On Mar. 24, KNY LEG enacted bill on insurer netting agreements.
KNY LEG passed bill HB 184 on insurer netting agreements, extend sandbox program.
Amends KNY INS 304.3-705 to extend insurance regulatory sandbox program to Dec. 31, 2030; and KNY INS 304.3-735 to extend commissioner's reporting requirement.
Creates new section of Subtitle 33 of Ch 304, KNY INS 304.33, on netting agreements.
Additionally made conforming amendments to several sections under Chapter 304.
Bill Provisions
Creates a new section of Subtitle 33 of KNY LEG Chapter 304 to define key terms as well as establish rights and requirements relating to insurer netting agreements.
Also, qualified financial contracts in a delinquency proceeding against an insurer.
Affects insurance, securities, bankruptcy, and banks and financial institutions.
In addition, HB 184 affects the netting agreements and qualified financial contracts, delinquency proceedings, insurers, requirements with regard to claims.
Legislative History
On Jan. 9, 2025, bill was introduced in House; on Feb. 18. 2025, bill passed House.
On Feb. 19, 2025, introduced in Senate; on Mar. 13, 2025, passed with amendments.
On Mar. 14, 2025, House concurred amendments; on Mar. 24, 2025, governor signed.
Effectiveness
Effective 90 days after official end of session, expected end Mar. 28; so Jun. 26, 2025.
Regulators
KNY LEG
Entity Types
B/D; Bank; Ins
Reference
Bill HB184, 3/24/2025; Citation: *KNY INS* 304.3-705, 304.3-735, 304.33;
