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KentuckyHB 5242025 Regular SessionHouse

AN ACT relating to the Commonwealth's property and casualty insurance fund and declaring an emergency.

Sponsored By: Aaron Thompson (Republican)

Signed by Governor

DisastersEffective Dates, EmergencyInsurancePropertyState AgenciesTechnical Corrections

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Kentucky moves excess insurance reserves into budget

Kentucky transfers excess state insurance reserves to its General Fund at each fiscal year-end. Through June 30, 2030, only fund money and securities above $100 million transfer. Beginning July 1, 2030, the threshold drops to $10 million. These transfers add money to the general state budget while leaving less in the insurance fund.

Kentucky sets limits on state property insurance

Kentucky renames its fire and tornado insurance fund the Commonwealth's property and casualty insurance fund. State purchasing rules apply to Cabinet insurance contracts, with the exception in KRS 45A.022. Through June 30, 2030, the fund cannot charge premiums on property risks valued above $10 million without reinsurance. That insurance must limit the fund's own liability to $10 million for the risk. Payments above $10 million also require reinsurers to pay the excess into the fund first. Beginning July 1, 2030, both limits drop to $1 million. The fund pays the reinsurance premiums.

Sponsors & Cosponsors

Sponsor

  • Aaron Thompson

    Republican • House

Cosponsors

  • David Hale

    Republican • House

  • Michael Meredith

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 134 • No: 0

Senate vote • 3/28/2025

3rd reading, passed

Yes: 38 • No: 0

House vote • 3/6/2025

3rd reading, passed

Yes: 96 • No: 0

Actions Timeline

  1. signed by Governor (Acts Ch. 136)

    3/31/2025

  2. delivered to Governor

    3/28/2025

  3. enrolled, signed by President of the Senate

    3/28/2025House

  4. enrolled, signed by Speaker of the House

    3/28/2025House

  5. received in House

    3/28/2025House

  6. 3rd reading, passed 38-0

    3/28/2025Senate

  7. posted for passage in the Regular Orders of the Day for Friday, March 28, 2025

    3/28/2025Senate

  8. reported favorably, to Rules

    3/27/2025Senate

  9. returned to Banking & Insurance (S)

    3/13/2025Senate

  10. 2nd reading

    3/13/2025Senate

  11. taken from Banking & Insurance (S)

    3/13/2025Senate

  12. to Banking & Insurance (S)

    3/11/2025Senate

  13. 1st reading

    3/11/2025Senate

  14. taken from Committee on Committees (S)

    3/11/2025Senate

  15. to Committee on Committees (S)

    3/7/2025Senate

  16. received in Senate

    3/7/2025Senate

  17. 3rd reading, passed 96-0

    3/6/2025House

  18. posted for passage in the Regular Orders of the Day for Thursday, March 06, 2025

    3/5/2025House

  19. reported favorably, to Rules

    3/5/2025House

  20. returned to Banking & Insurance (H)

    3/4/2025House

  21. 2nd reading

    3/4/2025House

  22. taken from Banking & Insurance (H)

    3/4/2025House

  23. returned to Banking & Insurance (H)

    2/28/2025House

  24. 1st reading

    2/28/2025House

  25. taken from Banking & Insurance (H)

    2/28/2025House

Bill Text

  • Current

    3/6/2025

    PDF

  • Introduced

    3/6/2025

    PDF

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