Kentucky Statutes 342.912 – Annual audit — Annual report — Deadline for establishment — Events causing fund’s liability for payment of benefits
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(1) The directors of each guaranty fund shall annually contract for an independent certified audit of the financial activities of the guaranty fund. An annual report on the financial status of the guaranty fund as of June 30 of each year shall be submitted to the commissioner and to each member.
(2) Each guaranty fund shall be established on March 1, 1997.
(3) The individual guaranty fund shall be liable for payment of benefits only for members where there has been a declaration of bankruptcy or insolvency by a court of competent jurisdiction after the date on which the guaranty fund is established, or where the commissioner has issued a certificate of default which has occurred after the date on which the guaranty fund is established.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1860, effective July 15, 2010. — Created
1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 26, effective December 12, 1996.
(2) Each guaranty fund shall be established on March 1, 1997.
Terms Used In Kentucky Statutes 342.912
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) The individual guaranty fund shall be liable for payment of benefits only for members where there has been a declaration of bankruptcy or insolvency by a court of competent jurisdiction after the date on which the guaranty fund is established, or where the commissioner has issued a certificate of default which has occurred after the date on which the guaranty fund is established.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1860, effective July 15, 2010. — Created
1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 26, effective December 12, 1996.