Kentucky Statutes 304.50-110 – Statement of financial condition — Contents
Current as of: 2024 | Check for updates
|
Other versions
(1) In addition to reports required under KRS § 304.50-060, each workers’ compensation self-insured group shall file with the commissioner an annual statement of financial condition audited by an independent certified public accountant on or before one hundred and twenty (120) days from the end of the group’s fiscal year for the immediately preceding fiscal year. The annual financial statement shall be on a form approved by the commissioner and in accordance with generally accepted accounting principles.
(2) The annual financial statement shall include actuarially appropriate reserves for: (a) Known claims and expenses related to such claims;
(b) Claims incurred but not reported and any expenses associated such claims;
and
(c) Unearned premiums, contributions, and assessments.
(3) The annual financial statement shall also include an actuarial opinion by a qualified actuary and a supporting reserve study regarding reserves for known claims and expenses associated with such claims. The reserve study shall include documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods.
(4) The following statements shall be included with the annual financial statement: (a) Balance sheet;
(b) Statement of gain or loss from operations;
(c) Statement of changes in financial position; and
(d) Notes to financial statements required by generally accepted accounting principles, which shall include a narrative explanation of all material transactions and balances of the self-insured group.
(5) No person shall make a deceptive statement or fail to correct a misstatement in connection with the solicitation of membership of a self-insured group.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1640, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 22, effective March 1, 2005.
(2) The annual financial statement shall include actuarially appropriate reserves for: (a) Known claims and expenses related to such claims;
Terms Used In Kentucky Statutes 304.50-110
- 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.
- Person: includes , but is not limited to, any individual, partnership, association, limited liability company, trust, or corporation. See Kentucky Statutes 304.50-015
- Qualified actuary: means an associate or fellow of the Casualty Actuarial Society. See Kentucky Statutes 304.50-015
- Self-insured group: means a group self-insurance fund. See Kentucky Statutes 304.50-015
- Year: means calendar year. See Kentucky Statutes 446.010
(b) Claims incurred but not reported and any expenses associated such claims;
and
(c) Unearned premiums, contributions, and assessments.
(3) The annual financial statement shall also include an actuarial opinion by a qualified actuary and a supporting reserve study regarding reserves for known claims and expenses associated with such claims. The reserve study shall include documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods.
(4) The following statements shall be included with the annual financial statement: (a) Balance sheet;
(b) Statement of gain or loss from operations;
(c) Statement of changes in financial position; and
(d) Notes to financial statements required by generally accepted accounting principles, which shall include a narrative explanation of all material transactions and balances of the self-insured group.
(5) No person shall make a deceptive statement or fail to correct a misstatement in connection with the solicitation of membership of a self-insured group.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1640, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 22, effective March 1, 2005.