{"data":{"id":"us-ky/krs-304.13-342","jurisdiction":"us-ky","citation":"KRS 304.13-342","heading":"Property insurance for wind or hail coverage -- Certificate of","body":"compliance -- Premium discount or rate reduction -- Administrative\nregulations.\n(1) (a) All insurance companies writing property insurance for wind or hail coverage\nof any property located in Kentucky that has been certified as complying with\nthe most recent version of any applicable FORTIFIED Home or FORTIFIED\nMultifamily construction standards published by the Insurance Institute for\nBusiness and Home Safety or a successor entity:\n1. Shall provide a premium discount or rate reduction on the coverage if:\na. The discount or reduction is actuarially justified; and\nb. There is sufficient and credible evidence of cost savings that can\nbe attributed to the construction standards; and\n2. May provide:\na. A premium discount or rate reduction on the coverage in\naccordance with any standard discount amounts, targets, or\nbenchmarks established under subsection (3) of this section; and\nb. Any other adjustment on the coverage.\n(b) A premium d iscount, rate reduction, or other adjustment provided under\nparagraph (a) of this subsection shall be subject to the rate filing and other\napplicable regulatory requirements of this chapter, including but not limited to\nKRS 304.13-051.\n(2) (a) As used in this subsection, \"certificate of compliance\" means a certificate of\ncompliance with the most recent version of any applicable FORTIFIED Home\nor FORTIFIED Multifamily construction standards from the Insurance\nInstitute for Business and Home Safety or a successor entity.\n(b) An insurer that offers a premium discount, rate reduction, or other adjustment\nunder subsection (1)(a) of this section shall provide the discount, reduction, or\nadjustment on the coverage of an insured's property located in Ken tucky if the\ninsurer obtains or receives a certificate of compliance for the property.\n(c) An insurer is not required to obtain or receive a certificate of compliance in\norder to provide a premium discount, rate reduction, or other adjustment\nunder subsection (1)(a) of this section.\n(3) (a) The commissioner may promulgate administrative regulations in accordance\nwith KRS Chapter 13A that establish standard discount amounts, targets, or\nbenchmarks for the coverage of any property located in Kentucky that has\nbeen certified as complying with the most recent version of any applicable\nFORTIFIED Home or FORTIFIED Multifamily construction standards\npublished by the Insurance Institute for Business and Home Safety or a\nsuccessor entity.\n(b) Any standard discount am ounts, targets, or benchmarks promulgated under\nparagraph (a) of this subsection shall be:\n1. Optional; and\n2. Primarily for the benefit of insurers that are unable to obtain actuarially\nvalid data to provide a premium discount or rate reduction under\nsubsection (1)(a)1. of this section due to inadequate resources or\nexperience.\n(c) The authority granted to the commissioner to promulgate administrative\nregulations under this subsection shall be in addition to any other authority\ngranted to the commissioner to promulgate administrative regulations,\nincluding but not limited to KRS 304.2-110.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54978","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:42Z","sha256":"8ee092b51e00a62b47e34ec506220164ba4a5b945782cc147ac5a6e0b23e9490","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.13-340","next":"us-ky/krs-304.13-346"},"notice":"GroundRules: Original legal text. Not legal advice."}