Harold Kim, Executive Vice President of the U.S. Chamber Institute for Legal Reform (ILR), issued the following statement on passage of S.B. 4 establishing medical review panels, and H.B. 233 which lowered the judgement interest rate. Both bills were signed by Gov. Matt Bevin on March 16th.
“Kentucky has taken an important step toward improving its lawsuit environment with these two bills addressing medical liability and post-judgment interest reforms.
S.B. 4, the Medical Review Panels bill, eliminates meritless lawsuits by creating a review panel to ensure that only legitimate claims advance through the justice system.
H.B. 233 will bring Kentucky’s post-judgment interest rate—currently one of the highest in the nation—into a reasonable range and on par with other states. The current rate of 12 percent is excessive and inflates the cost of already expensive legislation.
We commend Sen. Ralph Alvarado and Rep. Joe Fischer for their commitment to legal reform and applaud Gov. Bevin for signing these bills into law.”
The Kentucky Chamber of Commerce has worked closely with Sen. Ralph Alvarado and Rep. Joe Fischer on the passage of these bills and continues to push for reforms to Kentucky’s legal liability system in order to make the state more competitive.