56.100 Commonwealth's property and casualty insurance fund -- Payments into --

300 words·~1 min read·/ky/56-100

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

Limit on risk -- Certificate of terms and conditions.

(a)1. Each fiscal year, the State Treasurer shall deduct from any funds in the

Treasury payable to an agency for the care and maintenance of public

buildings or property an amount equal to the premiums certified to him

or her as chargeable against that agency.

2. The amount so debited shall be credited to an account kept by the State

Treasurer and known as the Commonwealth's property and casualty

insurance fund.

(b)Notwithstanding KRS 56.090:

1. On and after March 31, 2025, until June 30, 2030, a premium shall not

be charged on any one

(1)subject of risk upon a valuation of more than

ten million dollars ($10,000,000), unless the Office of the Controller in

the cabinet has contracted for reinsurance that limits the liability of the

fund to ten million dollars ($10,000,000) upon that risk; and

2. On and after July 1, 2030, a premium shall not be charged on any one

(1)subject of risk upon a valuation of more than one million dollars

($1,000,000), unless the Office of the Controller in the cabinet has

contracted for reinsurance that limits the liability of the fund to one

million dollars ($1,000,000) upon that risk.

(a)The Office of the Controller in the cabinet shall prescribe a certificate setting

forth the terms and conditions of coverage under the Commonwealth's

property and casualty insurance fund.

(b)Different forms of certificates may be used for different risks and the

certificates may contain such terms and conditions as the Office of the

Controller in the cabinet may prescribe, including but not limited to a

deductible, in order that there be fair allocation of significant losses and the

elimination of unnecessary costs in administering the Commonwealth's

property and casualty insurance fund.