Kentucky Statutes 304.13-370 – Increase in fire insurance premiums prohibited until the running of the appeal period or until approval by the board of the classification assigned
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(1) No insurer may increase premiums for fire insurance based on a fire protection classification until the expiration of the thirty (30) day period for appeal by the fire protection district, municipality or locality, as provided in KRS § 304.13-355. If an appeal is filed, no insurer may increase such premiums until approval of the fire protection classification by the commissioner.
(2) If the commissioner’s reassignment or modification of a fire protection classification results in lower fire insurance premiums, the appropriate insurers shall make any refunds of paid premiums due to customers within the affected fire protection district, municipality or locality. Such refunds shall be determined from the date the advisory organization or insurer last assigned or reassigned the classification appealed.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1143, effective July 15, 2010. — Amended 2000 Ky. Acts ch. 380, sec. 20, effective July 14, 2000. — Amended 1980
Ky. Acts ch. 187, sec. 21, effective July 15, 1980. — Created 1978 Ky. Acts ch. 199, sec. 6, effective June 17, 1978.
(2) If the commissioner’s reassignment or modification of a fire protection classification results in lower fire insurance premiums, the appropriate insurers shall make any refunds of paid premiums due to customers within the affected fire protection district, municipality or locality. Such refunds shall be determined from the date the advisory organization or insurer last assigned or reassigned the classification appealed.
Terms Used In Kentucky Statutes 304.13-370
- advisory organization: is a ny entity, including its affiliates or subsidiaries, which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers and which assists insurers in ratemaking related activities. See Kentucky Statutes 304.13-011
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- classification: means the process of grouping risks with similar risk characteristics so that differences in cost may be recognized. See Kentucky Statutes 304.13-011
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1143, effective July 15, 2010. — Amended 2000 Ky. Acts ch. 380, sec. 20, effective July 14, 2000. — Amended 1980
Ky. Acts ch. 187, sec. 21, effective July 15, 1980. — Created 1978 Ky. Acts ch. 199, sec. 6, effective June 17, 1978.