Kentucky HB627 amends insurance laws to redefine terms and penalties for fraudulent acts, and mandates an annual insurance fraud report.

Kentucky HB627 revises insurance terminology and penalties for fraudulent acts. It redefines terms such as "reparation obligor," "survivor's economic loss," and "medical expense." The bill also outlines penalties for various fraudulent insurance acts, including fines and imprisonment. Additionally, it mandates the Commissioner to publish an annual insurance fraud report on the department's website, detailing reports made, cases prosecuted, and outcomes. The changes apply to benefits issued or renewed after the bill's effective date.

Kentucky HB627 amends insurance laws to redefine terms and penalties for fraudulent acts, and mandates an annual insurance fraud report.

Kentucky HB627 revises insurance terminology and penalties for fraudulent acts. It redefines terms such as "reparation obligor," "survivor's economic loss," and "medical expense." The bill also outlines penalties for various fraudulent insurance acts, including fines and imprisonment. Additionally, it mandates the Commissioner to publish an annual insurance fraud report on the department's website, detailing reports made, cases prosecuted, and outcomes. The changes apply to benefits issued or renewed after the bill's effective date.