Kentucky Statutes 342.342 – Annual review of individual self-insurance administrative regulations — Annual report on financial soundness of self-insurers and self-insurance groups — Division of Security and Compliance expansion
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(1) Notwithstanding the provisions of KRS § 342.340, KRS § 342.350, or any administrative regulations promulgated pursuant to those provisions, the commissioner shall annually review the adequacy of the financial or other security requirements contained in administrative regulations, promulgated pursuant to the individual self-insurance provisions in this chapter. The commissioner shall report the results of the review to the Economic Development and Workforce Investment Committee of the General Assembly and any recommendations for proposed changes to insure the financial soundness of the individual self-insurers authorized pursuant to this chapter. In addition, the commissioner shall report not less often than annually a summary report on the financial soundness of the individual self-insurers.
(2) The Economic Development and Workforce Investment Committee of the General Assembly shall annually review the administrative regulations promulgated pursuant to the individual provisions under this chapter.
(3) On July 1, 1994, the Division of Security and Compliance of the Department of Workers’ Claims in the Education and Labor Cabinet shall be expanded by five (5) employees. These additional employees shall be employed for the purpose of conducting financial audits, examinations, and reviews and other activities necessary to ensure and monitor the financial soundness of the individual self-insured employers authorized pursuant to KRS § 342.340.
Effective:July 1, 2022
History: Amended 2022 Ky. Acts ch. 236, sec. 160, effective July 1, 2022. — Amended 2021 Ky. Acts ch. 124, sec. 8, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 24, sec. 1821, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 7, sec. 42, effective March 1, 2005. — Created 1994 Ky. Acts ch. 181, Part 11, sec. 38, effective April 4, 1994.
(2) The Economic Development and Workforce Investment Committee of the General Assembly shall annually review the administrative regulations promulgated pursuant to the individual provisions under this chapter.
Terms Used In Kentucky Statutes 342.342
- 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
- Department: means the Department of Workers' Claims in the Education and
Labor Cabinet. See Kentucky Statutes 342.0011
(3) On July 1, 1994, the Division of Security and Compliance of the Department of Workers’ Claims in the Education and Labor Cabinet shall be expanded by five (5) employees. These additional employees shall be employed for the purpose of conducting financial audits, examinations, and reviews and other activities necessary to ensure and monitor the financial soundness of the individual self-insured employers authorized pursuant to KRS § 342.340.
Effective:July 1, 2022
History: Amended 2022 Ky. Acts ch. 236, sec. 160, effective July 1, 2022. — Amended 2021 Ky. Acts ch. 124, sec. 8, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 24, sec. 1821, effective July 15, 2010. — Amended 2005 Ky. Acts ch. 7, sec. 42, effective March 1, 2005. — Created 1994 Ky. Acts ch. 181, Part 11, sec. 38, effective April 4, 1994.