Bill > SB18

This bill amends Kentucky Revised Statutes (KRS) 190.033 to modify insurance requirements for vehicle business licensees, primarily motor vehicle dealers, recreational vehicle dealers, motor vehicle auction dealers, and wholesalers. The key change allows these businesses to obtain their required indemnifying bonds or insurance policies from either a Kentucky-authorized insurance carrier or a nonadmitted insurer (an insurance provider not officially licensed in the state but permitted under certain regulations). The bill maintains existing requirements for insurance coverage, which include public liability and property damage protections, with specific coverage amounts of $250,000 for bodily injury to one person, $500,000 for bodily injury per accident, and $250,000 for property damage. The legislation also preserves existing provisions that require 15-day written notice before policy cancellation and stipulates that a license becomes void if insurance is not reinstated within 30 days of cancellation. Automotive recycling dealers have slightly different coverage requirements, needing commercial general liability insurance with similar monetary limits. The bill provides flexibility in insurance sourcing while maintaining consumer protection standards for vehicle-related businesses.

Business and Industry

https://apps.legislature.ky.gov/record/25RS/sb18.html