IIK honors Rep. Steve Riggs for legislative leadership



Rep. Riggs (left) receives the Sumner Award, an engraved julep cup, from Executive Director Mark Treesh

The Insurance Institute of Kentucky (IIK) honored Rep. Steve Riggs (D- Louisville) with the Sumner Legislative Leadership Award at its Annual Meeting on January 14, 2009.  The award was presented to Rep. Riggs in recognition of his leadership in the passage of HB 524, a bill he sponsored during the 2008 legislative session.

HB 524 reformed many aspects of the administration of local government insurance premium taxes. The bill incorporated agreements among the Kentucky League of Cities,the Kentucky Associationof Counties, and the insurance industry into the bill proposed by Rep. Riggs.

“The IIK is pleased to honor and recognize Rep. Riggs for his leadership on this issue,” said Mark Treesh, Executive Director of the Insurance Institute of Kentucky.  “We appreciate the fact that he included both the insurance industry and local governments in working toward improving administration of this tax.” 

The award is named in honor of Carl Sumner, the Executive Director of Insurance Institute of Kentucky since its founding in 1996 until his retirement at the end of 2006.  This is the first time that IIK had presented the award.  “We plan to present this award to individuals who demonstrate leadership on issues affecting the insurance industry and its customers in Kentucky,” Treesh said.  “We may not necessarily present it annually, but we will do so when the occasion warrants.”

“I am honored and humbled to be the first recipient of the Sumner Award,” said Representative Riggs.  “Passing this bill was not easy, but it makes the administration of the tax more accurate and thus more likely that insurers will collect the right amount of tax from policyholders and remit it to the right local government.  It was worth the effort because individual policyholders and taxpayers are the ones who are the beneficiaries.”

Thanks to the efforts of Rep. Riggs and the many others who helped to pass this legislation, the administration of insurance premium taxes will be much easier in the future. Insurance consumers, local governments, and insurers all stand to benefit from his efforts.

IIK looks forward to working with Rep. Riggs and his colleagues in the General Assembly on this issue in the future as further reforms are agreed upon.

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