Kentucky Statutes 304.50-060 – Annual reports — Organizational documents — Proof of excess insurance coverage — Statement of financial condition
Current as of: 2024 | Check for updates
|
Other versions
(1) The information and reports required by this section shall be filed by the self- insured group with the commissioner on an annual basis.
(2) Within one hundred twenty (120) days from the end of the self-insured group‘s fiscal year, the self-insured group shall file:
(a) Copies of all fidelity bonds, security deposits, and letters of credit;
(b) Any material change in the administration of the group, including any change in the organizational documents, change in the administrator, or a change in the service organization or fiscal agent;
(c) An attested statement relating to conflicts of interest and compliance with
KRS § 304.50-105; and
(d) Any other information the commissioner may require.
(3) Within ten (10) days before the expiration of each self-insurance year, the self- insured group shall file proof of:
(a) Specific excess insurance coverage for the ensuing year; and
(b) Aggregate excess insurance coverage for the ensuing year unless such coverage is exempted or waived under KRS § 304.50-120(1).
(4) Within one hundred twenty (120) days from the end of the self-insured group’s fiscal year, the group shall file the statement of financial condition required by KRS
304.50-110 and any other relevant financial information requested by the commissioner. Within forty-five (45) days from the end of each fiscal quarter, the self-insured group shall file a statement of financial condition along with an acknowledgment signed by the board of trustees or its authorized agent indicating that the statement has been presented to the board and any other relevant financial information requested by the commissioner, including a balance sheet, and income and cash flow statement, on a form prescribed by the commissioner.
(5) Upon the request of a group member, a self-insured group shall make available the statement of financial condition required in KRS § 304.50-110.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1634, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 183, sec. 5, effective July 15, 2008. — Created 2005 Ky. Acts ch. 7, sec. 12, effective March 1, 2005.
(2) Within one hundred twenty (120) days from the end of the self-insured group‘s fiscal year, the self-insured group shall file:
Terms Used In Kentucky Statutes 304.50-060
- Agent: means an individual or business entity required to be licensed by the Department of Insurance under Subtitle 9 of this chapter, to sell or solicit applications for insurance or to negotiate insurance contracts. See Kentucky Statutes 304.50-015
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Self-insurance year: means the annual period of certification of the self-insured group authorized under KRS §. See Kentucky Statutes 304.50-015
- Self-insured group: means a group self-insurance fund. See Kentucky Statutes 304.50-015
- Service organization: means a person or entity that provides services to a self- insured group and includes claims adjustment, safety engineering, statistical compilation, preparation of premium charges, loss and tax reports or other reports required by the commissioner, administration of the self-insured group, marketing services, placement of excess insurance, development of member payroll audits, administration of investments, or legal assistance. See Kentucky Statutes 304.50-015
- Specific excess insurance: means an insurance policy which insures the amount of a claim from one (1) occurrence involving one (1) or more employees or employers in the same occurrence or incident of exposure in excess of a specified dollar amount to a stated limit. See Kentucky Statutes 304.50-015
- Trustees: means persons elected by the group members or appointed by the board of directors of the sponsoring trade association or association of governmental entities to oversee the administration of the self-insured group. See Kentucky Statutes 304.50-015
- Year: means calendar year. See Kentucky Statutes 446.010
(a) Copies of all fidelity bonds, security deposits, and letters of credit;
(b) Any material change in the administration of the group, including any change in the organizational documents, change in the administrator, or a change in the service organization or fiscal agent;
(c) An attested statement relating to conflicts of interest and compliance with
KRS § 304.50-105; and
(d) Any other information the commissioner may require.
(3) Within ten (10) days before the expiration of each self-insurance year, the self- insured group shall file proof of:
(a) Specific excess insurance coverage for the ensuing year; and
(b) Aggregate excess insurance coverage for the ensuing year unless such coverage is exempted or waived under KRS § 304.50-120(1).
(4) Within one hundred twenty (120) days from the end of the self-insured group’s fiscal year, the group shall file the statement of financial condition required by KRS
304.50-110 and any other relevant financial information requested by the commissioner. Within forty-five (45) days from the end of each fiscal quarter, the self-insured group shall file a statement of financial condition along with an acknowledgment signed by the board of trustees or its authorized agent indicating that the statement has been presented to the board and any other relevant financial information requested by the commissioner, including a balance sheet, and income and cash flow statement, on a form prescribed by the commissioner.
(5) Upon the request of a group member, a self-insured group shall make available the statement of financial condition required in KRS § 304.50-110.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1634, effective July 15, 2010. — Amended 2008 Ky. Acts ch. 183, sec. 5, effective July 15, 2008. — Created 2005 Ky. Acts ch. 7, sec. 12, effective March 1, 2005.