There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 44. Mine Subsidence Insurance
304.44.020 Mine subsidence insurance fund established.
Download pdfdepartment shall determine how the fund shall be administered. In the discretion of
the commissioner, the fund may be administered by the Reinsurance Association,
established by KRS 304.35-010, or by the department. (2) The administrator shall make available through the fund insurance coverage against losses arising out of or due to mine subsidence within this state as to any structure
within this state. (3) The moneys in the fund shall be derived from premiums for subsidence insurance collected pursuant to this subtitle. (4) Premiums for subsidence insurance shall be established by the administrator which shall periodically review the premium level and the experience data applicable to
operation of the fund and make changes as required. (5) Premiums shall be established at a rate or within a schedule of rates sufficient to satisfy all foreseeable claims upon the fund during the period of coverage, giving
due consideration to relevant loss or claim experience or trends, to cover normal
costs of operation of the fund by the administrator and provide a reasonable reserve
fund for unexpected contingencies. Deviation from the premium set by the
administrator shall not be allowed. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1571, effective July 15, 2010. -- Created 1984 Ky. Acts ch. 167, sec. 2, effective July 13, 1984.
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