| Last Action | signed by Governor (Acts Ch. 183) |
|---|---|
| Title | AN ACT relating to workers' compensation self-insured groups. |
| Bill Documents |
Bill
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| Bill Request Number | 529 |
| Sponsor | T. Thompson |
| Summary of Original Version | Amend various sections of Subtitle 50 of KRS Chapter 304, relating to workers' compensation self-insured groups to extend application of the subtitle to "bona fide" trade associations; clarify that minimum surplus exemption applies to a group operating under a plan approved by the executive director, or a remedial plan approved prior to August 3, 2004; provide that security deposit requirements are based on an audited rather than certified statement of financial condition; establish requirements for banks or trust companies for security deposits and require approval by the executive director; require a custodial bank or trust company to have capital and surplus of $25 million or more, except that those licensed and regulated in Kentucky shall have $10 million or more; permit the purchase of certificates of deposit from any duly chartered bank; allow investment in equity securities that are actively traded on any registered national securities exchanges; clarify that eligible securities include government bonds, United States Treasury notes and bills, other United States Government-guaranteed obligations, and "A" rated Kentucky tax-exempt obligations; specify that limits on investment instruments be based on the most recent quarterly or annual financial statement; require proof of specific excess insurance and aggregate excess insurance for ensuing year to be filed within ten days before the end of the self-insurance year, unless aggregate insurance is waived; require annual filing within 120 days of the end of the self-insured group's fiscal year; require a self-insured group to provide a statement of financial condition to a group member upon request; apply filing fee for both form and rate filings; exempt a group that has a fund balance of 40 percent or more of earned premiums from the requirement to purchase aggregate excess insurance coverage. |
| Index Headings of Original Version |
Insurance - Workers' compensation, self-insured groups, financial requirements of Labor and Industry - Workers' compensation, self-insured groups, financial requirements of Workers' Compensation - Self-insured groups, financial requirements of |
| Proposed Amendments | House Floor Amendment 1 |
| Votes | Vote History |
| 03/04/08 |
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| 03/05/08 |
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| 03/07/08 |
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| 03/12/08 |
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| 03/13/08 |
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| 03/14/08 |
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| 03/17/08 |
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| 03/25/08 |
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| 03/27/08 |
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| 03/28/08 |
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| 04/02/08 |
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| 04/14/08 |
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| 04/15/08 |
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| 04/24/08 |
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| Amendment | House Floor Amendment 1 |
|---|---|
| Sponsor | T. Thompson |
| Summary | Limit corporate bond investments of a workers' compensation self-insured group to 25 percent rather than 15 percent of the total market value of the investment portfolio; provide that of the aggregate investments made by trustees of self-insured groups not less than 50 percent rather than 75 percent of the total market value of the entire investment portfolio must be held in cash, cash equivalents, or certain securities and a minimum of 5 percent rather than 15 percent must be maintained in cash or cash equivalent accounts or US Treasury and Federal Agency Securities with a remaining maturity of 1 year or less; exempt a self-insured group from purchasing aggregate excess insurance if the group's fund balance is 30 percent rather than 40 percent or more of earned premiums. |
| Index Headings |
Insurance - Workers' compensation, self-insured groups, financial requirements of Labor and Industry - Workers' compensation, self-insured groups, financial requirements of Workers' Compensation - Self-insured groups, financial requirements of |
Last updated: 8/28/2019 8:09 AM (EDT)