342.912 Annual audit -- Annual report -- Deadline for establishment -- Events
133 words·~1 min read·
/ky/342-912A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
causing fund's liability for payment of benefits.
(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.