Except for governmental entities, the trustees shall not accept an employer as a member unless the employer has a net worth of at least two (2) times its estimated annual premium, unless the employer pays its full estimated annual premium in advance. The trustees shall not accept an employer as a member unless the employer meets all other qualifications for membership as set forth in the bylaws of the self-insured group.
Effective: March 1, 2005

Terms Used In Kentucky Statutes 304.50-095

  • Employer: means an employer mandatorily subject to and required to comply with the provisions of KRS Chapter 342, and those voluntarily covering excluded employees pursuant to KRS §. See Kentucky Statutes 304.50-015
  • Governmental entities: means cities, counties, urban-county governments, charter county governments, consolidated local governments, school districts, and other political subdivisions of the Commonwealth, and their boards, agencies, authorities, and commissions. See Kentucky Statutes 304.50-015
  • Premium: means the amount of money charged each member of the self-insured group to fund the obligations and expenses of the self-insured group. See Kentucky Statutes 304.50-015
  • Self-insured group: means a group self-insurance fund. 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

History: Created 2005 Ky. Acts ch. 7, sec. 19, effective March 1, 2005.

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