HB554: AN ACT relating to insurance coverage of state property.

Legislative Summary

Creates a new section of KRS 164A.555 to 164A.630 to permit governing boards of public-supported postsecondary educational institutions to elect to terminate the institution’s coverage through the state fire and tornado insurance fund and obtain coverage from an authorized insurer or through a self-insurance pool, to establish requirements for terminating and resuming coverage through the state fire and tornado insurance fund, to require that institutions that obtain coverage under the section have an annual inspection of each state building and its contents, and to establish requirements for insurance obtained by an institution from an authorized insurer or a self-insurance pool; and amends KRS 164A.575 to conform.