Fabio
65 lines
6.4 KiB
Markdown
65 lines
6.4 KiB
Markdown
---
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type: "Bill"
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title: "AN ACT relating to insurance. Create a new section of Subtitle 45 of KRS Chapter 304 to require independent directors of a risk retention group and an attorney-in-fact for a reciprocal insurer to adhere to the same standards; establish a one year waiting period to qualify as independent; establish standards for and approval by the commissioner of material service provider contracts; require adoption of written policy for board of director responsibilities in the plan of operation; require and establish standards for an audit committee; allow for a waiver by the commissioner of certain audit committee requirements; establish and require disclosure of governance standards; require reporting to the commisioner of material noncompliance with the provisions of the section for risk retention groups; amend KRS 304.45-020 to define \"board of directors,\" \"director,\" \"material relationship,\" and \"material service provider contract\"; amend KRS 304.45-030 to require notice to the commissioner of any other subsequent material changes to a risk retention group's plan of operation or feasibility study and make technical corrections; amend KRS 304.45-040 and 304.45-060 to conform; repeal and reenact KRS 304.45-050 to adopt alternative model language from the National Association of Insurance Commissioners; EFFECTIVE January 1, 2018."
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description: "AN ACT relating to insurance. Create a new section of Subtitle 45 of KRS Chapter 304 to require independent directors of a risk retention group and an attorney-in-fact for a reciprocal insurer to adhere to the same standards; establish a one year waiting period to qualify as independent; establish standards for and approval by the commissioner of material service provider contracts; require adoption of written policy for board of director responsibilities in the plan of operation; require and establish standards for an audit committee; allow for a waiver by the commissioner of certain audit committee requirements; establish and require disclosure of governance standards; require reporting to the commisioner of material noncompliance with the provisions of the section for risk retention groups; amend KRS 304.45-020 to define \"board of directors,\" \"director,\" \"material relationship,\" and \"material service provider contract\"; amend KRS 304.45-030 to require notice to the commissioner of any other subsequent material changes to a risk retention group's plan of operation or feasibility study and make technical corrections; amend KRS 304.45-040 and 304.45-060 to conform; repeal and reenact KRS 304.45-050 to adopt alternative model language from the National Association of Insurance Commissioners; EFFECTIVE January 1, 2018."
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jurisdiction: "us/states/ky"
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legislature: "Kentucky General Assembly"
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session: "2017RS"
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identifier: "HB 207"
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citation: "Kentucky HB 207 (2017RS)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 1
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action_count: 18
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vote_count: 0
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first_action: "2017-02-07"
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last_action: "2017-03-16"
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source: "openstates"
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source_identifier: "ocd-bill/1eeb2e57-449d-448d-9357-154cdbcd8365"
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source_url: "http://www.lrc.ky.gov/record/17RS/HB207.htm"
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source_hash: "378fc12f7d2eb77bde3904e35c619bec33e2f0b257958b03a077295a044eff04"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-ky"]
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---
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# Kentucky HB 207 (2017RS) — AN ACT relating to insurance. Create a new section of Subtitle 45 of KRS Chapter 304 to require independent directors of a risk retention group and an attorney-in-fact for a reciprocal insurer to adhere to the same standards; establish a one year waiting period to qualify as independent; establish standards for and approval by the commissioner of material service provider contracts; require adoption of written policy for board of director responsibilities in the plan of operation; require and establish standards for an audit committee; allow for a waiver by the commissioner of certain audit committee requirements; establish and require disclosure of governance standards; require reporting to the commisioner of material noncompliance with the provisions of the section for risk retention groups; amend KRS 304.45-020 to define "board of directors," "director," "material relationship," and "material service provider contract"; amend KRS 304.45-030 to require notice to the commissioner of any other subsequent material changes to a risk retention group's plan of operation or feasibility study and make technical corrections; amend KRS 304.45-040 and 304.45-060 to conform; repeal and reenact KRS 304.45-050 to adopt alternative model language from the National Association of Insurance Commissioners; EFFECTIVE January 1, 2018.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Most Recent Version** (committee substitute) — [source](http://www.lrc.ky.gov/recorddocuments/bill/17RS/HB207/bill.pdf)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2017-02-07** Introduced in House `introduction`
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- **2017-02-09** To Banking & Insurance (H) `referral-committee`
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- **2017-02-09** Posted in committee
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- **2017-02-10** Reported favorably, 1st reading, to Consent Calendar `reading-1`
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- **2017-02-13** 2nd reading, to Rules `reading-2`
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- **2017-02-13** Posted for passage in the Consent Orders of the Day for Thursday, February 16, 2017
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- **2017-02-16** 3rd reading, passed 95-1 `reading-3, passage`
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- **2017-02-17** Received in Senate
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- **2017-02-21** To Banking & Insurance (S) `referral-committee`
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- **2017-02-28** Reported favorably, 1st reading, to Calendar `reading-1`
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- **2017-03-01** 2nd reading, to Rules `reading-2`
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- **2017-03-03** Posted for passage in the Regular Orders of the Day for Friday, March 3, 2017
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- **2017-03-03** 3rd reading, passed 37-0 `reading-3, passage`
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- **2017-03-03** Received in House
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- **2017-03-06** Enrolled, signed by Speaker of the House
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- **2017-03-06** Enrolled, signed by President of the Senate
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- **2017-03-06** Delivered to Governor
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- **2017-03-16** Signed by Governor (Acts, ch. 16) `executive-signature`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1eeb2e57-449d-448d-9357-154cdbcd8365`. Confidence: reported (aggregated from official Kentucky legislature records).
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