342.823 Discounting not to be used in determining solvency -- Authority's reports -

163 words·~1 min read·/ky/342-823

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

- Annual statement of solvency -- Circumstances permitting contract audit

with certified public accountant -- Discretionary levy and enforcement of

assessments.

(1)In determining the solvency of the authority in regard to maintaining adequate

reserves, the commissioner of insurance, the independent accountant engaged for

the annual audit, and the board, in exercising its prudent stewardship, shall not

utilize the practice of "discounting" the funds to reduce future liabilities, except in

conformity with standards or rules promulgated by the National Association of

Insurance Commissioners.

(2)The authority shall file reports required by KRS 304.3-240.

(3)The authority shall file a report not later than March 31 of each year indicating the

business done by the authority during the previous year, including a balance sheet

showing assets and liabilities at the beginning and conclusion of that year. The

report shall be a public record and shall be delivered to the Governor, commissioner

of insurance, Auditor of Public Accounts, Attorney General, and the co-chairs of the