304.39-330 Mandatory rate reduction.
(1)
(2)
The rates for bodily injury liability in the amounts specified in KRS 304.39-110
combined with the rates for uninsured motorists coverage in equal amounts and for
basic reparation benefits coverage shall be reduced by each insurer by not less than
ten percent (10%) as of the effective date of this subtitle from the rates in effect for
each such insurer immediately prior to such date for bodily injury liability in the
amounts specified in KRS 304.39-110 combined with the rates for uninsured
motorists coverage and the rates charged for one thousand dollars (,000) per
person medical expense coverage. Such reduced rates shall remain in effect for at
least one (1) year, and thereafter shall not be increased without the approval of the
commissioner after hearing. There shall be no exception to the requirements of this
section unless the commissioner shall find that the use of such reduced rates
required as to any insurer will result in rates which are inadequate under Chapter
304 of the Kentucky Revised Statutes.
The provisions of subsection (1) shall not apply to any policy covering a motor
vehicle for which a person who would otherwise be a basic reparation insured has
rejected the limitations upon his or her tort rights and liabilities in accordance with
the provisions of KRS 304.39-060(4).
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1533, effective July 15, 2010. -- Created
1974 Ky. Acts ch. 385, sec. 33, effective July 1, 1975.
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