HB371: AN ACT relating to mine subsidence insurance.

Legislative Summary

Amends KRS 304.44-030 to increase the maximum total insured value to be reinsured by the administrator per structure from $300,000 to $500,000, to allow the administrator to establish a different maximum total insured value reinsured per structure when certain requirements are met, to allow an insurer to implement a the maximum total insured value established by the administrator any time after receiving notice, to require that the commissioner of insurance promulgate a regulation to establish a process for notice to insurers, and to increase the coverage amount for living expenses from $25,000 to $50,000; amends KRS 304.44-050 to conform; and applies to policies issued or renewed on or after January 1, 2025; EFFECTIVE January 1, 2025.