2006 Kentucky Revised Statutes - .060   Issuance of certificate of filing.

304.48-060 Issuance of certificate of filing. Upon receipt of an application for issuance for a certificate of filing, the executive director shall issue or deny the same. Issuance of a certificate of filing shall be granted only if the executive director finds that the applicant has complied with KRS 304.48-050, has paid the application fee, and the executive director is satisfied that the following conditions are met: (1)  The persons responsible for the conduct of the affairs of the liability self-insurance group are competent, trustworthy, and possess good reputation; (2)  The liability self-insurance group is financially responsible and may reasonably be expected to meet its obligations to participants and prospective participants. In making this determination, the executive director may consider: (a)  The adequacy of working capital; (b)  Any agreement with an insurer, a government, or any other organization for insuring the payment of liability claims or the provision for automatic applicability of an alternative coverage in the event of discontinuance of the self-insurance group; and (c)  Compliance with KRS 304.48-070, as a guarantee that the obligations will be duly performed. Effective: July 15, 1994 History:Created 1994 Ky. Acts ch. 358, sec. 6, effective July 15, 1994. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1