2006 Kentucky Revised Statutes - .035   Certificate of filing of self-insured group -- Conditions for issuance.

304.50-035 Certificate of filing of self-insured group -- Conditions for issuance. Certification as a workers' compensation self-insured group shall be granted only if the executive director finds that the applicant has complied with the provisions of this subtitle, paid the application fee, and met the following conditions: (1)  All persons responsible for the conduct of the affairs of the workers' compensation self-insured group are financially stable and experienced in the administration of a workers' compensation self-insured group; (2)  The workers' compensation self-insured group is financially responsible and has demonstrated the ability to meet all of its obligations to participants and prospective participants and injured workers as required in KRS Chapter 342. In making this determination, the executive director may consider: (a)  The adequacy of working capital; (b)  The applicant's compliance with all requirements of this subtitle, including but not limited to: 1. The adequacy of the funding mechanisms; 2. The existence and adequacy of appropriate excess insurance; 3. The participating members' financial strength; 4. The stability of the membership; 5. The risks of the industry; 6. The experience of management and all persons responsible for the conduct of the affairs of the workers' compensation self-insured group; and 7. An initial and ongoing minimum surplus funds requirement of not less than one million dollars ($1,000,000), except for a workers' compensation self insured group currently operating under a remedial action plan approved by the executive director. Effective: March 1, 2005 History: Created 2005 Ky. Acts ch. 7, sec. 7, effective March 1, 2005. Legislative Research Commission Note (3/1/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1