304.50-120 Aggregate excess insurance -- Standards for waiver and exemption -Administrative regulations -- Eligibility to write excess liability coverage for
group.
(1)
(2)
(3)
(4)
The commissioner shall promulgate administrative regulations setting forth the
requirements for aggregate excess insurance and the standards for granting a waiver,
but a workers' compensation self-insured group shall not be required to purchase
aggregate excess insurance if the group's fund balance is thirty percent (30%) or
more of earned premiums.
Except for a worker’s compensation self-insured group granted a waiver or
exempted under subsection (1) of this section, the trustees shall purchase aggregate
excess insurance.
The trustees shall purchase specific excess insurance coverage with a limit of at
least twenty-five million dollars (,000,000) per occurrence.
To be eligible to write excess liability coverage for a self-insured group, a casualty
insurance company shall at all times maintain twenty-five million dollars
(,000,000) of minimum policyholder surplus.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1642, effective July 15, 2010. -Amended 2008 Ky. Acts ch. 183, sec. 7, effective July 15, 2008. -- Created 2005 Ky.
Acts ch. 7, sec. 24, effective March 1, 2005.
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