Kentucky Statutes 304.39-330 – Mandatory rate reduction
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(1) The rates for bodily injury liability in the amounts specified in KRS § 304.39-110 combined with the rates for uninsured motorists coverage in equal amounts and for basic reparation benefits coverage shall be reduced by each insurer by not less than ten percent (10%) as of the effective date of this subtitle from the rates in effect for each such insurer immediately prior to such date for bodily injury liability in the amounts specified in KRS § 304.39-110 combined with the rates for uninsured motorists coverage and the rates charged for one thousand dollars ($1,000) per person medical expense coverage. Such reduced rates shall remain in effect for at least one (1) year, and thereafter shall not be increased without the approval of the commissioner after hearing. There shall be no exception to the requirements of this section unless the commissioner shall find that the use of such reduced rates required as to any insurer will result in rates which are inadequate under Chapter
304 of the Kentucky Revised Statutes.
(2) The provisions of subsection (1) shall not apply to any policy covering a motor vehicle for which a person who would otherwise be a basic reparation insured has rejected the limitations upon his or her tort rights and liabilities in accordance with the provisions of KRS § 304.39-060(4).
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1533, effective July 15, 2010. — Created
1974 Ky. Acts ch. 385, sec. 33, effective July 1, 1975.
304 of the Kentucky Revised Statutes.
Terms Used In Kentucky Statutes 304.39-330
- Basic reparation insured: means :
(a) A person identified by name as an insured in a contract of basic reparation insurance complying with this subtitle. See Kentucky Statutes 304.39-020 - Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Medical expense: means reasonable charges incurred for reasonably needed products, services, and accommodations, including those for medical care, physical rehabilitation, rehabilitative occupational training, licensed ambulance services, and other remedial treatment and care. See Kentucky Statutes 304.39-020
- Motor vehicle: means any vehicle which transports persons or property upon the public highways of the Commonwealth, propelled by other than muscular power except road rollers, road graders, farm tractors, vehicles on which power shovels are mounted, such other construction equipment customarily used only on the site of construction and which is not practical for the transportation of persons or property upon the highways, such vehicles as travel exclusively upon rails, and such vehicles as are propelled by electrical power obtained from overhead wires while being operated within any municipality or where said vehicles do not travel more than five (5) miles beyond the said limits of any municipality. See Kentucky Statutes 304.39-020
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Year: means calendar year. See Kentucky Statutes 446.010
(2) The provisions of subsection (1) shall not apply to any policy covering a motor vehicle for which a person who would otherwise be a basic reparation insured has rejected the limitations upon his or her tort rights and liabilities in accordance with the provisions of KRS § 304.39-060(4).
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1533, effective July 15, 2010. — Created
1974 Ky. Acts ch. 385, sec. 33, effective July 1, 1975.