KY| The Kentucky Department of Insurance Bulletin 2025-01 outlines updated procedures, forms, and requirements for insurance companies and surplus lines brokers subject to LGPT, with changes taking effect July 1, 2025. It details compliance obligations around risk location determination, disclosure, reporting, exemptions, and penalties, and emphasizes the need for accurate, timely electronic filings via the Department’s eService Portal, supplemented by mandatory paper reports to local jurisdictions.
Some Key Points:
- Insurance companies and surplus lines brokers must comply with the updated LGPT schedule, adopt verified risk location procedures, and use revised forms, with rates effective July 1, 2025–June 30, 2026.
- Disclosure of LGPT to policyholders and detailed annual/quarterly reporting are mandated, including electronic filings with the Department and paper submissions to local governments.
- Key exemptions, penalty rules, procedures for refunds/credits, and changes in forms and addresses are provided, affecting compliance and reporting for Kentucky insurance professionals this year.