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304.17A-832 Statement of financial condition -- Authority for administrative
regulations.
(1) All self-insured employer-organized association groups shall file with the
commissioner a statement of financial condition audited by an independent certified <br>public accountant on or before one hundred twenty (120) days from the end of the <br>group's fiscal year for the immediately preceding fiscal year. The financial statement <br>shall be in a form approved by the commissioner and shall include: <br>(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 <br>reserve study shall include documentation sufficient for another actuary <br>practicing in the same field to evaluate the work. The documentation shall <br>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 commissioner.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 1267, effective July 15, 2010. -- Created
2003 Ky. Acts ch. 78, sec. 17, effective June 24, 2003.
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