Kentucky: Franklin County Files Suit Against Insurance Companies

In an effort to collect taxes Franklin County believes are back owed, 14 lawsuits against more than 65 insurance companies were filed between July 12 and July 14 in U.S. District Court in Frankfort.

According to the Frankfort State Journal, the suits “seek to examine the accounting books of the insurance companies to determine if they have remitted all taxes owed for years to county government. The county also seeks interest and penalties for all delinquent amounts owed, plus costs and attorney fees.”

Mark Treesh of the Insurance Institute of Kentucky stated in an email to trade partners that “the filings beat the July 15 effective date of HB 524, which established the procedures outlined in that bill as the sole and exclusive remedy for complaints of this sort."

“Efforts like this to establish class action suits are perfect examples of the need for civil justice reform such as what is found HB 524," said Erin Collins, NAMIC's Mid-Atlantic state affairs manager. "NAMIC and its partners are watching this issue to determine opportunities where the industry may be able to defend the tenets of HB524 and uphold the intent of the Kentucky Legislature.”

Direct questions to NAMIC State Affairs Manager Erin Collins.

Posted: Tuesday, July 29, 2008 12:00:00 AM. Modified: Tuesday, July 29, 2008 11:21:42 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.