Kentucky Statutes 304.20-100 – Loss run statement to be provided upon request — Duties of insurer and insurer’s agent
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(1) As used in this section:
(a) “Commercial property and casualty” means any kind of property and casualty insurance relating to commercial risks that is not insurance for personal risks as defined in KRS § 304.13-011;
(b) “Loss run statement” means a report relating to commercial property and casualty risks maintained by an insurer containing the history of claims occurring within a policy term; and
(c) “Provide” means to mail, personally deliver, or electronically send a document, or to allow access through an electronic portal to view or generate a document.
(2) An insurer shall provide a loss run statement to an insured or an insurer’s agent within twenty (20) calendar days of receipt of a written request submitted by the insured or the insurer’s agent.
(3) An insurer’s agent that receives a loss run statement pursuant to subsection (2) of this section shall provide a copy of the loss run statement to the insured within five (5) calendar days of receipt by the agent.
(4) The loss run statement provided pursuant to subsection (2) of this section shall be a five (5) year loss run history for the prior five (5) years or a complete loss run history with the insurer if the history is less than five (5) years.
(5) An insurer’s agent that receives a loss run statement pursuant to subsection (2) of this section shall not divulge consumer information to any third party, except in accordance with applicable laws governing the privacy of consumer financial information, health information, or other information that is otherwise required by law to be held as confidential.
(6) An insurer shall not charge any fees to prepare and provide one (1) loss run statement in accordance with subsection (2) of this section.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 64, sec. 1, effective July 12, 2012.
(a) “Commercial property and casualty” means any kind of property and casualty insurance relating to commercial risks that is not insurance for personal risks as defined in KRS § 304.13-011;
Terms Used In Kentucky Statutes 304.20-100
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- Year: means calendar year. See Kentucky Statutes 446.010
(b) “Loss run statement” means a report relating to commercial property and casualty risks maintained by an insurer containing the history of claims occurring within a policy term; and
(c) “Provide” means to mail, personally deliver, or electronically send a document, or to allow access through an electronic portal to view or generate a document.
(2) An insurer shall provide a loss run statement to an insured or an insurer’s agent within twenty (20) calendar days of receipt of a written request submitted by the insured or the insurer’s agent.
(3) An insurer’s agent that receives a loss run statement pursuant to subsection (2) of this section shall provide a copy of the loss run statement to the insured within five (5) calendar days of receipt by the agent.
(4) The loss run statement provided pursuant to subsection (2) of this section shall be a five (5) year loss run history for the prior five (5) years or a complete loss run history with the insurer if the history is less than five (5) years.
(5) An insurer’s agent that receives a loss run statement pursuant to subsection (2) of this section shall not divulge consumer information to any third party, except in accordance with applicable laws governing the privacy of consumer financial information, health information, or other information that is otherwise required by law to be held as confidential.
(6) An insurer shall not charge any fees to prepare and provide one (1) loss run statement in accordance with subsection (2) of this section.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 64, sec. 1, effective July 12, 2012.