2006 Kentucky Revised Statutes - .170   Statement of financial condition -- Authority for administrative regulations.

304.48-170 Statement of financial condition -- Authority for administrative regulations. (1) All liability self-insurance groups shall file with the executive director a statement of financial condition audited by an independent certified public accountant on or before one hundred and twenty (120) days from the end of the group's fiscal year for the immediately preceding fiscal year. The financial statement shall be in a form approved by the executive director and shall include: (a)  Actuarially-appropriate reserves for: 1. Known claims and expenses associated therewith. 2. Claims incurred but not reported and any expenses associated therewith. 3. Unearned contributions and assessments. 4. Bad debts, which reserves shall be known as liabilities. (b)  An actuarial opinion by a qualified actuary and a supporting reserve study regarding reserves for known claims and expenses associated therewith. The reserve study shall include documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods. (2) No person shall make a deceptive statement or fail to correct a misstatement in connection with the solicitation of membership of a group. (3) The financial statements required by this section shall be completed in accordance with administrative regulations promulgated by the executive director. Effective: July 15, 1994 History:Created 1994 Ky. Acts ch. 358, sec. 17, 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