304.48-060 Issuance of certificate of filing.
Upon receipt of an application for issuance for a certificate of filing, the commissioner
shall issue or deny the same. Issuance of a certificate of filing shall be granted only if the
commissioner finds that the applicant has complied with KRS 304.48-050, has paid the
application fee, and the commissioner 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 commissioner 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, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1593, effective July 15, 2010. -- Created
1994 Ky. Acts ch. 358, sec. 6, effective July 15, 1994.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.