.9-130 relating to deletion of the requirement for designation by a business entity to the executive director of the office of insurance of an agent's authorized to act for the business entity; and make conforming and technical corrections.
HFA (1, R. Damron) - Amend KRS 304.9-020, 304.9-280, 304.9-430, and 304.9-432 to delete references to the National Association of Insurance Commissioners; amend KRS 304.9-430 to establish an exemption from licensing requirements for employees of a licensed independent adjuster or its affiliates that meet designated requirements.
HFA (2, R. Damron) - Amend KRS 304.9-020, 304.9-280, 304.9-430, and 304.9-432 to delete existing and proposed references to the National Association of Insurance Commissioners; amend KRS 304.9-430 relating to independent adjuster licensure exemptions to clarify that a person who is an employee of a licensed independent adjuster or of an affiliate of an independent adjuster or who is supervised by a licensed independent adjuster who supervises no more than 25 people is exempt from licensure requirements if he or she collects claim information, enters data into an automated claims adjudication system, or furnishes claim information to insureds or claimants from the automated claims adjudication system.
SCS - Retain original provisions, except amend the definition of "negotiate" to clarify that the definition of negotiate does not apply to negotiating a claims settlement.
Jan 11-introduced in House
Jan 13-to Banking & Insurance (H)
Jan 15-posted in committee
Jan 20-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Jan 21-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Wednesday, January 27, 2010
Jan 25-floor amendment (1) filed to Committee Substitute
Jan 26-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
Jan 28-floor amendment (2) filed to Committee Substitute
Feb 2-3rd reading, passed 98-0 with Committee Substitute, floor amendment (2)
Feb 3-received in Senate
Feb 5-to Banking & Insurance (S)
Mar 9-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 10-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Thursday, March 11, 2010
Mar 11-3rd reading, passed 36-0 with Committee Substitute ; received in House; to Rules (H)
Mar 17-posted for passage for concurrence in Senate Committee Substitute for Thursday, March 18, 2010
Mar 29-House concurred in Senate Committee Substitute ; passed 98-0; enrolled, signed by each presiding officer; delivered to Governor
Apr 8-signed by Governor (Acts ch. 83)