Kentucky Statutes 304.38A-080 – Net worth — Deposit — Risk-based capital requirements
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(1) Each limited health service organization shall at all times have and maintain a net worth of not less than one hundred twenty-five thousand dollars ($125,000).
(2) (a) Each limited health service organization shall deposit with the commissioner or with any organization or trustee acceptable to the commissioner through which a custodial or controlled account is utilized, cash, securities, or any combination of these or other measures that is acceptable to the commissioner in an amount equal to fifty thousand dollars ($50,000).
(b) The deposit shall be an admitted asset.
(3) A limited health service organization shall at all times comply with the risk-based capital requirements for health organizations in administrative regulations promulgated by the commissioner for health maintenance organizations and other health organizations.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1521, effective July 15, 2010. — Created
2002 Ky. Acts ch. 105, sec. 17, effective July 15, 2002.
(2) (a) Each limited health service organization shall deposit with the commissioner or with any organization or trustee acceptable to the commissioner through which a custodial or controlled account is utilized, cash, securities, or any combination of these or other measures that is acceptable to the commissioner in an amount equal to fifty thousand dollars ($50,000).
Terms Used In Kentucky Statutes 304.38A-080
- Limited health service: means dental care services, vision care services, mental health services, substance abuse services, chiropractic services, pharmaceutical services, podiatric care services, and such other services as may be determined by the commissioner to be limited health services. See Kentucky Statutes 304.38A-010
- Limited health service organization: means a corporation, partnership, limited liability company, or other entity that undertakes to provide or arrange limited health service or services to enrollees. See Kentucky Statutes 304.38A-010
- Trustee: A person or institution holding and administering property in trust.
(b) The deposit shall be an admitted asset.
(3) A limited health service organization shall at all times comply with the risk-based capital requirements for health organizations in administrative regulations promulgated by the commissioner for health maintenance organizations and other health organizations.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1521, effective July 15, 2010. — Created
2002 Ky. Acts ch. 105, sec. 17, effective July 15, 2002.