342.900 Legislative findings and declarations.
170 words·~1 min read·
/ky/chapter-342/342-900A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The General Assembly hereby finds and declares that the establishment of self-
insurance guaranty funds is a necessary component of a complete system of
workers' compensation, to make provisions for the general welfare of workers and
their dependents, to relieve the consequences of any industrial injury or death, and
to secure the payment of workers' compensation benefits provided by this chapter.
(2)The General Assembly further finds and declares that provision must be made for
the continuation of workers' compensation benefits otherwise delayed or terminated
due to the failure of a self-insured employer to meet obligations because of
insolvency. It is for that purpose that the General Assembly establishes mechanisms
requiring the establishment of three
(3)distinct nonprofit, unincorporated guaranty
associations, one
(1)of whose members shall be composed of individually self-
insured employers excluding individually self-insured coal employers and public-
sector employers; one
(1)shall be composed of self-insured groups created pursuant
to KRS 342.350(4) and 304.50-010; and one
(1)shall be composed of individually
self-insured coal operators.