Kentucky Statutes 304.48-160 – Officers, directors, or employees not to have interest in administrator — Exception
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(1) Except as provided in subsection (2) of this section, no service company or its employees, officers, or directors shall be an employee, officer, or director of, or have either a direct or indirect interest in, an administrator. No administrator or its employees, officers, or directors shall be an employee, officer, or director of, or have either a direct or indirect financial interest in, a service company.
(2) Liability self-insurance groups formed by public entities may create public administrator and service companies to administer or service the group’s self- insurance program. These administrator and service companies may have employees, directors, or officers in common if the board of directors for the public liability self-insurance group has direct authority over these public companies and the employees of the companies are public employees.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 358, sec. 16, effective July 15, 1994.
(2) Liability self-insurance groups formed by public entities may create public administrator and service companies to administer or service the group’s self- insurance program. These administrator and service companies may have employees, directors, or officers in common if the board of directors for the public liability self-insurance group has direct authority over these public companies and the employees of the companies are public employees.
Terms Used In Kentucky Statutes 304.48-160
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 358, sec. 16, effective July 15, 1994.