HB 247 (BR 1265) - J. Gooch
AN ACT relating to state risk.
Amend KRS 44.055, relating to the purchase of a blanket liability insurance policy covering state officers and employees, to delete the policy limit of $200,000 for state motor vehicle insurance policies; amend KRS 56.080, relating to the Department of Insurance appraisal and valuation of all state property, to change the term "public buildings" to "all real property"; amend KRS 56.090, relating to yearly premium rates on state property insurance, to change the term "public buildings" to "all real property", and to require premium and insurance calculations at 100% of valuation rather than ninety percent (90%) of valuation; amend KRS 56.100, relating to deduction of insurance premiums from agency funds, to change the term "public buildings" to "all real and personal property" and to increase the maximum premium for each subject of risk from $500,000 to $1,000,000; amend KRS 56.120, relating to debits of the state fire and tornado insurance fund and concomitant credits to agency accounts, to increase the maximum amount of debit, credit, or payment from $500,000 to $1,000,000, and increase the state fire and tornado insurance fund liability limit from $500,000 to $1,000,000; amend KRS 56.140, relating to investment of the state fire and tornado insurance fund, to delete required investment in government bonds and obligations and to substitute investment in compliance with the state investment commission requirements; amend KRS 56.150 to require that total expenses of the state fire and tornado insurance fund in a fiscal year shall not exceed 10% of the total calculated standard premiums, prior to the application of any experience credits, rather than total receipts of the fund, and to require that prior claims for which funds were insufficient be paid from premium receipts, rather than receipts of the fund; amend KRS 56.160 to change the term "fire and tornado insurance or reinsurance company" to "property and casualty insurer", and to increase the risk valuation limit and state fire and tornado insurance fund liability from $500,000 to $1,000,000.
HB 247 - AMENDMENTS
HCS - Retain the provisions of the bill, except to make a technical change in Section 7.
Jan 8-introduced in House
Jan 9-to State Government (H)
Jan 31-posted in committee
Feb 5-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 6-2nd reading, to Rules
Feb 13-posted for passage in the Regular Orders of the Day for Thursday, February 14, 2002
Feb 14-3rd reading, passed 78-13 with Committee Substitute
Feb 15-received in Senate
Feb 19-to State and Local Government (S)
Mar 19-reported favorably, 1st reading, to Consent Calendar
Mar 20-2nd reading, to Rules