304.44-020 Mine subsidence insurance fund established.
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There is hereby established a fund to be known as the "Mine Subsidence Insurance
fund." The fund shall be operated pursuant to this subtitle. The commissioner of the
department 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.
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.
The moneys in the fund shall be derived from premiums for subsidence insurance
collected pursuant to this subtitle.
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.
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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