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Legislative Update: Session Results – Banking and Insurance

By: Patrick Flannery
Representative, State of Kentucky

While we are preparing for the 2024 Regular Session, I do want to continue bringing attention to some of the legislation we passed earlier this year. This week’s update is devoted to areas of our daily lives that we can all agree may not be as exciting as tax cuts, but they are important to our families, businesses, and nonprofits. While big issues tend to get the most attention, the most meaningful accomplishments do not always find their way to the headlines. That does not diminish their impact. 

The House Committee on Banking and Insurance deals with a variety of issues in our banking industry and insurance laws. That means everything from banks, consumer loan companies, credit unions, and investments, as well as medical and dental insurance, and all forms of insurance. The policies that clear this committee, including those listed below, are often extremely detailed and technical as they provide oversight and guidance to aspects of our life that protect what we have all worked hard to earn.

Expanding access to mental health services, Rep. Russell Webber – HB 148 requires all health insurers to honor an assignment of substance abuse or mental health treatment benefits regardless of if a facility is located in-state or out-of-state.

Preserving fertility services for those fighting cancer, Rep. Patrick Flannery – HB 170requires insurance health plans to cover sperm and egg preservation procedures for men and women undergoing treatment for cancer.

Modernizing cyber security insurance payouts, Rep. Michael Pollock – HB 210 modernizes for the first time in 25 years regulations that apply to the Kentucky Insurance Guaranty Association, including addressing cyber security claims. The measure also clarifies that self-insurers and other KIGA non-members cannot recover losses from KIGA.

Protecting Kentuckians from unscrupulous public adjustors, Rep. Robert Duvall – HB 232establishes guardrails on public adjusters, independent insurance adjusters that policyholders can engage to act on their behalf in insurance claims. The measure provides for transparency and addresses concerns with conflict of interest, as well as ensuring that all involved with a claim continue to have access to both the insured and the property.

Increasing flexibility for community banks, Rep. Michael Meredith – HB 429 provides flexibility to state-chartered community banks in determining whether to use state or federal legal lending limits and provides clarification in unsecured and secured lending practices.

Streamlines licensing renewal process for deferred deposit businesses, Rep. Cherlynn Stevenson – HB 433 aligns state license renewal dates with federal National Mortgage Licensing System registration dates and allows payments to be made electronically.

Increasing transparency in automatic renewal contracts, Sen. Rick Girdler – SB 30 requiresautomatic renewal contracts for services such as gym memberships to include terms of agreement, easy means of canceling, and contact information.

Revisiting consumer loan limits, Sen Jason Howell – SB 165 sets new amounts of loan chargesby consumer loan companies and establishes regulations for loan terms.

As always, I can be reached anytime through the toll-free message line in Frankfort at 1-800-372-7181. You can also contact me via e-mail at Patrick.Flannery@lrc.ky.gov. You can also keep track of committee meetings and potential legislation through the Kentucky legislature’s home page at legislature.ky.gov.

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