Kentucky Statutes 304.50-125 – Discounting authorized — Requirements — Approval by commissioner
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(1) In the computation of the retained liabilities of the self-insured group, reserves for claims or projected reserves for claims may be discounted for their present value if:
(a) The discounting is based upon the computation of a qualified actuary; and
(b) The computations and supporting documentation are filed annually in writing with the commissioner.
(2) Discounting shall be approved by the commissioner unless:
(a) The actuary is found to be unqualified by the commissioner; or
(b) The computations and supporting documentation presented by the actuary are rejected based on the opinion of the commissioner’s qualified actuary.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1643, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 25, effective March 1, 2005.
(a) The discounting is based upon the computation of a qualified actuary; and
Terms Used In Kentucky Statutes 304.50-125
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Qualified actuary: means an associate or fellow of the Casualty Actuarial Society. See Kentucky Statutes 304.50-015
- Self-insured group: means a group self-insurance fund. See Kentucky Statutes 304.50-015
(b) The computations and supporting documentation are filed annually in writing with the commissioner.
(2) Discounting shall be approved by the commissioner unless:
(a) The actuary is found to be unqualified by the commissioner; or
(b) The computations and supporting documentation presented by the actuary are rejected based on the opinion of the commissioner’s qualified actuary.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1643, effective July 15, 2010. — Created
2005 Ky. Acts ch. 7, sec. 25, effective March 1, 2005.