On September 6, 2024, the Kentucky Department of Insurance issued Bulletin 2024-07 regarding new premium rates for the Mine Subsidence Insurance Program. This bulletin amends the rates that were set forth in Bulletin 2024-05.
On April 4, 2024, Kentucky enacted House Bill 371 to increase the maximum total insured value eligible to be reinsured by the mine subsidence fund per structure from $300,000 to $500,000. Bulletin 2024-05 was issued on July 17, 2024, to provide a rating table for insurers. Since then, Bulletin 2024-07 was issued to update the rating table following multiple industry requests for the use of round numbers. The bulletin goes into effect on January 1, 2025.
Please see Bulletin 2024-07 for more information. For any questions regarding the bulletin, please contact the Department's Property and Casualty Division at DOI.PropertyCasualty@ky.gov.