Kentucky House Bill 207 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 16 2017 - 100% progression
Action: 2017-03-16 - signed by Governor (Acts, ch. 16)
Text: Latest bill text (Draft #2) [PDF]

Create a new section of Subtitle 45 of KRS Chapter 304 to require independent directors of a risk retention group and an attorney-in-fact for a reciprocal insurer to adhere to the same standards; establish a one year waiting period to qualify as independent; establish standards for and approval by the commissioner of material service provider contracts; require adoption of written policy for board of director responsibilities in the plan of operation; require and establish standards for an audit committee; allow for a waiver by the commissioner of certain audit committee requirements; establish and require disclosure of governance standards; require reporting to the commisioner of material noncompliance with the provisions of the section for risk retention groups; amend KRS 304.45-020 to define "board of directors," "director," "material relationship," and "material service provider contract"; amend KRS 304.45-030 to require notice to the commissioner of any other subsequent material changes to a risk retention group's plan of operation or feasibility study and make technical corrections; amend KRS 304.45-040 and 304.45-060 to conform; repeal and reenact KRS 304.45-050 to adopt alternative model language from the National Association of Insurance Commissioners; EFFECTIVE January 1, 2018.

AN ACT relating to insurance.

Rep. Chad McCoy [R]

Date	Chamber	Action
2017-03-16	House	signed by Governor (Acts, ch. 16)
2017-03-06	House	delivered to Governor
2017-03-06	House	enrolled, signed by President of the Senate
2017-03-06	House	enrolled, signed by Speaker of the House
2017-03-03	House	received in House
2017-03-03	Senate	3rd reading, passed 37-0
2017-03-03	Senate	posted for passage in the Regular Orders of the Day for Friday, March 3, 2017
2017-03-01	Senate	2nd reading, to Rules
2017-02-28	Senate	reported favorably, 1st reading, to Calendar
2017-02-21	Senate	to Banking & Insurance (S)
2017-02-17	Senate	received in Senate
2017-02-16	House	3rd reading, passed 95-1
2017-02-13	House	posted for passage in the Consent Orders of the Day for Thursday, February 16, 2017
2017-02-13	House	2nd reading, to Rules
2017-02-10	House	reported favorably, 1st reading, to Consent Calendar
2017-02-09	House	posted in committee
2017-02-09	House	to Banking & Insurance (H)
2017-02-07	House	introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/17RS/HB207.htm
Text	http://www.lrc.ky.gov/recorddocuments/bill/17RS/HB207/bill.pdf
Supplement	http://www.lrc.ky.gov/record/17RS/HB207/vote_history.pdf