2013 Kentucky Revised Statutes CHAPTER 56 - STATE LANDS AND BUILDINGS 56.100 State fire and tornado insurance fund -- Payments into -- Limit on risk -- Certificate of terms and conditions.
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56.100 State fire and tornado insurance fund -- Payments into -- Limit on risk
-- Certificate of terms and conditions.
(1)
(2)
Each fiscal year the State Treasurer shall deduct from any funds in the
Treasury payable to an agency for the care and maintenance of public
buildings or property, an amount equal to the premiums certified to him or her
as chargeable against that agency. The amount so debited shall be credited to
an account kept by the State Treasurer and known as the state fire and
tornado insurance fund. No premium shall be charged on any one (1) subject
of risk upon a valuation of more than one million dollars ($1,000,000), unless
the Office of the Controller in the Finance and Administration Cabinet has
contracted for reinsurance that limits the liability of the fund to one million
dollars ($1,000,000) upon such subject of risk.
The Office of the Controller in the Finance and Administration Cabinet shall
prescribe a certificate setting forth the terms and conditions of coverage under
the state fire and tornado insurance fund. Different forms of certificates may be
used for different risks. Such certificates may contain such terms and
conditions as the Office of the Controller in the Finance and Administration
Cabinet may prescribe, including but not limited to a deductible, in order that
there be fair allocation of significant losses and the elimination of unnecessary
costs in administering the state fire and tornado insurance fund.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 83, sec. 1, effective July 12, 2012. -Amended 2010 Ky. Acts ch. 24, sec. 44, effective July 15, 2010. -- Amended
1986 Ky. Acts ch. 437, sec. 1, effective July 15, 1986. -- Amended 1982 Ky.
Acts ch. 406, sec. 4, effective July 15, 1982. -- Amended 1960 Ky. Acts ch. 100,
sec. 1, effective June 16, 1960. -- Amended 1954 Ky. Acts ch. 225, sec. 1. -Amended 1950 Ky. Acts ch. 192, sec. 4. -- Recodified 1942 Ky. Acts ch. 208,
sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4636-26.
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