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2004 Summary of New State Laws - Kentucky

Issue

Bill #

Bill Description

Motor Vehicle Insurance

(Proof of Coverage)

HB 29

Requires every insurance company that writes liability insurance on personal motor vehicles in Kentucky to send to the Department of Vehicle Regulation, on a monthly basis, a list of the vehicle identification numbers of each personal motor vehicle covered by liability insurance issued by the insurer as of the last day of the preceding month and the name of each personal motor vehicle insurance policyholder.

Omnibus Insurance Law Changes

SB 177

Amends the laws governing financial statements; assets and liabilities; reserves; fire loss reporting; and, transfer of domicile. Effective 90 days after adjournment. Act 24, Laws of Kentucky.

Premium Tax

HB 19

Specifies that premium-based license fees or taxes imposed by local governments do not apply to premiums paid to insurers of municipal bonds, leases, or other debt instruments issued by or on behalf of a city, county, charter county government, urban-county government, consolidated local government, special district, nonprofit corporation, or other political subdivision of Kentucky. Effective 90 days after adjournment.

Reinsurance

SB 171

Amends the laws governing treatment of credits allowed in the event of the insolvency of a ceding insurer. Effective 90 days after adjournment. Chapter 125, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Kentucky State Resource Center