Bill > SB24

This bill amends Kentucky's insurance fraud laws by expanding and clarifying definitions and fraudulent insurance act provisions. Specifically, the bill modifies the definition of "statement" in insurance contexts to include a broader range of documents and communications, such as bids, proposals, and damage estimates related to property and casualty insurance claims. The bill establishes that statements which misrepresent the scope of damages associated with an insurance claim are considered fraudulent insurance acts, with an exception for legal counsel negotiating bodily injury claims. The legislation also adds new definitions, including "criminal syndicate" (defined as five or more persons collaborating to commit insurance fraud) and provides more detailed descriptions of what constitutes fraudulent behavior. The bill maintains existing penalties for insurance fraud, which range from misdemeanors to felonies depending on the monetary value of the fraudulent claim, and allows for potential imprisonment, fines, and mandatory restitution. These changes aim to strengthen protections against insurance fraud and provide clearer guidelines for identifying and prosecuting fraudulent insurance activities.

Business and Industry

https://apps.legislature.ky.gov/record/25RS/sb24.html