2024 Regular Session - Day 25 - HB 371, Rep. Wade Williams

Bill and a motion there on Mr Speaker I'd ask clerk to report house committee substitute one to House Bill 371 clerk please report house committee substitute one to House Bill 371 General from Hopkins Mr Speaker the committee substitute does require the Department of Insurance to administ to develop administrative regulations establishing a Time Fring of a notification to the insurers to provide of this to the providers of this coverage I move to Dr house committee substitute one to House Bill 371 motion is for the adoption of house committee substitute one is there any discussion the committee substitute seeing none those in favor signify by voting I those oppose nay house committee substitute one is adopted gentem from Hopkins Mr Speaker House Bill 371 is in in essence a consumer protection Bill involving insurance coverage for M subsidence the Kentucky mind subsidence fund was established in 1984 to be distribut to be administered by the Department of Insurance to made to be made available through the fund insurance coverage against losses riding around out of or due to mind subsides in in the state of Kentucky since his creation 1984 the funds maximum have been increased on two other occasions in 1998 and in 2010 however it is not kept pace with the current cost of homes instead of continuing going back to the legislature ever so many years we've worked with stakeholders in the insurance industry and the Kentucky Department of Insurance for a long-term solution section one of this bill the language will raise the limits of the living expenses coverage from $25,000 to $50,000 it will also change the policy limits of coverage from $300,000 to an amount established by the administrator and approved by the commissioner the administrator of the fund is a Property and Casualty division which is the vision of Department of Insurance this change will allow Department of Insurance to provide the flexibility of coverage for more expensive property and thus protects policy holder from unexpected loss