Kentucky Statutes 304.3-735 – Annual report
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(1) One hundred twenty days (120) days prior to the start of the 2021, 2022, 2023,
2024, and 2025 regular sessions of the General Assembly, the commissioner shall submit a written report to the Interim Joint Committee on Banking and Insurance that meets the requirements of subsection (2) of this section. Thereafter, the commissioner shall submit the report annually, upon request.
(2) The report shall include the following: (a) The number of:
1. Applications filed and accepted;
2. Beta tests conducted; and
3. Extended letters issued;
(b) A description of the innovations tested; (c) The length of each beta test;
(d) The results of each beta test;
(e) A description of each safe harbor created under KRS § 304.3-725;
(f) The number and types of orders or other actions taken by the commissioner or any other interested party under KRS § 304.3-700 to KRS § 304.3-725;
(g) Identification of any statutory barriers for consideration of amendment by the General Assembly following successful beta tests and the issuance of extended letters; and
(h) Any other information or recommendations deemed relevant by the commissioner.
(3) The commissioner shall also provide the Interim Joint Committee on Banking and Insurance a detailed briefing, upon request, to discuss and explain any report submitted under this section.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 147, sec. 8, effective June 27, 2019.
2024, and 2025 regular sessions of the General Assembly, the commissioner shall submit a written report to the Interim Joint Committee on Banking and Insurance that meets the requirements of subsection (2) of this section. Thereafter, the commissioner shall submit the report annually, upon request.
Terms Used In Kentucky Statutes 304.3-735
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
(2) The report shall include the following: (a) The number of:
1. Applications filed and accepted;
2. Beta tests conducted; and
3. Extended letters issued;
(b) A description of the innovations tested; (c) The length of each beta test;
(d) The results of each beta test;
(e) A description of each safe harbor created under KRS § 304.3-725;
(f) The number and types of orders or other actions taken by the commissioner or any other interested party under KRS § 304.3-700 to KRS § 304.3-725;
(g) Identification of any statutory barriers for consideration of amendment by the General Assembly following successful beta tests and the issuance of extended letters; and
(h) Any other information or recommendations deemed relevant by the commissioner.
(3) The commissioner shall also provide the Interim Joint Committee on Banking and Insurance a detailed briefing, upon request, to discuss and explain any report submitted under this section.
Effective: June 27, 2019
History: Created 2019 Ky. Acts ch. 147, sec. 8, effective June 27, 2019.