Kentucky Insurance and Financial Legislation Advances Consumer Protections and Innovation
Kentucky's 2023 legislative session included several important bills impacting the state's financial and insurance sectors. The House Standing Committee on Banking and Insurance plays a key role in crafting policies that regulate banks, credit unions, investments, and various insurance forms, ensuring consumer protection and market stability. Among the significant legislation, HB 184 extends Kentucky's insurance regulatory sandbox by five years, fostering innovation within the local insurance market.
HB 210 enhances access to dental care by setting clear benefit assignment guidelines for dental plans. HB 233 expands consumer protections to cover all real estate repair contracts, broadening the scope beyond roofing repairs to include various property services. HB 390 mandates an accessible online insurance verification system for motor vehicle insurance, streamlining compliance for both commercial and personal vehicles. HB 415 clarifies the application of health insurance mandates mainly to major medical plans, with potential regulatory flexibility for limited plans. HB 421 increases access to colorectal cancer screenings by removing out-of-pocket costs and prior authorization, targeting high-risk populations. HB 524 updates the self-insurance fund for state buildings to reflect its revised purpose effectively. HB 701 addresses cryptocurrency assets by affirming self-custody rights and operational guidelines for blockchain nodes. Senate Bills also introduced vital reforms: SB 18 strengthens automobile insurance requirements for dealers and related businesses to ensure financial responsibility.
SB 24 expands the definition of insurance fraud to cover estimates and proposals linked to property damage claims. SB 145 adjusts delinquency rules for short-term retail installment contracts with periods under 28 days. SB 183 aims to safeguard public pensions by restricting proxy advisory firms from prioritizing environmental, social, and governance factors over financial performance. Collectively, these legislative measures reflect a focused effort to modernize and protect Kentucky's financial and insurance markets, enhance consumer protections, and foster innovation in compliance with evolving industry practices.