Summary of Original Version

Amend KRS 304.44-030 to require the administrator to establish the maximum total insured value reinsured per structure; increase the coverage amount for living expenses from $25,000 to $50,000; amend KRS 304.44-050 to conform; apply to policies issued or renewed on or after January 1, 2025; EFFECTIVE January 1, 2025.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions; require the commissioner to promulgate an administrative regulation to establish a process and timeframe for notifying insurers of the maximum total insured value.

Summary of Amendment: Senate Committee Substitute 1

Summary Retain original provisions, except increase the amount to be reinsured per structure from $300,000 to $500,000; establish requirements for when amounts determined by the administrator are implemented; delete requirement for the insurance commissioner to establish a timeframe for notice to insurers in administrative regulation.