2014 Kentucky Revised Statutes CHAPTER 393 - ESCHEATS 393.063 Treatment of refunds of workers' compensation special fund assessments held by an insurance carrier and owed to an insured employer.
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393.063 Treatment of refunds of workers' compensation special fund
assessments held by an insurance carrier and owed to an insured
employer.
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Notwithstanding any provision of the Kentucky Revised Statutes to the
contrary, refunds of workers' compensation special fund assessments levied in
accordance with KRS 342.122 shall be deemed "unclaimed refunds" if held by
an insurance carrier and owed to an insured employer.
For purposes of this section, "unclaimed refunds" means all unremitted
workers' compensation special fund assessments collected by a carrier, as
defined in KRS 342.0011(6), in excess of the applicable special fund
assessment rate, owing and unpaid to an insured employer after the Kentucky
Workers' Compensation Funding Commission has made a determination that
the carrier has made a reasonable attempt to return the unclaimed refunds to
the insured employer.
Unclaimed refunds shall be remitted by the insurance carrier to the Kentucky
Workers' Compensation Funding Commission, created under KRS 342.1223,
and shall be credited to the benefit reserve fund, created under KRS 342.1229,
within the Kentucky Workers' Compensation Funding Commission. Unclaimed
refunds remitted to the Kentucky Workers' Compensation Funding Commission
and held by that commission for more than two (2) years shall become the
property of the benefit reserve fund.
The unclaimed refunds remitted as required in this section to the Kentucky
Workers' Compensation Funding Commission and held for more than two (2)
years shall not thereafter be available to any party who may have a claim to the
remitted unclaimed refunds, and any claims that arise under this section
including claims for the remitted sums shall be forever barred against the
Kentucky Workers' Compensation Funding Commission and any carrier
complying with this section.
The provisions of this section shall apply to any refunds or unclaimed refunds
owing and held by a carrier on or after July 15, 1998.
Effective:July 15, 1998
History: Created 1998 Ky. Acts ch. 449, sec. 1, effective July 15, 1998.
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