Kentucky Statutes 342.803 – Kentucky Employers’ Mutual Insurance Authority
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(1) The Kentucky Employers’ Mutual Insurance Authority is created as a nonprofit, independent, self-supporting de jure municipal corporation and political subdivision of the Commonwealth which shall be a public body corporate and politic to insure employers in the Commonwealth for workers’ compensation, employers’ liability insurance and coverage required by the Federal Coal Mine Health & Safety Act, the Jones Act, and the Longshore and Harbor Workers Act incidental to and written in conjunction with workers’ compensation. The General Assembly hereby recognizes that the operation of a competitive state fund is a unique activity for state government and that a corporate structure will best enable the authority to be managed in an entrepreneurial and business-like manner. The authority shall function in a manner similar to a governing board for a domestic mutual insurance company and shall be subject to the provisions of KRS Chapter 304 applicable to domestic mutual insurance companies, unless otherwise provided or exempted in KRS § 342.801 to KRS § 342.843.
(2) Except for initial funding for start-up, the authority shall be entirely self-supporting. (3) The authority or its liabilities shall not be deemed to constitute a debt or a liability
of the Commonwealth or a pledge of the faith and credit of the Commonwealth.
(4) The authority shall provide coverage and issue policies as an insurer in the voluntary market and as an insurer of last resort.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 361, sec. 1, effective July 15, 1998. — Amended
1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 39, effective December 12, 1996. — Created 1994 Ky. Acts ch. 181, Part 12, sec. 40, effective April 4, 1994.
(2) Except for initial funding for start-up, the authority shall be entirely self-supporting. (3) The authority or its liabilities shall not be deemed to constitute a debt or a liability
Terms Used In Kentucky Statutes 342.803
- Board: means the Workers' Compensation Board. See Kentucky Statutes 342.0011
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Compensation: means all payments made under the provisions of this chapter representing the sum of income benefits and medical and related benefits. See Kentucky Statutes 342.0011
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
of the Commonwealth or a pledge of the faith and credit of the Commonwealth.
(4) The authority shall provide coverage and issue policies as an insurer in the voluntary market and as an insurer of last resort.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 361, sec. 1, effective July 15, 1998. — Amended
1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 39, effective December 12, 1996. — Created 1994 Ky. Acts ch. 181, Part 12, sec. 40, effective April 4, 1994.