Public Protection Insurance
Actual FY 2024Actual FY 2025Revised FY 2026Recommended FY 2027Recommended FY 2028
SOURCE OF FUNDS
Restricted Funds
Balance Forward120,412,908170,818,225235,375,500293,061,7003,551,200
Current Receipts71,449,36886,676,77981,096,50091,158,50091,258,500
Non-Revenue Receipts(5,621,057)(5,482,053)(800,000)(357,350,000)(7,350,000)
Total Restricted Funds186,241,219252,012,951315,672,00026,870,20087,459,700
TOTAL SOURCE OF FUNDS186,241,219252,012,951315,672,00026,870,20087,459,700
EXPENDITURES BY CLASS
Personnel Costs13,786,28915,104,81516,432,10017,214,80017,493,400
Operating Expenses1,636,7041,532,5661,648,2001,574,2001,574,200
Grants Loans Benefits4,530,0004,530,0004,530,000
TOTAL EXPENDITURES15,422,99416,637,38122,610,30023,319,00023,597,600
EXPENDITURES BY FUND SOURCE
Restricted Funds15,422,99416,637,38122,610,30023,319,00023,597,600
TOTAL EXPENDITURES15,422,99416,637,38122,610,30023,319,00023,597,600
EXPENDITURES BY UNIT
Executive Director and Administration2,143,7932,309,7792,298,0002,280,2002,318,600
Financial Standards and Examination2,337,5122,545,7382,757,6003,487,3003,506,800
Agent Licensing1,688,1031,662,7621,694,4001,676,4001,709,800
Consumer Protection2,849,3703,083,8193,247,8003,194,8003,246,900
Insurance Fraud Investigation1,862,5791,889,3452,152,5002,060,2002,112,400
Mine Subsidence Program74,78387,83098,00098,00098,000
Health and Life Insurance and Managed Care2,779,1863,117,2503,173,3003,134,5003,178,600
Strengthen Kentucky Homes Program5,000,0005,000,0005,000,000
Property and Casualty1,687,6681,940,8592,188,7002,387,6002,426,500
TOTAL EXPENDITURES15,422,99416,637,38122,610,30023,319,00023,597,600

The Department of Insurance, pursuant to KRS Chapter 304, has the authority to license, supervise, and regulate entities and individuals doing insurance business in Kentucky.

The Commissioner is responsible for the overall policy, planning, direction, and management of all divisions within the Department. It is the responsibility of the Commissioner to oversee the manner in which the business of insurance is conducted in Kentucky. The Commissioner is charged with protecting the public interest, promoting viable markets, and assuring fair treatment of insurance consumers. An ombudsman provides additional assistance to consumers.

The Health and Life Insurance and Managed Care Division regulates insurance companies and health maintenance organizations offering various types of health and life insurance products. This division approves policies, certificates, provider networks, quality improvement programs, rate filings and other forms necessary to ensure that the health and life products meet statutory and regulatory standards.

The Financial Standards and Examination Division protects consumers by ensuring the financial solvency of insurers authorized to do business in Kentucky. The Division is responsible for conducting financial examinations, financial analyses, and providing administrative oversight of the insurance industry.

The Insurance Fraud Investigation Division is the Department's law enforcement unit empowered to conduct criminal investigations of suspected fraudulent insurance acts.