Representative Chris Freeland
Session Results: Banking and Insurance
While we are preparing for the 2026 Regular Session, it is important to spotlight the legislation passed earlier this year, particularly in areas that have a daily impact on Kentuckians, regardless of where they live. Among those areas is our financial sector, particularly banking, but also insurance. To paraphrase a recent movie, the first check we write every month may be for our mortgage or rent, but the second is usually for the insurance that covers our personal property.
The House Standing Committee on Banking and Insurance plays a critical role in shaping the regulatory landscape for everything from banks, consumer loan companies, and credit unions to investments, and all forms of medical, dental, and general insurance. The policies originating from this committee are often highly detailed and technical, as they provide essential oversight and guidance to protect the financial well-being and assets, we have all worked hard to earn.
Incentivizing Innovation within the Insurance Industry – HB 184 extends the duration of the state’s insurance regulatory sandbox program by five years.
Improving Access to Dental Care – HB 210 provides guidelines for dental benefit plans concerning the assignment of benefits.
Providing Relief to Storm Victims – HB 233 expands the scope of certain consumer-protection statutes so that they apply to any real estate repair contracts and not just roofing repairs. In other words, the bill replaces references to “roof systems” or “roofing contractors” with references to real estate goods or service contracts.
Modernizing Access for Motor Vehicle Insurance Verification – HB 390 requires the Department of Vehicle Regulation to establish an accessible online insurance verification system for commercial and personal motor vehicle insurance.
Clarifying Health Insurance Mandates – HB 415 clarifies that the laws pertaining to health benefit plans in Subtitle 17A of the insurance code will presumptively apply only to primary, major medical health insurance policies. The insurance commissioner may issue regulations to allow limited insurance plans to be governed by Subtitle 17A.
Increasing Access to Lifesaving Cancer Screenings – HB 421 expands access to early colorectal cancer screenings for high-risk individuals and eliminates out-of-pocket costs and prior-authorization for eligible colonoscopy prep materials.
Updating the Self-Insurance Fund – HB 524 extends the authority of the state’s self-insurance fund for buildings and updates its name to better reflect its purpose. Emergency
Encouraging Cryptocurrency Innovation – HB 701 secures an individual’s right to self-custody of cryptocurrency assets and provides guidelines for the operation of blockchain nodes.
Ensuring Adequate Automobile Insurance Coverage – SB 18 updates statutes to provide clearer insurance requirements for motor vehicle dealers, new RV dealers, motor vehicle auction dealers, and wholesalers. The measure requires licensees maintain an approved indemnifying bond or insurance policy with specified coverage limits to better ensure financial responsibility in the event of accidents or damages. The bill also outlines policy requirements, including coverage for vehicles and commercial general liability standards for automotive recycling dealers.
Protecting Against Insurance Fraud – SB 24 broadens the definition of a fraudulent statement in property and casualty insurance claims to explicitly include estimates for casualty damages, as well as bids and proposals related to property damage. The bill also classifies misrepresentations regarding repair costs, towing, storage, and other expenses as fraudulent insurance acts.
Modernizing Guidelines for Short-Term Retail Installment Contracts – SB 145 allows retail installment contracts with installment periods under 28 days to use a shorter waiting period before becoming subject to a delinquency or collection fee.
Protecting Public Pensions from Political Activism – SB 183 prohibits proxy advisory firms from prioritizing environmental, social, and governance goals over financial performance that could reduce stock value and pose a risk to pension stability.
As always, I can be reached anytime through the toll-free message line in Frankfort at 1-800-372-7181. You can also contact me via email at Chris.Freeland@kylegislature.gov and keep track through the Kentucky legislature’s website at legislature.ky.gov.