342.342 Annual review of individual self-insurance administrative regulations

221 words·~1 min read·/ky/342-342

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

-- Annual report on financial soundness of self-insurers and

self-insurance groups -- Division of Security and Compliance expansion.

(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.