Kentucky Statutes 304.44-020 – Mine subsidence insurance fund established
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(1) 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.
(2) 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.
(3) The moneys in the fund shall be derived from premiums for subsidence insurance collected pursuant to this subtitle.
(4) 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.
(5) 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.
(2) 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.
Terms Used In Kentucky Statutes 304.44-020
- Administrator: means the organization designated by the commissioner of the department to administer the fund. See Kentucky Statutes 304.44-010
- Department: means the Department of Insurance. See Kentucky Statutes 304.44-010
- fund: means the fund established by this subtitle and administered as determined by the department. See Kentucky Statutes 304.44-010
- Mine subsidence: means the collapse of underground coal mines resulting in direct damage to a structure. See Kentucky Statutes 304.44-010
- Premium: means the gross rate charged policyholders for insurance provided by this subtitle. See Kentucky Statutes 304.44-010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Structure: means any dwelling, building, or fixture permanently affixed to realty, but does not include land, trees, plants, or crops. See Kentucky Statutes 304.44-010
(3) The moneys in the fund shall be derived from premiums for subsidence insurance collected pursuant to this subtitle.
(4) 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.
(5) 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.