Kentucky Statutes 304.50-100 – Dissolution of self-insured program — Approval of plan by commissioner
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(1) If a self-insured group decides to dissolve its self-insured program, the trustees shall:
(a) File a detailed plan of dissolution with the commissioner for prior approval;
(b) Provide sixty (60) days written notice by certified mail to the commissioner and each group member;
(c) Pay approved dividends; and
(d) Establish arrangements for the continued payment and servicing of all outstanding claims, including incurred but not reported claims.
(2) The commissioner shall approve the plan unless the commissioner determines it to be unlawful, unfair, inequitable, or prejudicial to the interests of the members or injured workers, or the plan does not fully discharge all obligations of the group.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1639, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 20, effective March 1, 2005.
(a) File a detailed plan of dissolution with the commissioner for prior approval;
Terms Used In Kentucky Statutes 304.50-100
- Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
(a) Sending the document or package. See Kentucky Statutes 446.010 - 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
(b) Provide sixty (60) days written notice by certified mail to the commissioner and each group member;
(c) Pay approved dividends; and
(d) Establish arrangements for the continued payment and servicing of all outstanding claims, including incurred but not reported claims.
(2) The commissioner shall approve the plan unless the commissioner determines it to be unlawful, unfair, inequitable, or prejudicial to the interests of the members or injured workers, or the plan does not fully discharge all obligations of the group.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1639, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 20, effective March 1, 2005.