IIK Leads in Passage of HB 313 – Fixes Two Issues
IIK worked with Rep. Joe Fischer to pass HB 313 in order to modernize two aspects of KY insurance law: Auto Alarm Systems: Kentucky statutes specify discounts that insurers must give for auto alarm systems. Those statutes were written in 1986 and specify outdated technology. In addition, the discounts required do not match the risk […]
Reading...Several Insurance Bills Pass in 2020 Legislative Session
A number of bills with an insurance impact passed during the 2020 legislative session. The key bills were as follows: HB 417 (Rep. Bart Rowland) – Credit for Reinsurance Model Act Amendments: In 2019, the National Association of Insurance Commissioners gave its approval to amendments to the Credit for Reinsurance Model Law and Regulation. These standards are […]
Reading...Insurance and the Pandemic
Business Interruption Coverage This spring, in response to the rapidly spreading virus about which little was initially known, state governments responded by limiting the activities of some businesses and closing others altogether. Business owners who were faced with massive losses of revenue began to question whether or not business interruption insurance coverage would cover income […]
Reading...IIK Advocates Hands-Free Cell Phone Usage
In IIK’s Insurance 101 article about Distracted Driving, we discuss that many states have enacted laws in recent years to deal with distracted driving. The most common distractions discussed are the use of cell phones and texting while driving. These are not the only distractions but they seem to be growing the fastest among all […]
Reading...Mark Treesh
Issues
Comments Off on Personal Injury Protection (PIP) Auto Insurance Coverage
Personal Injury Protection (PIP) Auto Insurance Coverage
Background on PIP Personal Injury Protection (PIP) is a mandatory auto insurance coverage in Kentucky. All insured drivers must carry PIP coverage of at least $10,000, but additional coverage can be obtained for up to $50,000. The coverage can be used for medical expenses, lost wages, funeral expenses, and replacement services. Costs Are Increasing PIP […]
Reading...IIK Leads in Passage of Major Insurance Fraud Bill
IIK was one of the major leaders in the passage of a major bill designed to combat insurance fraud in Kentucky. Insurance fraud has been a major problem for years in Kentucky, especially in and around the Metro Louisville area. Among the reasons that fraud is so prevalent here are: The penalties for insurance fraud […]
Reading...Mark Treesh
News
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Insurance “Innovation Sandbox” Bill Passed by 2019 General Assembly
The Kentucky General Assembly passed a bill during the 2019 legislative session that will establish an “insurance sandbox” to allow companies to test innovations in the insurance marketplace. HB 386 was sponsored by House Banking and Insurance Chair Bart Rowland (R-Tompkinsville) and it will become law on June 27. The bill allows companies to make […]
Reading...Mark Treesh
News
Comments Off on Kentucky Adopts NAIC Model Act for Life and Health Guaranty Funds
Kentucky Adopts NAIC Model Act for Life and Health Guaranty Funds
Late in 2017, the National Association of Insurance Commissioners (NAIC) adopted changes to its Life and Health Guaranty Association Model Act which were designed to address concerns arising from insolvencies of insurers writing long-term care insurance (LTCI). Prior to that revision, health insurers were responsible for the majority of guaranty fund assessments because LTCI was categorized […]
Reading...KY DOI Releases Bulletin 2019-03 on 2019 Legislation
The Kentucky Department of Insurance released Bulletin 2019-03 with summaries of insurance legislation passed by the Kentucky General Assembly in the 2019 legislative session. Bills related to property and casualty or life insurance included in the bulletin are: HB 151 – Insurance Fraud* HB 156 – Handling of Food Spoilage Claims HB 220 – Supervision […]
Reading...Mark Treesh
News
Comments Off on IIK Scores Several Victories in the 2018 Legislative Session
IIK Scores Several Victories in the 2018 Legislative Session
IIK scored several legislative victories in the 2018 session of the Kentucky General Assembly. Bills on IIK’s agenda list that received final passage are as follows: PIP Reform: We succeeded in adding a section to HB 464, a bill dealing with reinsurance, which requires that KY DOI conduct a study of PIP medical bill payments […]
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