Kentucky 2022 Regular Session

Kentucky House Bill HB350

Introduced
1/24/22  
Refer
1/24/22  
Refer
1/25/22  
Report Pass
2/23/22  
Engrossed
3/3/22  
Refer
3/3/22  
Refer
3/10/22  
Report Pass
3/22/22  
Refer
3/25/22  
Enrolled
3/30/22  
Enrolled
3/30/22  
Chaptered
4/8/22  

Caption

AN ACT relating to insurance regulatory requirements.

Impact

The proposed legislation directly affects the operational protocols of insurance entities in Kentucky, leading to more rigorous compliance standards. By enforcing stringent filing and reporting requirements, the bill seeks to foster greater accountability among insurers. Additionally, it establishes civil penalties for non-compliance, which can reach up to $100,000. Such measures are intended to discourage practices that may jeopardize the financial integrity of the insurance sector and protect consumers from potential malpractices.

Summary

House Bill 350 introduces amendments to existing insurance regulatory requirements in the Commonwealth of Kentucky. The bill mandates that all domestic, foreign, and alien insurers submit annual statements electronically to the National Association of Insurance Commissioners (NAIC). This submission must include various prescribed documents and information, such as signed jurat pages and actuarial certifications. The legislation aims to streamline compliance processes for insurers by reinforcing standardized reporting requirements, thereby enhancing oversight and transparency within the industry.

Sentiment

Overall, the sentiment around HB 350 appears to be supportive within the insurance regulatory community, as many stakeholders recognize the importance of oversight and consistent standards. However, concerns have been raised regarding the burden of these requirements on smaller insurers who may find it challenging to meet the compliance costs associated with the enhanced reporting. Advocates argue that these regulations will ultimately bolster the stability of the insurance market and protect policyholders, while opponents fear that the measures may disproportionately affect smaller entities in the market.

Contention

The bill's focus on stringent compliance requirements has sparked debate regarding the potential implications for smaller insurance providers. While the need for robust oversight has been emphasized, critics argue that the increased regulatory burden may lead to market consolidation as smaller companies struggle to adapt. Moreover, the imposition of civil penalties for non-compliance serves as both a deterrent and a point of contention, raising questions about the fairness and impact of such penalties on companies facing genuine compliance challenges.

Companion Bills

No companion bills found.

Previously Filed As

KY SB00983

An Act Concerning The Insurance Department's Financial Regulatory Oversight Of Insurance Companies.

KY S0220

Insurance Holding Company Regulatory Act

KY SB1479

INS-REGULATORY EXAM/COMPLIANCE

KY HB836

Revise insurance laws relating to regulatory waivers

KY HB724

AN ACT relating to regulatory innovations.

KY HB05386

An Act Concerning Revisions To The Insurance Statutes.

KY SB00395

An Act Authorizing Domestic Surplus Lines Insurers And The Insurance Department's Financial Regulatory Oversight Of Insurance Companies.

KY AB494

Insurance Holding Company System Regulatory Act.

KY SB236

To Amend The Insurance Holding Company Regulatory Act.

KY SB00093

An Act Concerning Revisions To The Insurance Statutes.

Similar Bills

KY HB498

AN ACT relating to insurance financial standards.

HI HB2112

Relating To Credit For Reinsurance.

HI SB3080

Relating To Credit For Reinsurance.

CT SB00338

An Act Concerning The Insurance Department's Recommendations Regarding Credit For Reinsurance.

NM SB150

Credit For Reinsurance Act

MS HB1172

Holding Company Act; amend to include group capital calculation and liquidity stress test requirements to.

HI HB2394

Relating To Insurance.

HI SB3083

Relating To Insurance.