Kentucky Statutes 342.267 – Unfair claims settlement practices — Penalties
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If an insurance carrier, self-insured group, or self-insured employer providing workers’ compensation coverage engages in claims settlement practices in violation of this chapter, or the provisions of KRS § 304.12-230, the commissioner of the Department of Workers’ Claims shall fine the insurance company, self-insured group, or self-insured employer the sum of one thousand dollars ($1,000) to five thousand dollars ($5,000) for each violation and if they have a pattern of violations, the commissioner may revoke the certificate of self-insurance or request the commissioner of insurance to revoke the certificate of authority of the insurance carrier or the self-insured group.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1809, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 7, sec. 40, effective March 1, 2005. — Created 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 80, effective December 12, 1996.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 342.267
- Carrier: means any insurer, or legal representative thereof, authorized to insure the liability of employers under this chapter and includes a self-insurer. See Kentucky Statutes 342.0011
- Commissioner: means the commissioner of the Department of Workers' Claims under the direction and supervision of the secretary of the Education and Labor Cabinet. See Kentucky Statutes 342.0011
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Compensation: means all payments made under the provisions of this chapter representing the sum of income benefits and medical and related benefits. See Kentucky Statutes 342.0011
- Department: means the Department of Workers' Claims in the Education and
Labor Cabinet. See Kentucky Statutes 342.0011 - Insurance carrier: means every insurance carrier or insurance company authorized to do business in the Commonwealth writing workers' compensation insurance coverage and includes the Kentucky Employers Mutual Insurance Authority and every self-insured group operating under the provisions of this chapter. See Kentucky Statutes 342.0011
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
History: Amended 2010 Ky. Acts ch. 24, sec. 1809, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 7, sec. 40, effective March 1, 2005. — Created 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 80, effective December 12, 1996.