The Workers’ Compensation Insurance Plan (KWCIP), a workers’ compensation residual market mechanism, in existence by virtue of this subtitle, shall not write new policies or renew policies after September 1, 1995. The board of directors of the Employers’ Mutual Insurance Authority, the commissioner of the Department of Workers’ Claims, and the commissioner of the Department of Insurance shall develop a plan, which shall be reviewed by the Economic Development and Workforce Investment Committee and the Banking and Insurance Committee of the General Assembly, for the orderly and equitable phase-out of the KWCIP. All claims on workers’ compensation assigned risk policies in effect or issued prior to September 1, 1995, shall be paid by the KWCIP. The plan developed shall include procedures for application and transfer of the insureds in the KWCIP to the authority, who shall be subject to the qualifications and conditions of coverage required in KRS § 342.801 to KRS § 342.843 and this section. The authority shall not be liable for any liabilities or deficits incurred on assigned risk policies in effect or issued prior to September 1, 1995.
Effective: June 29, 2021
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Terms Used In Kentucky Statutes 304.13-340

  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • residual market mechanism: is a n agreement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods. See Kentucky Statutes 304.13-011

History: Amended 2021 Ky. Acts ch. 124, sec. 2, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 24, sec. 1138, effective July 15, 2010. — Created 1994 Ky. Acts ch. 181, sec. 60, effective April 4, 1994.

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