On Apr. 5, KNY LEG passed bill relating to mine subsidence insurance.
KNY LEG enacted bill HB 371 to provide for mine subsidence insurance.
Amends KNY INS 304.44-030 to increase maximum standard coverage and to allow insurers and the commissioner some discretion and flexibility in making exceptions.
Bill Provisions
Sets the maximum total insured value reinsured by the administrator per structure.
Provides insurer may provide coverage in an amount determined by the administrator under the subsection at any time after receiving notification of the amount.
The commissioner shall promulgate an administrative regulation to establish a process for notifying insurers of the amount determined by administrator under the subsection.
Legislative History
On Jan. 24, 2024, bill introduced in House; on Feb. 6, 2024, bill passed House.
On Feb. 7, 2024, bill introduced in Senate; on Mar. 21, 2024, bill passed Senate.
On Mar. 27, 2024, bill sent to governor; on Apr. 4, 2024, bill signed by governor.
Effectiveness
Upon approval by governor or veto override, HB 371 is effective Jan. 1, 2025.
In Jul. 2024, KNY INS published bulletin on mine subsidence premiums, see #219754.
Regulators
KNY LEG
Entity Types
Ins
Reference
Bill, HB371, 4/5/2024; Citation: KNY INS 304.44-030;
