Bill > HB524

This bill renames the state fire and tornado insurance fund to the Commonwealth's property and casualty insurance fund and makes several technical and substantive changes to how state property insurance is managed. The bill extends reinsurance requirements for state property, adjusting the maximum liability limits for individual risks from $10 million to $1 million after June 30, 2030. It modifies provisions related to how state agencies can insure their property, how damages are assessed and paid, and how the insurance fund can be invested. The bill allows state institutions more flexibility in obtaining insurance coverage, permitting them to choose between the Commonwealth's property and casualty insurance fund and alternative insurance providers, while maintaining requirements for comprehensive property coverage and annual safety inspections. The changes aim to provide more efficient and adaptable insurance management for state-owned properties, with an emergency clause to allow immediate implementation to address potential upcoming insurance rate negotiations. The bill amends multiple sections of Kentucky Revised Statutes to ensure consistent terminology and update insurance fund operations.

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https://apps.legislature.ky.gov/record/25RS/hb524.html