2015 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 48 - Liability Self-Insurance Groups 48.48-170 Statement of financial condition for preceding fiscal year -- Quarterly statements and acknowledgments -- Authority for administrative regulations -- Member's right to statement upon request.
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304.48-170 Statement of financial condition for preceding fiscal year -- Quarterly
statements and acknowledgments -- Authority for administrative regulations -Member's right to statement upon request.
(1)
(2)
(3)
(4)
(5)
All liability self-insurance groups shall file with the commissioner a statement of
financial condition audited by an independent certified public accountant on or
before one hundred and twenty (120) days from the end of the group's fiscal year for
the immediately preceding fiscal year. The financial statement shall be in a form
approved by the commissioner and shall include:
(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
reserve study shall include documentation sufficient for another actuary
practicing in the same field to evaluate the work. The documentation shall
describe clearly the sources of data, material assumptions, and methods.
Within forty-five (45) days from the end of each fiscal quarter, all liability selfinsurance groups shall file with the commissioner a statement of financial condition
along with an acknowledgment signed by the board of trustees or its authorized
agent indicating that the statement has been presented to the board and any other
relevant financial information requested by the commissioner, including a balance
sheet and income and cash flow statement, on a form prescribed by the
commissioner.
No person shall make a deceptive statement or fail to correct a misstatement in
connection with the solicitation of membership of a group.
The financial statements required by this section shall be completed in accordance
with administrative regulations promulgated by the commissioner.
Upon the request of a group member, a liability self-insurance group shall make
available the statement of financial condition required by subsection (1) of this
section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1599, effective July 15, 2010; and ch. 48,
sec. 4, effective July 15, 2010. -- Created 1994 Ky. Acts ch. 358, sec. 17, effective
July 15, 1994.
Legislative Research Commission Note (7/15/2010). References to the "executive
director" of insurance in subsection (2) of this section, as amended by 2010 Ky. Acts
ch. 48, sec. 4, have been changed in codification to the "commissioner" of insurance
to reflect the reorganization of certain parts of the Executive Branch, as set forth in
Executive Order 2009-535 and confirmed by the General Assembly in 2010 Ky. Acts
ch. 24. These changes were made by the Reviser of Statutes pursuant to 2010 Ky.
Acts ch. 24, sec. 1938.
Legislative Research Commission Note (7/15/2010) This section was amended by 2010
Ky. Acts chs. 24 and 48, which do not appear to be in conflict and have been codified
together.
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