2006 Kentucky Revised Statutes - .342.342 Annual review of individual self-insurance administrative regulations -- Annual report on financial soundness of self-insurers and self-insurance groups -- Division of Security and Compliance expansion.

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342.342 Annual review of individual self-insurance administrative regulations -- Annual report on financial soundness of self-insurers and self-insurance groups -- Division of Security and Compliance expansion. (1) Notwithstanding the provisions of KRS 342.340, KRS 342.350, or any administrative regulations promulgated pursuant to those provisions, the executive director shall annually review the adequacy of the financial or other security requirements contained in administrative regulations, promulgated pursuant to the individual self-insurance provisions in this chapter. The executive director shall report the results of the review to the Labor and Industry Committee of the General Assembly and any recommendations for proposed changes to insure the financial soundness of the individual self-insurers authorized pursuant to this chapter. In addition, the executive director shall report not less often than annually a summary report on the financial soundness of the individual self-insurers. (2) The Labor and Industry Committee of the General Assembly shall annually review the administrative regulations promulgated pursuant to the individual provisions under this chapter. (3) On July 1, 1994, the Division of Security and Compliance of the Office of Workers' Claims in the Department of Labor shall be expanded by five (5) employees. These additional employees shall be employed for the purpose of conducting financial audits, examinations, and reviews and other activities necessary to ensure and monitor the financial soundness of the individual self-insured employers authorized pursuant to KRS 342.340. Effective: March 1, 2005 History: Amended 2005 Ky. Acts ch. 7, sec. 42, effective March 1, 2005. -- Created 1994 Ky. Acts ch. 181, Part 11, sec. 38, effective April 4, 1994. Legislative Research Commission Note (3/1/2005). 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
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