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A
B
Representative,
all
here
representative
Bentley
representative
Bray,
representative
Duvall,
representative
Frazier,
Gordon
representative
gooch,
representative
Justice,
representative
Lewis,
Here
representative
McPherson,
here
representative
rorks,
present
representative
Roberts,
here,
representative
Smith,
representative
Stevenson,
Vice,
chair
Lockett.
Here.
A
A
Yes,
ma'am,
we
do
have
a
quorum
dearly
constituted
to
do
business,
as
this
is
our
first
meeting
of
the
house,
Banking
and
insurance
committee
for
this
session.
I
do
want
to
recognize
the
new
members
on
the
committee
who
are
here
with
us.
We
have
five
new
committee
members.
Two
of
those
three
of
those
I
think
are
new
to
the
general
assembly.
Others
are
previous
members,
but
have
not
been
on
this
committee
before
so.
A
I
want
to
start
by
introducing
representative
Chad
all
from
Fayette
County
by
way
of
Davies
County,
who
is
an
I.T
manager,
representative,
Josh
Bray
from
Mount
Vernon,
who
is
a
consultant
representative,
Robert
Duvall
from
Warren
County,
who
is
an
optometrist
representative,
Jacob
Justice
from
Harlan,
who
is
a
dentist
and
Mike
okay,
I
apologize
Harlan
is
in
your
District,
correct
and
then
representative
Rachel
roarks
from
Jefferson
County,
who
is
a
contract
worker
and
former
legislative
Aid
on
Metro
Council
over
there.
A
So
we're
happy
to
have
our
new
members
with
us
on
the
committee
happy
to
also
have
our
returning
members
who
I
have
worked
with
as
a
Committee
Member,
not
a
chair
previously
of
this
one.
But
at
this
time
I
would
like
to
call
Representative
Pollock,
my
vice
chair
to
the
table
with
his
bill
and
any
of
his
guests
that
he
may
have
to
testify
with
him
on
House
Bill,
210.
D
E
Representatives
large
district
51.
Thank
you,
Mr
chairman
thank
you
committee.
Today's
House
Bill
210
basically
share
you
all
kind
of
a
cleanup
bill
for
the
Kentucky
Insurance
guarantee
Association.
There
is
a
subcommittee
or
committee
sub
on
this
bill
and
it
basically
removes
the
following
language
from
the
definition
of
cover
claim
and
that's
a
Consortium
claims
are
not
separate
claims
subject
to
separate
coverage
limits.
So
basically
it
addresses
this
in
the
covered
claims.
So
that's
what
the
committee
sub
does.
A
E
You,
sir,
so
basically,
what
is
Kentucky
Insurance
guarantee
Association.
This
is
a
Association
that
was
established
in
the
Kentucky
General
Assembly
back
in
1972,
And,
So,
It
governs
and
basically
overall,
a
fund
that
protects
insolvent
companies
that
are
members
of
or
come
into,
the
state
of
Kentucky.
So
today,
we've
got
again
Bob
Etheridge
the
board
of
President
executive
director
Scott
Webster.
They
do
run
a
current
board
and
so
members
are
assessed
to
provide
the
funds
to
cover
claims
filed
by
claimants
and
policy
holders
of
insolvent
insurers.
E
That's
the
purpose
of
the
guarantee
Association
House
Bill
210.
What
does
it
do
and
it
updates
basically
the
statutes
governing
the
k
for
the
first
time
since
1998,
so
this
is
actually
the
first
time
we've
looked
at
this
updated
kind
of
the
cleanup
Bill
since
1998.
It
more
closely
aligns
the
governing
statutes
to
to
those
in
the
current
National
Conference
of
insurance,
guarantee
funds
model
act,
but
it
does
not
adopt
everything
in
that
model.
E
E
This
will
assure
that
kija
will
not
basically
cover
any
of
the
self-insured
funds
that
that
are
out
there
updates
of
the
definition
of
a
covered
claim
establish
the
limits
of
cyber
site
security
claims
as
well,
so
basically
in
a
nutshell,
the
kig
statutes,
and
it
helps
to
protect
their
funds
from
being
subject
to
claims
by
those
who
have
not
paid
into
their
Association.
So
that's
the
gist
of
the
the
the
bill
itself.
E
A
A
C
Okay,
thank
you,
sir.
The
reason
is,
there
are
two
types
of
insurance
companies.
There
are
admitted
insurance
companies
that
go
to
the
Department
of
Insurance
and
are
granted
a
certificate
of
authority
and
those
companies
look
for
the
Better
Business,
the
low
exposure,
the
better
claim
history
accounts.
C
A
F
A
A
A
And
I
do
want
to
know
Tate
for
those
of
you
all
who
are
in
the
room
and
have
seen
some
of
our
members
leave.
We
do
have
a
couple
of
conflicts
with
other
committee
meetings,
and
so
some
of
those
members
have
had
to
slip
out
to
get
to
other
meetings.
They
weren't
just
jetting
out
of
the
meeting
to
miss
the
presentation
coming
up
next.
A
Next,
we
do.
That
was
the
only
Bill
that
we
have
for
consideration.
Today
we
are
moving
on
to
a
presentation
about
the
Kentucky
group
self-insurance
fund
and
the
solvency
and
administration
of
that
fund.
I
think
we
should
probably
start
commissioner
Clark,
commissioner
Wilhoit.
If
you
all
could
come
up,
make
your
presentations
to
to
start
us
off,
introduce
yourself
and
your
guests
for
the
records
proceed,
and
then
we
will
hear
from
the
industry
and
the
the
fund
administrators
after
you
all
make
your
presentation.
G
G
G
Also
too,
there
could
be
some
reference
today.
I
want
to
be
able
to
explain
this.
That
part
of
also
our
strategy,
that
enacted
in
2006,
was
so
the
so-called
920
fund.
The
920
fund,
which
references,
krs-342,
0.920,
1078,
920,
fund
safety
net
for
claims
that
are
dated
predated
March,
1
1997..
It's
important
to
know
that
day.
March
3
March
1
1997.,
what
this
fund
does
and
this
it
basically
it's
it's
funded
through
through.
We
actually
received
an
appropriation,
but
it's
also
funded
through
sanctions
and
fines.
We
have
Levee
against
the
company.
G
G
We
were
alerted
just
to
go
in
a
short
and
a
short
background
on
that.
We
were
alerted
that
both
companies
were
in
financial
trouble
will
have
them
for
some
time
in
2022,
the
general
assembly
awarded
an
appropriation
of
23
million
dollars
to
basically
take
care
of
these
pre
March
1
1997
claims
on
behalf
of
kcp
and
aik
insurance.
G
G
Basically,
they
took
care
they're,
taking
care
of
those
claims
now,
so
everything
regarding
AIT
insurance,
pre-1997
is
taking
care
of
the
knife
here
discussing
was
close
claims
at
all
with
the
Kentucky
self-insurance
guarantee
fund.
This
is
a
separate
appropriation,
distinct
from
that
one.
From
last
year
for
those
premium,
March
1
1997
planners,
they
take
GS
fund
again
important
to
point
out
a
couple
of
things
in
this
that
are
important.
They're,
not
see
the
way
the
other
funds
are.
G
G
G
G
The
worry
is
run
out
of
money,
come
October
of
2023.
there's
no
other
mechanism.
There
is
not
a
921
or
the
more
closed
marginal
in
1997
claims.
If
we
don't
have
that
safety,
we
are
not
going
to
allow
to
you
within
the
statutory
framework
for
presenting
workers
compensation
act.
We
just
don't
have
a
pool.
We
don't
have
fun
to
pay
that.
That
is
why
here
today
that
how
how
do
we
get
to
that?
How
this
committee,
how
the
general
that's,
how
fast
can
fund
that
shortfall?
G
That's
the
question
here
today
that
I
think
they
will
address,
and
we
will
also
continue.
Do
you
think
they're
they're
seeking
Appropriations
in
assembly.
They
also
have
other
means
by
which
they
may
be
able
to
borrowing
money,
see
contribution
or
assessments
as
well.
I
guess.
That's
an
extent
that
I'm
human.