342.347 Examination of finances of individual self-insureds -- Annual

273 words·~1 min read·/ky/342-347

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

statement of financial condition -- Role of Department of Insurance.

(1)The commissioner or the commissioner's designee shall have power to

examine the financial condition and affairs related to workers' compensation of

any individual self-insureds and shall have free access to books and

documents relating to the self-insurance activities of the entity. The

commissioner shall so examine each individual self-insured not less frequently

than once every four

(4)years. Information obtained through the examination

shall be exempt from disclosure, under KRS 61.878(1)(c) or (j).

(2)All individual self-insured employers shall file with the commissioner a

statement of financial condition audited by an independent certified public

accountant on or before one hundred twenty

(120)days from the end of the

self-insured's fiscal year for the immediately preceding fiscal year.

(3)The expense of examination shall be borne by the entity examined and shall

include reasonable lodging and travel expenses of the commissioner's

designees, and expert assistance as necessarily incurred in the examination.

(4)The Department of Insurance shall approve the form and contents of excess

insurance policies and upon request of the commissioner shall review the

application for approval of any individual self-insured and render an opinion as

to the sufficiency of the excess insurance policies or other security posted by

the applicant.

(5)Not less often than biennially, the commissioner of the Department of

Insurance shall review the activities, procedures, administrative regulations,

and policies of the Department of Workers' Claims and make such

recommendations to the Governor and legislative committees as may be

appropriate to strengthen the oversight of individual self-insureds so that

payment of liabilities to workers under this chapter is assured.