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304.48-060 Issuance of certificate of filing.
Upon receipt of an application for issuance for a certificate of filing, the commissioner
shall issue or deny the same. Issuance of a certificate of filing shall be granted only if the
commissioner finds that the applicant has complied with KRS 304.48-050, has paid the
application fee, and the commissioner is satisfied that the following conditions are met:
(1) The persons responsible for the conduct of the affairs of the liability self-insurance
group are competent, trustworthy, and possess good reputation;
(2) The liability self-insurance group is financially responsible and may reasonably be
expected to meet its obligations to participants and prospective participants. In
making this determination, the commissioner may consider:
(a) The adequacy of working capital;
(b) Any agreement with an insurer, a government, or any other organization for
insuring the payment of liability claims or the provision for automatic
applicability of an alternative coverage in the event of discontinuance of the
self-insurance group; and
(c) Compliance with KRS 304.48-070, as a guarantee that the obligations will be
duly performed.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1593, effective July 15, 2010. -- Created
1994 Ky. Acts ch. 358, sec. 6, effective July 15, 1994.
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