Kentucky Statutes 304.50-040 – Termination, suspension, or revocation of certificate — Merger of workers’ compensation self-insured groups
Current as of: 2024 | Check for updates
|
Other versions
(1) A certificate of filing shall remain in effect until terminated at the request of the self-insured group or suspended or revoked by the commissioner in accordance with the provisions of this subtitle.
(2) The commissioner shall not grant the request of a workers’ compensation self- insured group to terminate its certificate of filing unless the group has filed with the commissioner a statement describing arrangements that have been made to pay obligations of the group, including both known claims and expenses and incurred but not reported claims and expenses.
(3) Subject to the approval of the commissioner, a workers’ compensation self-insured group may merge with another workers’ compensation self-insured group. As a result of any merger, the resulting workers’ compensation self-insured group shall assume in full all obligations of the constituent groups.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1630, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 8, effective March 1, 2005.
(2) The commissioner shall not grant the request of a workers’ compensation self- insured group to terminate its certificate of filing unless the group has filed with the commissioner a statement describing arrangements that have been made to pay obligations of the group, including both known claims and expenses and incurred but not reported claims and expenses.
Terms Used In Kentucky Statutes 304.50-040
- Certificate of filing: means the certificate issued to a workers' compensation self- insured group to indicate that it has complied with the provisions of this subtitle which are prerequisites to its operation. See Kentucky Statutes 304.50-015
- Self-insured group: means a group self-insurance fund. See Kentucky Statutes 304.50-015
(3) Subject to the approval of the commissioner, a workers’ compensation self-insured group may merge with another workers’ compensation self-insured group. As a result of any merger, the resulting workers’ compensation self-insured group shall assume in full all obligations of the constituent groups.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1630, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 8, effective March 1, 2005.